IMF Working Papers

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2008/057: Hong Kong SAR as a Financial Center for Asia: Trends and Implications

Olaf Unteroberdoerster and Cynthia Leung

2008/056: Effective Average Tax Rates for Permanent Investment

Alexander Klemm

2008/055: Credit Cyclicality in Chile: A Cross-Country Analysis

Ludvig Söderling

2008/054: India: Is the Rising Tide Lifting All Boats?

Petia Topalova

2008/053: Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs

Pär Österholm and Helge Berger

2008/052: Tax and Welfare Reforms in the Czech Republic—Structural Implications and Challenges

Thomas Dalsgaard

2008/051: The Landscape of Capital Flows to Low-Income Countries

Thomas Dorsey, Zuzana Brixiová Schwidrowski, Sukhwinder Singh and Helaway Tadesse

2008/050: Central America’s Regional Trends and U.S. Cycles

Shaun Roache

2008/049: Central Bank Financial Strength, Policy Constraints and Inflation

Peter Stella

2008/048: A Bayesian-Estimated Model of Inflation Targeting in South Africa

Thomas Harjes and Luca Ricci

2008/047: Helping Hand or Grabbing Hand? Supervisory Architecture, Financial Structure and Market View

Marc Quintyn and Donato Masciandaro

2008/046: External Linkages and Economic Growth in Colombia: Insights from A Bayesian VAR Model

Pär Österholm and Lisandro Abrego

2008/045: Aggregate Investment Expenditures on Tradable and Nontradable Goods

Rudolfs Bems

2008/044: Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance

Eduardo Cavallo, Eduardo Borensztein and Patricio Valenzuela

2008/043: Regional Wage Differentiation and Wage Bargaining Systems in the EU

Athanasios Vamvakidis

2008/042: Budget Deficits and Interest Rates: A Fresh Perspective

Ari Aisen and David Hauner

2008/041: International Reserve Trends in the South Caucasus and Central Asia Region

Holger Floerkemeier and Mariusz Sumlinski

2008/040: A Risk-Based Debt Sustainability Framework: Incorporating Balance Sheets and Uncertainty

Dale Gray, Elena Loukoianova, Samuel Malone and Cheng Lim

2008/039: Big Government, High Debt, and Fiscal Adjustment in Small States

Rui Ota and Stephanie Medina Cas

2008/038: “Beneficial” Delays in Debt Restructuring Negotiations

Ran Bi

2008/037: Issues in Central Bank Finance and Independence

Åke Lönnberg and Peter Stella

2008/036: Terms of Trade Shocks and Economic Recovery

Patrick Imam, Eleonara Granziera and Norbert Funke

2008/035: Importer and Producer Petroleum Taxation: A Geo-Political Model

Jon Strand

2008/034: Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending

Shekhar Aiyar and Ummul Hasanath Ruthbah

2008/033: External Tariff Liberalization in CARICOM: A Commodity-Level Analysis

Azim Sadikov

2008/032: The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?

Charles Amo Yartey

2008/031: Canadian Firm and Job Dynamics

Ravi Balakrishnan

2008/030: The Effects of Early Retirement on Youth Unemployment: The Case of Belgium

Pierre Pestieau, Mathieu Lefebvre, Alain Jousten and Sergio Perelman

2008/029: Remittances and Institutions: Are Remittances a Curse?

Jihad Dagher, Ralph Chami, Peter Montiel and Yasser Abdih

2008/028: Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position

Gian Maria Milesi-Ferretti and Philip Lane

2008/027: Addressing Korea’s Long-Term Fiscal Challenges

Murtaza Syed, Michael Skaarup and Tarhan Feyzioglu

2008/026: Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America

Yuko Kinoshita and Nauro Campos

2008/025: Why is Canada’s Price Level So Predictable?

