IMF Working Papers

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2008/160: A Review of Capital Budgeting Practices

Davina Jacobs

2008/159: Resolving a Large Contingent Fiscal Liability: Eastern European Experiences

Mark Flanagan

2008/158: Life Expectancy and Income Convergence in the World: A Dynamic General Equilibrium Analysis

Kenichi Ueda

2008/157: Dollarization and Maturity Structure of Public Securities: The Experience of Bolivia

Esteban Vesperoni and Walter Orellana R.

2008/156: Modeling Macro-Critical Energy Sectors in Low-Income Countries: A General Framework and an Application to Côte d’Ivoire

Holger Fabig

2008/155: Fiscal Policy and Economic Development

Alex Mourmouras and Peter Rangazas

2008/154: Bolivia: The Hydrocarbons Boom and the Risk of Dutch Disease

Eugenio Cerutti and Mario Mansilla

2008/153: Bivariate Assessments of Real Exchange Rates Using PPP Data

Juan Zalduendo

2008/152: A Model of Sovereign Debt in Democracies

Ali Alichi

2008/151: How does a domestic tax reform affect protection against imports? The case of the Republic of Madagascar

Jean-Jacques Hallaert

2008/150: Foreign Reserve Adequacy in Sub-Saharan Africa

International Monetary Fund

2008/149: International Reserves and Self-Insurance against External Shocks

Régis Barnichon

2008/148: Stressing to Breaking Point: Interpreting Stress Test Results

Rupert Worrell

2008/147: Financial Supervisory Independence and Accountability–Exploring the Determinants

Donato Masciandaro, Marc Quintyn and Michael Taylor

2008/146: Trade Openness and Volatility

Andrei Levchenko and Julian di Giovanni

2008/145: Why are Saving Rates of Urban Households in China Rising?

Marcos Chamon and Eswar Prasad

2008/144: Sudden Stops and Optimal Self-Insurance

Jun Kim

2008/143: Global Business Cycles: Convergence or Decoupling?

Ayhan Kose, Eswar Prasad and Christopher Otrok

2008/142: Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela

International Monetary Fund

2008/141: Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals

Marco Cipriani and Antonio Guarino

2008/140: Much Ado About Nothing? Estimating the Impact of a U.S. Slowdown on Thai Growth

Shekhar Aiyar and Ivan Tchakarov

2008/138: Tanzania’s Equilibrium Real Exchange Rate

Niko Hobdari

2008/137: Fiscal Positions in Latin America: Have They Really Improved?

Jeromin Zettelmeyer and Ivanna Hollar

2008/136: Government Spending on Health Care and Education in Croatia: Efficiency and Reform Options

Victoria Gunnarsson and Etibar Jafarov

2008/135: Central Bank Involvement in Banking Crises in Latin America

Luis Jácome

2008/134: Trade Sensitivity to Exchange Rates in the Context of Intra-Industry Trade

Yoko Oguro, Kyoji Fukao and Yougesh Khatri

2008/133: Crude Oil Prices: Trends and Forecast

Noureddine Krichene

2008/132: Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Nienke Oomes and Christopher Meissner

2008/131: Challenges to Monetary Policy from Financial Globalization: The Case of India

Ananthakrishnan Prasad, Charles Kramer and Hélène Poirson

2008/130: Recent Inflationary Trends in World Commodities Markets

Noureddine Krichene

2008/129: Tax Administration Reform and Fiscal Adjustment: The Case of Indonesia (2001-07)

John Brondolo, Frank Bosch, Eric Le Borgne and Carlos Silvani

2008/128: Chile: Trade Performance, Trade Liberalization, and Competitiveness

Brieuc Monfort

2008/126: Financial Integration and Risk-Adjusted Growth Opportunities

Iryna Ivaschenko and Gianni De Nicolo

2008/125: Tax and Pension Reform in the Czech Republic—Implications for Growth and Debt Sustainability

Dennis Botman and Anita Tuladhar

2008/124: Trends in Italy’s Nonprice Competitiveness

Bogdan Lissovolik

2008/123: Mexico’s Integration into NAFTA Markets: A View from Sectoral Real Exchange Rates and Transaction Costs

Luciana Juvenal and Rodolphe Blavy

2008/122: Government Size and Output Volatility: Should We Forsake Automatic Stabilization?

