IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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

2007/214: The Shifting Structure of China’s Trade and Production

Li Cui and Murtaza Syed

2007/213: Inter-sectoral Linkages and Local Content in Extractive Industries and Beyond – The Case of São Tomé and Príncipe

Alonso Segura, Walter Zarate, Gonzalo Pastor Campos and Ulrich Klueh

2007/212: Competitiveness in the CFA Franc Zone

Charalambos Tsangarides and Gustavo Ramirez

2007/211: What Drives China’s Growing Role in Africa?

Jian-Ye Wang

2007/210: Why Has Unemployment in Algeria Been Higher than in MENA and Transition Countries?

Kangni Kpodar

2007/209: Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges

Charles Adjasi and Charles Amo Yartey

2007/208: U.K. Inflation and Relative Prices over the Last Decade: How Important was Globalization?

Benjamin Hunt

2007/207: Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Eyal Argov, David Rose, Philippe Karam, Natan Epstein and Douglas Laxton

2007/206: Debt Stabilization Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence

David Vines and Sven Jari Stehn

2007/205: Indian Subnational Finances: Recent Performance

Ananthakrishnan Prasad and Adarsh Kishore

2007/204: The Effects of Dividend Taxes on Equity Prices: A Re-examination of the 1997 U.K. Tax Reform

Stephen Bond, Alexander Klemm and Michael Devereux

2007/203: Financial Deepening in Sub-Saharan Africa: Empirical Evidence on the Role of Creditor Rights Protection and Information Sharing

Calvin McDonald and Liliana Schumacher

2007/202: A Party without a Hangover? On the Effects of U.S. Government Deficits

Douglas Laxton and Michael Kumhof

2007/201: Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries

Mark Lewis, Aurelie Martin and C. Di Bella

2007/200: DSGE Modeling at the Fund: Applications and Further Developments

Dennis Botman, David Rose, Douglas Laxton and Philippe Karam

2007/199: The Golden Rule and the Economic Cycles

Keiko Honjo

2007/198: Economic Growth in Croatia: Potential and Constraints

David Moore and Athanasios Vamvakidis

2007/197: A Simple DGE Model for Inflation Targeting

International Monetary Fund

2007/196: Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms

Manmohan Kumar and Dennis Botman

2007/195: New Landscape, New Challenges: Structural Change and Regulation in the U.S. Financial Sector

Ashok Bhatia

2007/194: Estimation of Equilibrium Exchange Rates in the WAEMU: A Robustness Analysis

Magnus Saxegaard, Stephane Roudet and Charalambos Tsangarides

2007/193: Inflation Targeting in Georgia: Are We There Yet?

Giorgi Bakradze and Andreas Billmeier

2007/192: Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime

Patrick Bolton and Olivier Jeanne

2007/191: What Do We Know About Namibia’s Competitiveness?

Ken Miyajima

2007/190: Coping with Capital Inflows: Experiences of Selected European Countries

David Vavra, Inci Ötker-Robe, Barry Topf and Zbigniew Polański

2007/189: What Explains Persistent Inflation Differentials Across Transition Economies?

Mark Flanagan and Felix Hammermann

2007/188: Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets

Paul Mills and John Kiff

2007/187: Ensuring Fiscal Sustainability in G-7 Countries

Daniel Leigh, David Hauner and Michael Skaarup

2007/186: Financial Reforms, Financial Openness, and Corporate Borrowing: International Evidence

Enrica Detragiache, Gianni De Nicolo and Senay Agca

2007/185: Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

Andrew Swiston

2007/184: Determinants of Tax Revenue Efforts in Developing Countries

Abhijit Sen Gupta

2007/183: The Value-Added Tax: Its Causes and Consequences

Ben Lockwood and Michael Keen

2007/182: Foreign Entanglements: Estimating the Source and Size of Spillovers Across Industrial Countries

Tamim Bayoumi and Andrew Swiston

2007/181: Explaining China’s Low Consumption: The Neglected Role of Household Income

Jahangir Aziz and Li Cui

2007/180: Monetary Policy Rules for Managing Aid Surges in Africa

Edward Buffie, Stephen O'Connell, Catherine Pattillo and Christopher Adam

2007/179: Go Long or Short in Pyramids? News from the Egyptian Stock Market

Isabella Massa and Andreas Billmeier

2007/178: Fiscal Adjustments: Determinants and Macroeconomic Consequences

Alexander Plekhanov, Manmohan Kumar and Daniel Leigh

2007/177: Financing of Global Imbalances

Maria Teresa Punzi and W. Christopher Walker

2007/176: The Effect of External Conditions on Growth in Latin America

Jeromin Zettelmeyer and Pär Österholm

2007/175: Introducing Islamic Banks into Conventional Banking Systems

Juan Sole

2007/174: VAT, Tariffs, and Withholding: Border Taxes and Informality in Developing Countries

Michael Keen

2007/173: The Case for a European Banking Charter

Martin Cihak and Jörg Decressin

2007/172: Volatility and Jump Risk Premia in Emerging Market Bonds

John Matovu

2007/171: The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence

Xavier Debrun and Manmohan Kumar

2007/170: Rapid Growth in the CIS: Panel Regression Approach

Garbis Iradian

2007/169: Globalization and Income Inequality: A European Perspective

Thomas Harjes

2007/168: Assessing the Impact of a Change in the Composition of Public Spending: A DSGE Approach

Ivan Tchakarov and Roland Straub

2007/167: Growth and Inflation Dispersions in EMU: Reasons, the Role of Adjustment Channels, and Policy Implications

Emil Stavrev

2007/166: Real Effects of Common Currencies in East Asia

Kazuko Shirono

2007/165: On the Buyability of Voting Bodies

Felix Vardy and John Morgan

2007/164: Rapid Growth in Transition Economies: Growth-Accounting Approach

Garbis Iradian

2007/163: The Role of Nonseparable Utility and Nontradeables in International Business Cycles and Portfolio Choice

Akito Matsumoto

2007/162: A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games

Berthold Wigger

2007/161: Firm Heterogeneity and Weak Intellectual Property Rights

Stanley Watt

2007/160: Globalization, Gluts, Innovation or Irrationality: What Explains the Easy Financing of the U.S. Current Account Deficit?

Ravi Balakrishnan, Volodymyr Tulin and Tamim Bayoumi

2007/159: Cooperative Banks in Europe—Policy Issues

Wim Fonteyne

2007/158: The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy Challenges

Iyabo Masha, Leighton Harris, Jian-Ye Wang and Kazuko Shirono

2007/157: What Drives Stock Market Development in the Middle East and Central Asia—Institutions, Remittances, or Natural Resources?

Andreas Billmeier and Isabella Massa

2007/156: Trade Openness and Growth: Pursuing Empirical Glasnost

Andreas Billmeier and Tommaso Nannicini