Vladimir Klyuev, Heesun Kiem, Ondrej Kamenik and Douglas Laxton

2008/024: Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data

Lone Engbo Christiansen

2008/023: Real Implications of Financial Linkages Between Canada and the United States

Vladimir Klyuev

2008/022: Show Me the Money: Access to Finance for Small Borrowers in Canada

Vladimir Klyuev

2008/021: Inflation Differentials in the EU: A Common (Factors) Approach with Implications for EU8 Euro Adoption Prospects

International Monetary Fund

2008/020: Financial Frictions and Business Cycles in Middle-Income Countries

Jaime Guajardo

2008/019: Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest

Tigran Melkonyan and David Grigorian

2008/018: Taylor Rule Under Financial Instability

Martin Cihak, Ales Bulir and Sofia Bauducco

2008/017: Lebanon—Weathering the Perfect Storms

Axel Schimmelpfennig and E. Gardner

2008/016: Islamic Banks and Financial Stability: An Empirical Analysis

Martin Cihak and Heiko Hesse

2008/015: Trade Restrictiveness in the CEMAC Region: The Case of Congo

Maria-Angels Oliva

2008/014: The Impact of Trade Liberalization on the Trade Balance in Developing Countries

Yi Wu and Li Zeng

2008/013: Real Exchange Rates and Fundamentals: A Cross-Country Perspective

Luca Ricci, Jaewoo Lee and Gian Maria Milesi-Ferretti

2008/012: Capital Flows and Economic Fluctuations: The Role of Commercial Banks in Transmitting Shocks

Yong Sarah Zhou

2008/011: International Reserves—Too Much of a Zipf’s Thing

Mariusz Sumlinski

2008/010: Emerging Market Spread Compression: Is it Real or is it Liquidity?

Laura Kodres, Kristian Hartelius and Kenichiro Kashiwase

2008/009: Evaluating Alternative Approaches to Poverty Alleviation: Rice Tariffs Versus Targeted Transfers in Madagascar

Paul Dorosh, David Coady and Bart Minten

2008/008: Capital Flows and Demographics—An Asian Perspective

Erik Lueth

2008/007: Tax Rate Cuts and Tax Compliance—The Laffer Curve Revisited

Tamás Papp and Elod Takats

2008/006: Financial Instruments to Hedge Commodity Price Risk for Developing Countries

Yinqiu Lu and Salih Neftci

2008/005: The Role of Institutional Quality in a Currency Crisis Model

Yi Wu

2008/004: Does Technological Diffusion Explain Australia’s Productivity Performance?

Thierry Tressel

2008/003: Spillovers Across NAFTA

Tamim Bayoumi and Andrew Swiston

2008/002: Spillovers to Ireland

Daniel Kanda

2008/001: Optimal Capital Structure of Public-Private Joint Ventures

Pawel Gasiorowski and Marian Moszoro

2007/299: Energy Efficiency and Renewable Energy Supply for the G-7 Countries, with Emphasis on Germany

Jon Strand

2007/298: How Has The Globalization of Labor Affected the Labor Income Share in Advanced Countries?

Florence Jaumotte and Irina Tytell

2007/297: Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages

Paulo Medas and Eric Le Borgne

2007/296: Equilibrium Exchange Rates: Assessment Methodologies

Peter Isard

2007/295: Modeling Inflation for Mali

Mame Astou Diouf

2007/294: Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets

Márcio Holland, Edmar Bacha and Fernando M. Gonçalves

2007/293: Do Reserve Portfolios Respond to Exchange Rate Changes Using a Portfolio Rebalancing Strategy? An Econometric Study Using COFER Data

Ewe-Ghee Lim

2007/292: Border and Behind-the-Border Trade Barriers and Country Exports

Azim Sadikov

2007/291: Use of Participatory Notes in Indian Equity Markets and Recent Regulatory Changes

Manmohan Singh

2007/290: Stochastic Volatilities and Correlations, Extreme Values and Modeling the Macroeconomic Environment, Under Which Brazilian Banks Operate

Marcos Souto and Theodore Barnhill

2007/289: Government for the People: On the Determinants of the Size of U.S. Government