Jean Pisani-Ferry, Xavier Debrun and Andre Sapir

2008/121: Fiscal and Monetary Anchors for Price Stability: Evidence from Sub-Saharan Africa

International Monetary Fund

2008/120: Investment and Growth Dynamics: An Empirical Assessment Applied to Benin

Issouf Samaké

2008/119: Central Bank Independence and Transparency: Evolution and Effectiveness

Christopher Crowe and Ellen Meade

2008/118: The Choice of Monetary and Exchange Rate Arrangements for a Small, Open, Low-Income Economy: The Case of São Tomé and Príncipe

Jian-Ye Wang, Nisreen Farhan, Amar Shanghavi, Márcio Ronci and Misa Takebe

2008/117: Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy: The Case of Botswana

Jens Clausen

2008/116: Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries

Seth Terkper

2008/115: Impact of Government Expenditure on Growth: The Case of Azerbaijan

International Monetary Fund

2008/114: Do IMF Programs Improve Economic Governance?

Jiro Honda

2008/113: International Spillover of Labor Market Reforms

Mai Dao

2008/112: Competitiveness in the Southern Euro Area: France, Greece, Italy, Portugal, and Spain

Bogdan Lissovolik, Julio Escolano, Stefania Fabrizio, Werner Schule, Herman Bennett, Stephen Tokarick, Yuan Xiao, Marialuz Moreno Badia, Eva Gutierrez and Iryna Ivaschenko

2008/111: Fiscal Coverage in the Countries of the Middle East and Central Asia: Current Situation and a Way Forward

Daria Zakharova

2008/110: Estimating Equilibrium Exchange Rates for Armenia and Georgia

Shuang Ding and Omar Al Shehabi

2008/109: Is There a Novelty Premium on New Financial Instruments? The Argentine Experience with GDP-Indexed Warrants

Luca Ricci, Marcos Chamon and Alejo Costa

2008/108: Reserve Requirements, the Maturity Structure of Debt, and Bank Runs

Eza Ghassan Al-Zein

2008/106: Credit Booms and Lending Standards: Evidence From the Subprime Mortgage Market

Giovanni Dell'ariccia, Luc Laeven and Deniz Igan

2008/105: Housing Finance and Mortgage-Backed Securities in Mexico

Luisa Zanforlin and Marco Espinosa-Vega

2008/104: International R&D Spillovers and Institutions

Alexander Hoffmaister, David Coe and Elhanan Helpman

2008/103: The Capital Markets of Emerging Europe: Institutions, Instruments and Investors

Li Ong and Silvia Iorgova

2008/102: Measuring the Informal Economy in Latin America and the Caribbean

Guillermo Vuletin

2008/101: Welfare Gains of Aid Indexation in Small Open Economies

Anubha Dhasmana

2008/100: External Shocks and Business Cycle Fluctuations in Mexico: How Important are U.S. Factors?

Sebastian Sosa

2008/099: A Real Model of Transitional Growth and Competitiveness in China

Leslie Lipschitz, Genevieve Verdier and Celine Rochon

2008/098: Global Aging and Declining World Interest Rates: Macroeconomic Insurance Through Pension Reform in Cyprus

Alexander Hoffmaister, Jaime Guajardo and Mario Catalan

2008/097: A Simple Stochastic Approach to Debt Sustainability Applied to Lebanon

E. Gardner and Julian di Giovanni

2008/096: Accumulating Foreign Reserves Under Floating Exchange Rates

Fernando M. Gonçalves

2008/095: Real and Financial Sector Linkages in China and India

Jahangir Aziz

2008/094: Informality and Bank Credit: Evidence from Firm-Level Data

Junko Koeda and Era Dabla-Norris

2008/093: The Anatomy of Banking Crises

Rupa Duttagupta and Paul Cashin

2008/092: Current Account Developments in New Member States of the European Union: Equilibrium, Excess, and EU-Phoria

Jesmin Rahman

2008/091: Corporate Governance Reforms in the EU: Do They Matter and How?

