IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2006/259: Allowances for Corporate Equity in Practice

Alexander Klemm

2006/258: Financial Development, the Structure of Capital Markets, and the Global Digital Divide

Charles Amo Yartey

2006/257: To Smooth or Not to Smooth—The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in Jordan

Martin Petri and Tahsin Saadi Sedik

2006/256: Goal-Independent Central Banks: Why Politicians Decide to Delegate

Christopher Crowe

2006/255: Exchange Rate Risk Measurement and Management: Issues and Approaches for Firms

Michael Papaioannou

2006/254: The Pricing of Credit Default Swaps During Distress

Manmohan Singh and Jochen Andritzky

2006/253: Fiscal Consolidation in Israel: A Global Fiscal Model Perspective

Natan Epstein, Selim Elekdag and Marialuz Moreno Badia

2006/252: Sustaining Latin America's Resurgence: Some Historical Perspectives

Anoop Singh and Martin Cerisola

2006/251: Are the French Happy with the 35-Hour Workweek?

Marcello Estevão and Filipa Sa

2006/250: What Do Remittances Do? Analyzing the Private Remittance Transmission Mechanism in El Salvador

Luis René Cáceres and Nolvia Nery Saca

2006/249: Testing Real Interest Parity in Emerging Markets

Abhisek Banerjee and Manmohan Singh

2006/248: Transmission Mechanisms of Monetary Policy in Armenia: Evidence from VAR Analysis

Era Dabla-Norris and Holger Floerkemeier

2006/247: The Magnitude and Distribution of Fuel Subsidies: Evidence from Bolivia, Ghana, Jordan, Mali, and Sri Lanka

Robert Gillingham, David Newhouse, David Coady, Kangni Kpodar, Moataz El-Said and Paulo Medas

2006/246: Monetary Transmission Mechanisms in Belarus

Rodolfo Maino and Balázs Horváth

2006/245: A Small Foreign Exchange Market with a Long-Term Peg: Barbados

Travis Mitchell, Roland Craigwell and Rupert Worrell

2006/244: New Evidence on Fiscal Adjustment and Growth in Transition Economies

Sanjeev Gupta, Alejandro Simone and Alex Segura-Ubiergo

2006/243: Fuel Price Subsidies in Gabon: Fiscal Cost and Distributional Impact

Daniel Leigh and Moataz El-Said

2006/242: Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness

Enrica Detragiache, Thierry Tressel and Asli Demirguc-Kunt

2006/241: Integration of the Securities Market Infrastructure in the European Union: Policy and Regulatory Issues

Elias Kazarian

2006/240: Revenue Authorities: Issues and Problems in Evaluating their Success

Maureen Kidd and William Joseph Crandall

2006/239: How Does the Global Economic Environment Influence the Demand for IMF Resources?

Selim Elekdag

2006/238: Bond Markets As Conduits for Capital Flows: How Does Asia Compare?

Pipat Luengnaruemitchai and Barry Eichengreen

2006/237: Diversity in the Workplace

Felix Vardy and John Morgan

2006/236: FEER for the CFA Franc

Charalambos Tsangarides and Yasser Abdih

2006/235: Public Debt and Productivity: The Difficult Quest for Growth in Jamaica

Rodolphe Blavy

2006/234: Pacific Island Countries: Possible Common Currency Arrangement

David Orsmond and Christopher Browne

2006/233: Gender and its Relevance to Macroeconomic Policy: A Survey

Janet Stotsky

2006/232: Gender Budgeting

Janet Stotsky

2006/231: Barriers to Retail Competition and Prices: Evidence From Spain

Alexander Hoffmaister

2006/230: Productivity Growth, Technological Convergence, RandD, Trade, and Labor Markets: Evidence From the French Manufacturing Sector

Tehmina S. Khan

2006/229: The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications

Romain Ranciere and Olivier Jeanne

2006/228: Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies

Jean-François Segalotto, Marco Arnone and Bernard Laurens

2006/227: The Measurement of Central Bank Autonomy: Survey of Models, Indicators, and Empirical Evidence

Bernard Laurens, Marco Arnone and Jean-François Segalotto

2006/226: Beauty Queens and Wallflowers: Currency Unions in the Middle East and Central Asia

