IMF Working Papers

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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

2007/155: Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana

Elena Loukoianova and Plamen Iossifov

2007/154: Welfare Gains from Financial Liberalization

Kenichi Ueda and Robert Townsend

2007/153: Distributional Implications of the VAT Reform in the Philippines

David Newhouse and Daria Zakharova

2007/152: IMF Drawing Programs: Participation Determinants and Forecasting

Eugenio Cerutti

2007/151: Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies

Sunil Sharma, Woon Gyu Choi and Maria Strömqvist

2007/150: Guarding Against Fiscal Risks in Hong Kong SAR

International Monetary Fund

2007/149: IPO Behavior in GCC Countries: Goody-Two Shoes or Bad-to-the-Bone?

International Monetary Fund

2007/148: Persistent Gaps, Volatility Types, and Default Traps

Ana Fostel, Sandeep Kapur and Luis Catão

2007/147: Public Debt Markets in Central America, Panama, and the Dominican Republic

Andreas Jobst, Laura Valderrama, Ivan Guerra and Hemant Shah

2007/146: Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

Enrique Mendoza, C. Bora Durdu and Marco Terrones

2007/145: Measuring the Effect of Foreign Aidon Growth and Poverty Reduction or the Pitfalls of Interaction Variables

J. Polak, Joydeep Roy and Catherine Pattillo

2007/144: Europe and Global Imbalances

Philip Lane and Gian Maria Milesi-Ferretti

2007/143: U.S. Revenue Surprises: Are Happy Days Here to Stay?

Koshy Mathai, Andrew Swiston and Martin Mühleisen

2007/142: VAT Attacks!

Michael Keen

2007/141: Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated

Pär Österholm and Erik Hjalmarsson

2007/140: Complex Ownership Structures and Corporate Valuations

Luc Laeven and Ross Levine

2007/139: Relative Price Stability, Creditor Rights, and Financial Deepening

Pablo Druck, Alexander Plekhanov and Mario Dehesa

2007/138: International Financial Integration Through Equity Markets: Which Firms from Which Countries Go Global?

Sergio Schmukler and Stijn Claessens

2007/137: Trade Reform in the CEMAC: Developments and Opportunities

Charalambos Tsangarides and Jan Martijn

2007/136: Re-Accessing International Capital Markets After Financial Crises: Some Empirical Evidence

Luisa Zanforlin

2007/135: An Oil and Gas Model

Noureddine Krichene

2007/134: Bank Efficiency and Market Structure: What Determines Banking Spreads in Armenia?

Holger Floerkemeier and Era Dabla-Norris

2007/133: Modalities of Moving to Inflation Targeting in Armenia and Georgia

International Monetary Fund

2007/132: Pooling Risk Among Countries

Jean Imbs and Paolo Mauro

2007/131: Budget Rigidity and Expenditure Efficiency in Slovenia

Todd Mattina and Victoria Gunnarsson

2007/130: Asia Rising: A Sectoral Perspective

International Monetary Fund

2007/129: France in the Global Economy: A Structural Approximate Dynamic Factor Model Analysis

Francisco Nadal De Simone and Alain Kabundi

2007/128: The Ties that Bind: Measuring International Bond Spillovers Using Inflation-Indexed Bond Yields

Andrew Swiston and Tamim Bayoumi

2007/127: The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets

S. M. Ali Abbas and Jakob Christensen

2007/126: Impact of Intra-European Trade Agreements, 1990-2005: Policy Implications for the Western Balkans and Ukraine

Zhaogang Qiao and Johannes Herderschee

2007/125: Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries

Juan Sole, Gabriel Sensenbrenner, Amor Tahari, J. E. J. De Vrijer, Marina Moretti, Patricia Brenner and Abdelhak Senhadji

2007/124: Public Investment and Growth in the Eastern Caribbean

Shaun Roache

2007/123: Monetary Policy Transparency and Financial Market Forecasts in South Africa

Vivek Arora

2007/122: Coping with Spain’s Aging: Retirement Rules and Incentives

Alexander Hoffmaister, Mario Catalan and Jaime Guajardo

2007/121: Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?

Mick Silver

2007/120: Labor’s Liquidity Service and Firing Costs

Herman Bennett

2007/119: Money and Inflation in the Islamic Republic of Iran

Leo Bonato

2007/118: Private-Sector Financial Liabilities in Advanced Economies: Is More Better?

Man-Keung Tang

2007/117: The Economics of Islamic Finance and Securitization

Andreas Jobst

2007/116: The Convergence Dynamics of a Transition Economy: The Case of the Czech Republic

Jan Bruha, Jiri Podpiera and Stanislav Polak

2007/115: Macroeconomic and Financial Soundness Indicators: An Empirical Investigation

Rita Babihuga

2007/114: Output Volatility and Large Output Drops in Emerging Market and Developing Countries

Dalia Hakura

2007/113: Exchange Rate Fluctuations and Output in Oil-Producing Countries: The Case of Iran

Magda Kandil and Mohsen Bahmani-Oskooee

2007/112: Informality and Regulations: What Drives Firm Growth?

Era Dabla-Norris and Gabriela Inchauste

2007/111: Global Imbalances and Financial Stability

Miranda Xafa

2007/110: Oil Shocks and External Balances

International Monetary Fund

2007/109: Pension Reform in China: The Need for a New Approach

Steven Dunaway and Vivek Arora

2007/108: Pension Reform and Macroeconomic Stability in Latin America

Jorge Roldos

2007/107: Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Jan-Peter Olters

2007/106: Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia's Stubbornly Low Tax Collection

David Grigorian and Hamid Davoodi

2007/105: Wage Gaps and Development: Lessons from U.S. History

Alex Mourmouras and Peter Rangazas

2007/104: Unconditional IMF Financial Support and Investor Moral Hazard

Jun Kim

2007/103: Jordan’s International Reserve Position: Justifiably Strong

Stanley Watt, Donal McGettigan and Saade Chami

2007/102: Diagnosing Dutch Disease: Does Russia Have the Symptoms?

Katerina Kalcheva and Nienke Oomes

2007/101: Interest Rate Spreads in English-Speaking African Countries

Joe Crowley

2007/100: Health Aid and Infant Mortality

David Newhouse and Prachi Mishra

2007/099: Lessons From High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe

Jens Clausen, Sharmini Coorey, Bakar Ould-Abdallah, Sònia Muñoz and Norbert Funke

2007/098: Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note

Sònia Muñoz