IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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 Brixiova 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