Katrin Elborgh-Woytek and Julian Berengaut

2006/225: Assessing Banking Sector Soundness in a Long-Term Framework: The Case of Venezuela

Rodolphe Blavy

2006/224: A Debt Overhang Model for Low-Income Countries: Implications for Debt Relief

Junko Koeda

2006/223: Default, Credit Growth, and Asset Prices

C. Goodhart, Miguel Segoviano and Boris Hofmann

2006/222: Economic and Political Determinants of Tax Amnesties in the U.S. States

Eric Le Borgne

2006/221: External Adjustment and Equilibrium Exchange Rate in Brazil

Claudio Paiva

2006/220: How Robust are Estimates of Equilibrium Real Exchange Rates: The Case of China

Lamin Leigh, Steven Dunaway and Xiangming Li

2006/219: Post-Crisis Recovery: When Does Increased Fiscal Discipline Work?

Pritha Mitra

2006/218: The "Flat Tax(es)": Principles and Evidence

Ricardo Varsano, Kevin Kim and Michael Keen

2006/217: The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks

Nicolas Blancher, François Haas, John Kiff, Oksana Khadarina, Paul Mills, Parmeshwar Ramlogan, William Lee, Yoon Sook Kim, Todd Groome and Shinobu Nakagawa

2006/216: Fiscal Determinants of Inflation: A Primer for the Middle East and North Africa

Ludvig Söderling and Domenico Fanizza

2006/215: Distance-to-Default in Banking: A Bridge Too Far?

Amadou Sy and Jorge Chan-Lau

2006/214: Financial Integration in the West African Economic and Monetary Union

Amadou Sy

2006/213: The Incidence and Effectiveness of Prior Actions in IMF-supported Programs

Uma Ramakrishnan and Alun Thomas

2006/212: Political Instability and Inflation Volatility

Francisco Veiga and Ari Aisen

2006/211: The Monetary Policy Regime and Banking Spreads in Barbados

Laura Valderrama and Wendell Samuel

2006/210: Growth and Reforms in Latin America: A Survey of Facts and Arguments

Jeromin Zettelmeyer

2006/209: Measuring Competitiveness

J. Peter Neary

2006/208: Economic Growth and Total Factor Productivity in Niger

Jean-Claude Nachega and Thomson Fontaine

2006/207: Money Market Integration

Leonardo Bartolini, R. Spence Hilton and Alessandro Prati

2006/206: Common Volatility Trends in the Central and Eastern European Currencies and the Euro

Marcus Pramor and Natalia Tamirisa

2006/205: The External Financing of Emerging Market Countries: Evidence from Two Waves of Financial Globalization

Aleksandar Zaklan, Paolo Mauro, Martín Minnoni and Andre Faria

2006/204: A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries

Luc Leruth and Elisabeth Paul

2006/203: Fiscal Implications of Multilateral Tariff Cuts

Azim Sadikov, Hans Lankes, Dustin Smith, Katrin Elborgh-Woytek and Jean-Jacques Hallaert

2006/202: Do Some Forms of Financial Flows Help Protect From Sudden Stops?

Paolo Mauro and Andrei Levchenko

2006/201: The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana

Charles Amo Yartey

2006/200: Asset Market Participation, Monetary Policy Rules, and the Great Inflation

Florin Bilbiie and Roland Straub

2006/199: Insuring Public Finances Against Natural Disasters: A Survey of Options and Recent Initiatives

David Hofman and Patricia Brukoff

2006/198: Corruption and Technology-Induced Private Sector Development

Jean-François Ruhashyankiko and Etienne Yehoue

2006/197: Measures of Underlying Inflation in the Euro Area: Assessment and Role for Informing Monetary Policy

Emil Stavrev

2006/196: Financial Integration in Asia: Recent Developments and Next Steps

Leslie Teo, David Cowen, Hemant Shah, Ranil Salgado and Alessandro Zanello

2006/195: A Primer for Risk Measurement of Bonded Debt from the Perspective of a Sovereign Debt Manager

Michael Papaioannou

2006/194: Currency Risk Premia in Global Stock Markets

Matthew Merritt and Shaun Roache

2006/193: Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon

Jan-Peter Olters and Daniel Leigh

2006/192: Money Isn’t Everything: The Challenge of Scaling Up Aid to Achieve the Millennium Development Goals in Ethiopia

Todd Mattina

2006/191: What Explains Private Saving in Mexico?

