IMF Working Papers

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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

2007/256: Local Currency Debt Markets in the West African Economic and Monetary Union

Amadou Sy

2007/255: Mainstreaming Statistics in the Poverty Reduction Strategy Approach to Provide for More Effective Technical Assistance: Some Experience at the IMF

Robin Kibuka

2007/254: Consistent Quantitative Operational Risk Measurement and Regulation: Challenges of Model Specification, Data Collection and Loss Reporting

Andreas Jobst

2007/253: Optimal Taxation in the Forestry Sector in the Congo Basin: The Case of Gabon

Oscar Melhado Orellana

2007/252: Why Focus on Spending Needs Factors? The Political Economy of Fiscal Transfer Reforms in Mexico

Ehtisham Ahmad, Mercedes Garcia-Escribano, José Antonio González Anaya, Ernesto Revilla, Giorgio Brosio and Ben Lockwood

2007/251: Capital Account Convertibility and Risk Management in India

Amadou Sy

2007/250: The Markets in Financial Instruments Directive: Banking on Market and Supervisory Efficiency

François Haas

2007/249: GCC Monetary Union and the Degree of Macroeconomic Policy Coordination

Bassem Kamar and Sami Ben Naceur

2007/248: Decomposing Financial Risks and Vulnerabilities in Eastern Europe

Rupert Worrell, Andrea Maechler and Srobona Mitra

2007/247: Policy Challenges of Population Aging in Ireland

Dora Iakova and Dennis Botman

2007/246: Benchmarking the Efficiency of Public Expenditure in the Russian Federation

David Hauner

2007/245: Financial Development in Emerging Europe: The Unfinished Agenda

Edda Zoli

2007/244: Finance and Convergence: What’s Ahead for Emerging Europe?

Philip Schellekens and Rudolfs Bems

2007/243: Implications of Oil Inflows for Savings and Reserve Management in the Cemac

International Monetary Fund

2007/242: A Markov-Switching Approach to Measuring Exchange Market Pressure

Francis Kumah

2007/241: Alternative Fiscal Rules for Norway

Daniel Leigh and Etibar Jafarov

2007/239: Operational Risk: The Sting is Still in the Tail But the Poison Dependson the Dose

Andreas Jobst

2007/238: How Does Financial Globalization Affect Risk Sharing? Patterns and Channels

Marco Terrones, Ayhan Kose and Eswar Prasad

2007/237: Sukuk vs. Eurobonds: Is There a Difference in Value-at-Risk?

Faezeh Raei and Selim Cakir

2007/236: Vulnerabilities in Emerging Southeastern Europe—How Much Cause for Concern?

International Monetary Fund

2007/235: Toward a Robust Fiscal Framework for Iceland: Motivation and Practical Suggestions

Anthony Annett

2007/234: Hedonic Imputation versus Time Dummy Hedonic Indexes

Walter Diewert, Mick Silver and Saeed Heravi

2007/233: Measuring Sovereign Risk in Turkey: An Application of the Contingent Claims Approach

Christian Keller, Peter Kunzel and Marcos Souto

2007/232: Fiscal Reaction Functions in the CFA Zone: An Analytical Perspective

Oral Williams and Olumuyiwa Adedeji

2007/231: Overcoming Barriers to Reform: On Incentive-Compatible International Assistance

Wolfgang Mayer and Alex Mourmouras

2007/230: The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality

Abbas Mirakhor and S. Erbas

2007/229: Capital Market Development in a Small Country: The Case of Slovenia

Jochen Andritzky

2007/228: The Determinants of Corporate Risk in Emerging Markets: An Option-Adjusted Spread Analysis

Eduardo Cavallo and Patricio Valenzuela

2007/227: Public Financial Institutions in Developed Countries—Organization and Oversight

Lev Ratnovski and Aditya Narain

2007/226: The Health Sector in the Slovak Republic: Efficiency and Reform

Victoria Gunnarsson, Sergio Lugaresi and Marijn Verhoeven

2007/225: Sri Lanka’s Sources of Growth

Nombulelo Braiton

2007/224: Wild or Tamed?: India’s Potential Growth

Hiroko Oura

2007/223: Can Miracles Lead to Crises? the Role of Optimism in Emerging Markets Crises

Emine Boz

2007/222: Fiscal Management of Scaled-Up Aid

Sanjeev Gupta, Duncan Last, Isabell Adenauer, Kevin Fletcher, Gerd Schwartz, Shamsuddin Tareq and Richard Allen

2007/221: India: Asset Prices and the Macroeconomy

Catriona Purfield

2007/220: The Role of Fiscal Transparency in Sustaining Growth and Stability in Latin America

Taryn Parry

2007/219: Political Budget Cycles in Papua New Guinea

Ebrima Faal

2007/218: Ethnic Diversity, Democracy, and Corruption

Etienne Yehoue

2007/217: Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Juan Medina and Ruy Lama

2007/216: Banking Competition and Capital Ratios

Martin Cihak and Klaus Schaeck

2007/215: Bank Ownership, Market Structure and Risk

Gianni De Nicolo and Elena Loukoianova