IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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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

2006/123: Can Budget Institutions Counteract Political Indiscipline?

Ashoka Mody and Stefania Fabrizio

2006/122: Setting the Operational Framework for Producing Inflation Forecasts

Turgut Kisinbay, Eric Parrado, Rodolfo Maino and Jorge Canales Kriljenko

2006/121: Public Debt, Money Supply, and Inflation: A Cross-Country Study and Its Application to Jamaica

Goohoon Kwon, Lavern McFarlane and Wayne Robinson

2006/120: Fiscal Decentralization and Public Subnational Financial Management in Peru

Ehtisham Ahmad and Mercedes Garcia-Escribano

2006/119: Fiscal Discipline and Exchange Rate Regimes: Evidence From the Caribbean

Rupa Duttagupta and Guillermo Tolosa

2006/118: Reflections on Quantitative Fiscal Conditionality in African PRGF-Supported Programs

Daria Zakharova and Annalisa Fedelino

2006/117: A Superior Hybrid Cash-Flow Taxon Corporations

Howell Zee

2006/116: Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe’s Fiscal Framework

Anthony Annett

2006/115: Excess Liquidity and Effectiveness of Monetary Policy: Evidence from Sub-Saharan Africa

Magnus Saxegaard

2006/114: The Korean Crisis: What Did We Know and When Did We Know It? What Stress Tests of the Corporate Sector Reveal

Meral Karasulu and Matthew Jones

2006/113: Growth and Productivity in Papua New Guinea

Ebrima Faal

2006/112: Fiscal Policy and Interest Rates: How Sustainable Is The “New Economy”?

Manmohan Kumar and David Hauner

2006/111: A Framework for Independent Monetary Policy in China

Marvin Goodfriend and Eswar Prasad

2006/110: The Role of Interest Rates in Business Cycle Fluctuations in Emerging Market Countries: The Case of Thailand

Ivan Tchakarov and Selim Elekdag

2006/109: Donor Herding and Domestic Debt Crisis

Ephraim Chirwa, Montfort Mlachila and Yohane Khamfula

2006/108: Reforming Employment Protection Legislation in France

Jianping Zhou

2006/107: Idiosyncratic and Systemic Risk in the European Corporate Sector: A CDO Perspective

Yinqiu Lu and Jorge Chan-Lau