Andrew Swiston and Ales Bulir

2006/190: What’s Driving Private Investment in Malaysia? Aggregate Trends and Firm-Level Evidence

Olaf Unteroberdoerster and Roberto Guimarães-Filho

2006/189: Financial Globalization: A Reappraisal

Ayhan Kose, Eswar Prasad, Kenneth Rogoff and Shang-Jin Wei

2006/188: Capital Flows to Central and Eastern Europe

Gian Maria Milesi-Ferretti and Philip Lane

2006/187: The Jordanian Stock Market—Should You Invest in It for Risk Diversification or Performance?

Martin Petri and Tahsin Saadi Sedik

2006/186: The Level and Composition of Public Sector Debt in Emerging Market Crises

Bjoern Rother, Ivetta Hakobyan and Monica de Bolle

2006/185: Oil and Growth in the Republic of Congo

Dhaneshwar Ghura and Rina Bhattacharya

2006/184: Fiscal and Monetary Nexus in Emerging Market Economies: How Does Debt Matter?

Garima Vasishtha, Taimur Baig, Manmohan Kumar and Edda Zoli

2006/183: Management of Oil Wealth Under the Permanent Income Hypothesis: The Case of São Tomé and Príncipe

Alonso Segura

2006/182: On the Properties of Various Estimators for Fiscal Reaction Functions

Oya Celasun and Joong Kang

2006/181: The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes

Saeed Heravi and Mick Silver

2006/180: Do Debt-Service Savings and Grants Boost Social Expenditures?

Alun Thomas

2006/179: Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis

S. Erbas and Chera Sayers

2006/178: A Solution to Two Paradoxes of International Capital Flows

Shang-Jin Wei and Jiandong Ju

2006/177: Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model: What is Important and What is Not

Vicente Tuesta and Pau Rabanal

2006/176: Lending Resumption After Default: Lessons from Capital Markets During the 19th Century

Juan Sole

2006/175: The Role of Seasonality and Monetary Policy in Inflation Forecasting

Francis Kumah

2006/174: Why Elementary Price Index Number Formulas Differ: Price Dispersion and Product Heterogeneity

Mick Silver and Saeed Heravi

2006/173: Analyzing Balance Sheet Vulnerabilities in a Dollarized Economy: The Case of Georgia

Andreas Billmeier and Johan Mathisen

2006/172: Output Drops and the Shocks That Matter

Paolo Mauro and Torbjorn Becker

2006/171: Weathering the Storm So Far: The Impact of the 2003–05 Oil Shock on Low-Income Countries

Helaway Tadesse, Mark Lewis, Jörg Zeuner, James John, Luzmaria Monasi and Paolo Dudine

2006/170: How Might a Disorderly Resolution of Global Imbalances Affect Global Wealth?

Francis Warnock

2006/169: Institutions versus Geography: Subnational Evidence from the United States

Alma Romero-Barrutieta and Eric Clifton

2006/168: Mr. Ricardo’s Great Adventure: Estimating Fiscal Multipliers in a Truly Intertemporal Model

Silvia Sgherri and Tamim Bayoumi

2006/167: Ukraine: The Cost of Weak Institutions

Andrew Tiffin

2006/166: Macroeconomic Volatility: The Policy Lessons from Latin America

Anoop Singh

2006/165: Expenditure Composition and Distortionary Tax for Equitable Economic Growth

Hyun Park

2006/164: International Policy Coordination and Simple Monetary Policy Rules

Wolfram Berger and Helmut Wagner

2006/163: How Do Central Banks Writeon Financial Stability?

Martin Cihak

2006/162: Is Housing Wealth An 'ATM'? the Relationship Between Household Wealth, Home Equity withdrawal, and Saving Rates

Vladimir Klyuev and Paul Mills

2006/161: Moving to Territoriality? Implications for the United States and the Rest of the World

Peter Mullins

2006/160: U.S. Dollar Risk Premiums and Capital Flows

Ravi Balakrishnan and Volodymyr Tulin