Iryna Ivaschenko and Petya Brooks

2008/090: Price Dynamics in the Eastern Caribbean

Rupa Duttagupta and Yan Sun

2008/089: Factor Model for Stress-testing with a Contingent Claims Model of the Chilean Banking System

Dale Gray and James Walsh

2008/088: Is Central Bank Intervention Effective Under Inflation Targeting Regimes? The Case of Colombia

Herman Kamil

2008/087: A New Fiscal Rule: Should Israel “Go Swiss?”

Steven Symansky, Xavier Debrun and Natan Epstein

2008/086: Business Cycles in Small Developed Economies: The Role of Terms of Trade and Foreign Interest Rate Shocks

Jaime Guajardo

2008/085: Investors’ Risk Appetite and Global Financial Market Conditions

Brenda Gonzalez-Hermosillo

2008/084: Striving to Be “Clearly Open” and “Crystal Clear”: Monetary Policy Communication of the CNB

Ales Bulir and Katerina Smidkova

2008/083: Exchange Rate Assessment in a Resource-Dependent Economy: The Case of Botswana

Corinne Delechat and Matthew Gaertner

2008/082: Breaking the Impediments to Budgetary Reforms: Evidence from Europe

Ashoka Mody and Stefania Fabrizio

2008/081: High and Volatile Treasury Yields in Tanzania: The Role of Strategic Bidding and Auction Microstructure

Yuri Sobolev and S. M. Ali Abbas

2008/080: Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana’s Reliance on Diamond Revenue

Olivier Basdevant

2008/079: Financial Development and Growth in India: A Growing Tiger in a Cage?

Hiroko Oura

2008/078: Pass-Through of External Shocks to Inflation in Sri Lanka

Nombulelo Braiton

2008/077: Corporate Income Tax Competition in the Caribbean

Koffie Ben Nassar

2008/076: Does Money Matter for U.S. Inflation? Evidence from Bayesian VARs

Pär Österholm and Helge Berger

2008/075: Testing for Structural Breaks in Small Samples

Sergei Antoshin, Andrew Berg and Marcos Souto

2008/074: The Reform of Italian Cooperative Banks: Discussion of Proposals

Eva Gutierrez

2008/073: The Monetary Model Strikes Back: Evidence from the World

Valerie Cerra and Sweta Saxena

2008/072: Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis

Sònia Muñoz and Céline Allard

2008/071: Political Economy of Multi-Level Tax Assignments in Latin American Countries: Earmarked Revenue Versus Tax Autonomy

Giorgio Brosio and Ehtisham Ahmad

2008/070: Japan’s Corporate Income Tax—Overview and Challenges

Thomas Dalsgaard

2008/069: Achieving a Soft Landing: The Role of Fiscal Policy

Daniel Leigh

2008/068: Trade in the WAEMU: Developments and Reform Opportunities

Hans Weisfeld and Manuela Goretti

2008/067: Local Service Provision in Selected OECD Countries: Do Decentralized Operations Work Better?

Ehtisham Ahmad, Giorgio Brosio and Vito Tanzi

2008/066: Trade Creation and Diversion Revisited: Accounting for Model Uncertainty and Natural Trading Partner Effects

Chris Papageorgiou, Christian Henn and Theo Eicher

2008/065: Regionalism or Multilateralism? A Political Economy Choice

Giorgia Albertin

2008/064: A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation

Philippe Karam and Adrian Pagan

2008/063: Analysis of the Efficiency and Profitability of the Japanese Banking System

Elena Loukoianova

2008/062: Financial Development and Poverty Reduction: Can There Be a Benefit Without a Cost?

Sylviane Guillaumont Jeanneney and Kangni Kpodar

2008/061: Business Cycle Accounting For Chile

Ludvig Söderling and Ina Simonovska

2008/060: Imperfect Central Bank Communication - Information versus Distraction

Athanasios Orphanides, Spencer Dale and Pär Österholm

2008/059: What Makes Growth Sustained?

Jonathan Ostry, Andrew Berg and Jeromin Zettelmeyer

2008/058: A Stochastic Framework for Public Debt Sustainability Analysis

C. Di Bella