IMF Working Papers

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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

2007/097: The Dynamics of Product Quality and International Competitiveness

Ashoka Mody, Deniz Igan and Stefania Fabrizio

2007/096: Looking Beyond the Fiscal: Do Oil Funds Bring Macroeconomic Stability?

Ghiath Shabsigh and Nadeem Ilahi

2007/095: Implications of More Precise Information for Technological Development and Welfare

Bernhard Eckwert and Burkhard Drees

2007/094: Trade Adjustment and Human Capital Investments: Evidence from Indian Tariff Reform

Eric Edmonds, Nina Pavcnik and Petia Topalova

2007/093: Government Size and Intersectoral Income Fluctuation: An International Panel Analysis

Daehaeng Kim and Chul-In Lee

2007/092: Trade Policy with Heterogeneous Traders: Do Quotas Get a Bum Rap?

Kala Krishna and Ling Hui Tan

2007/091: Dynamic Incentives and the Optimal Delegation of Political Power

Eric Le Borgne and Gauti Eggertsson

2007/090: In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries

Joannes Mongardini and Alexander Chudik

2007/089: Financial Market Risk and U.S. Money Demand

David Cook and Woon Gyu Choi

2007/088: Central Bank Autonomy: Lessons from Global Trends

Bernard Laurens, Martin Sommer, Marco Arnone and Jean-François Segalotto

2007/087: Concept of Offshore Financial Centers: In Search of an Operational Definition

Ahmed Zoromé

2007/086: Guyana: Why Has Growth Stopped? An Empirical Study on the Stagnation of Economic Growth

Judith Gold, Ruben Atoyan and Cornelia Staritz

2007/085: Financial Market Implications of India’s Pension Reform

Hélène Poirson

2007/084: Balance of Payments Crises Under Inflation Targeting

Shujing Li, Isabel Yan and Michael Kumhof

2007/083: Land Distribution and Financial System Development

Dietrich Vollrath and Lennart Erickson

2007/082: Banking Supervision: Quality and Governance

Alessandro Gambini, Salim Darbar and Marco Arnone

2007/081: A Theory of “Crying Wolf”: The Economics of Money Laundering Enforcement

Elod Takats

2007/080: Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy: Lessons from the Republic of Congo

Stéphane Carcillo, Mauricio Villafuerte and Daniel Leigh

2007/079: The Effect of Capital Controlson Foreign Direct Investment Decisions Under Country Risk with Intangible Assets

Kinga Elo

2007/078: British Influences on Commonwealth Budget Systems: The Case of the United Republic of Tanzania

Ian Lienert

2007/077: Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States

Robert Sierhej and Christoph Rosenberg

2007/076: Flattening of the Phillips Curve: Implications for Monetary Policy

Dora Iakova

2007/075: Sovereign Ceilings “Lite”? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies

Eduardo Borensztein, Patricio Valenzuela and Kevin Cowan

2007/074: Contagion Risk in the International Banking System and Implications for London As a Global Financial Center

Jorge Chan-Lau, Srobona Mitra and Li Ong

2007/073: Audit Committees in Central Banks

Kenneth Sullivan, Marie Dal Corso and Tonny Lybek

2007/072: Monetary Policy in an Equilibrium Portfolio Balance Model

Michael Kumhof and Stijn Van Nieuwerburgh

2007/071: Domestic Petroleum Product Prices and Subsidies: Recent Developments and Reform Strategies

David Coady, Taimur Baig, Joseph Ntamatungiro and Amine Mati

2007/070: Modeling Aggregate Use of Fund Resources—Analytical Approaches and Medium-Term Projections

Atish Ghosh, Juan Zalduendo, Manuela Goretti, Bikas Joshi and Alun Thomas

2007/069: Will a Regional Bloc Enlarge?

Giorgia Albertin

2007/068: Politically Optimal Fiscal Policy

Irina Yakadina and Michael Kumhof

2007/067: Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model

Giovanni Ganelli and Juha Tervala

2007/066: Can Regional Integration Accelerate Development in Africa? CGE Model Simulations of the Impact of the SADC FTA on the Republic of Madagascar

Jean-Jacques Hallaert

2007/065: Do Economists’ and Financial Markets’ Perspectives on the New Members of the EU differ?

Susan Schadler and Pipat Luengnaruemitchai

2007/064: International Finance and Income Convergence: Europe is Different

Daniel Leigh, Abdul Abiad and Ashoka Mody

2007/063: Growth in the Dominican Republic and Haiti: Why has the Grass Been Greener on One Side of Hispaniola?

Laura Jaramillo and Cemile Sancak

2007/062: Is the Quantity of Government Debt a Constraint for Monetary Policy?

Srobona Mitra

2007/061: The Macroeconomic Effects of Migration from the New European Union Member States to the United Kingdom

Dora Iakova

2007/060: Policies, Enforcement, and Customs Evasion: Evidence from India

Prachi Mishra, Arvind Subramanian and Petia Topalova

2007/059: Introduction to Applied Stress Testing

Martin Cihak

2007/058: A Primer on Sovereign Debt Buybacks and Swaps

Magdalena Polan, Parmeshwar Ramlogan and Carlos Medeiros

2007/057: Egypt—Searching for Binding Constraints on Growth

Klaus-Stefan Enders

2007/056: International Evidenceon Fiscal Solvency: Is Fiscal Policy "Responsible"?

Enrique Mendoza and Jonathan Ostry