Tamim Bayoumi and Fernando M. Gonçalves

2007/288: Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic

Hemant Shah, Jorge Chan-Lau, Geoffrey Bannister, Ana Carvajal and Ivan Guerra

2007/287: Testing for Purchasing Power Parity in Cointegrated Panels

Johan Lyhagen, Pär Österholm and Mikael Carlsson

2007/286: Buoyant Capital Spending and Worries over Real Appreciation: Cold Facts from Algeria

Oumar Diallo, Boileau Loko and Kangni Kpodar

2007/285: The Monetary Transmission Mechanism in Egypt

Rania Al-Mashat and Andreas Billmeier

2007/284: Solving for Country Portfolios in Open Economy Macro Models

Michael Devereux and Alan Sutherland

2007/283: Country Portfolio Dynamics

Alan Sutherland and Michael Devereux

2007/282: An Estimated DSGE Model for Monetary Policy Analysis in Low-Income Countries

Shanaka Peiris and Magnus Saxegaard

2007/281: International Diversification Gains and Home Bias in Banking

Alicia García-Herrero and Francisco Vazquez

2007/280: Changing Nature of North-South Linkages: Stylized Facts and Explanations

Cigdem Akin and Ayhan Kose

2007/279: Financial Globalization and Monetary Policy

Michael Devereux and Alan Sutherland

2007/278: High Growth and Low Consumption in East Asia: How to Improve Welfare While Avoiding Financial Failures

Celine Rochon, Andrew Feltenstein and Maral Shamloo

2007/277: Empirical Evidence on the New International Aid Architecture

Danny Cassimon, Stijn Claessens and Bjorn Van Campenhout

2007/276: Estimating Iceland’s Real Equilibrium Exchange Rate

Robert Tchaidze

2007/275: How Well Do Aggregate Bank Ratios Identify Banking Problems?

Martin Cihak and Klaus Schaeck

2007/274: Tax Policy: Recent Trends and Coming Challenges

Tehmina S. Khan and John Norregaard

2007/273: Do Remittances to Latin America Depend on the U.S. Business Cycle?

Ewa Gradzka and Shaun Roache

2007/272: Does the Bank Lending Channel of Monetary Transmission Work in Turkey?

Petya Brooks

2007/271: Simple Monetary Rules Under Fiscal Dominance

Michael Kumhof, Ricardo Nunes and Irina Yakadina

2007/270: Effect of Corruption on Tax Revenues in the Middle East

Patrick Imam and Davina Jacobs

2007/269: Is Inflation in India an Attractor of Inflation in Nepal?

Edimon Ginting

2007/268: What Explains India’s Real Appreciation?

Renu Kohli and Sudip Mohapatra

2007/267: Estimating Spillover Risk Among Large EU Banks

Li Ong and Martin Cihak

2007/266: China’s Changing Trade Elasticities

Jahangir Aziz and Xiangming Li

2007/265: The Optimal Level of Foreign Reserves in Financially Dollarized Economies: The Case of Uruguay

Fernando M. Gonçalves

2007/264: The Use of Encompassing Tests for Forecast Combinations

Turgut Kisinbay

2007/263: Education and Health in G7 Countries: Achieving Better Outcomes with Less Spending

Victoria Gunnarsson, Stéphane Carcillo and Marijn Verhoeven

2007/262: Financial Linkages Between the U.S. and Latin America: Evidence from Daily Data

Srideep Ganguly and Roberto Benelli

2007/261: Effect of IMF Structural Adjustment Programs on Expectations: The Case of Transition Economies

Patrick Imam

2007/260: EU Framework for Safeguarding Financial Stability: Towards an Analytical Benchmark for Assessing its Effectiveness

María Nieto and Garry Schinasi

2007/259: Strengths and Weaknesses in Securities Market Regulation: A Global Analysis

Jennifer Elliott and Ana Carvajal

2007/258: The Duration of Capital Account Crises—An Empirical Analysis

David Hofman, Ruben Atoyan, Dimitri Tzanninis and Mauro Mecagni

2007/257: Can Domestic Policies Influence Inflation?

Ashoka Mody and Franziska Ohnsorge