IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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

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