IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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

2006/159: U.S. Inflation Dynamics: What Drives Them Over Different Frequencies?

Ravi Balakrishnan and Sam Ouliaris

2006/158: Inflation, Inequality, and Social Conflict

Christopher Crowe

2006/157: Inflation Targeting in Dollarized Economies

Leonardo Leiderman, Rodolfo Maino and Eric Parrado

2006/156: IMF-Supported Programs and Crisis Prevention: An Analytical Framework

Jun Kim

2006/155: The Impact of Tradeon Wages: What If Countries Are Not Small?

Ichiro Tokutsu and Mika Saito

2006/154: The Maastricht Inflation Criterion: How Unpleasant Is Purgatory?

Ales Bulir and Jaromír Hurník

2006/153: The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data

Ewe-Ghee Lim

2006/152: Domestic Investment and the Cost of Capital in the Caribbean

Shaun Roache

2006/151: Price Impacts of Non-Adoption of the Euro for Small European Countries

Harald Anderson and Sibel Beadle

2006/150: An Empirical Investigation of the Exchange Rate Pass-Through to Inflation in Tanzania

Nkunde Mwase

2006/149: Fundamentals-Based Estimation of Default Probabilities - A Survey

Jorge Chan-Lau

2006/148: Is Systematic Default Risk Priced in Equity Returns? A Cross-Sectional Analysis Using Credit Derivatives Prices

Jorge Chan-Lau

2006/147: Does Fiscal Policy Matter for the Trade Account? A Panel Cointegration Study

Christiane Nickel and Katja Funke

2006/146: What Transparency Can Do When Incentives Fail: An Analysis of Rent Capture

Elisabeth Paul and Era Dabla-Norris

2006/145: Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies?

Thierry Tressel and Alessandro Prati

2006/144: Getting Shut Out of the International Capital Markets - It Doesn’t Take Much

Nancy Marion and Robert Flood

2006/143: Are More Competitive Banking Systems More Stable?

Martin Cihak, Simon Wolfe and Klaus Schaeck

2006/142: How Much Is Enough? Monte Carlo Simulations of an Oil Stabilization Fund for Nigeria

Ulrich Bartsch

2006/141: Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union

Russell Krueger and Ettore Kovarich

2006/140: Exchange Rate Misalignment: An Application of the Behavioral Equilibrium Exchange Rate (BEER) to Botswana

Atsushi Iimi

2006/139: The Credit Risk Transfer Market and Stability Implications for U.K. Financial Institutions

Li Ong and Jorge Chan-Lau

2006/138: Did Botswana Escape from the Resource Curse?

Atsushi Iimi

2006/137: Structural Reforms in the Euro Area: Economic Impact and Role of Synchronization Across Markets and Countries

Luc Everaert and Werner Schule

2006/136: Nonlinearity in Deviations From Uncovered Interest Parity: An Explanation of the Forward Bias Puzzle

Giorgio Valente, Gene Leon and Lucio Sarno

2006/135: Putting the New Keynesian Model to a Test

Roland Straub and Gert Peersman

2006/134: Review and Implementation of Credit Risk Models of the Financial Sector Assessment Program (FSAP)

Kexue Liu, Jean Salvati, Renzo Avesani and Alin Mirestean

2006/133: Sudden Stops and Currency Drops: A Historical Look

Luis Catão

2006/132: Determinants of Emigrant Deposits in Cape Verde

International Monetary Fund

2006/131: Who Saves in Ireland? The Micro Evidence

Marialuz Moreno Badia

2006/130: Altruism and Workers’ Remittances: Evidence from Selected Countries in the Middle East and Central Asia

Jacques Bouhga-Hagbe

2006/129: Immiserizing Foreign Aid: The Roles of Tariffs and Nontraded Goods

Stephen Tokarick

2006/128: Outcomes-Based Conditionality: Its Role and Optimal Design

Anna Ivanova

2006/127: The Lender of Last Resort in the European Single Financial Market

Pedro Gustavo Teixeira and Garry Schinasi

2006/126: HIV/AIDS: The Impact on Poverty and Inequality

Markus Haacker and Gonzalo Salinas

2006/125: Regional Convergence in Latin America

Bennett Sutton, Genevieve Lindow, Maria Isabel Serra, Gustavo Ramirez and Maria Fernanda Pazmino

2006/124: Indirect Taxes on International Aviation

Jon Strand and Michael Keen