IMF Working Papers

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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

2006/106: Aid Scaling Up: Do Wage Bill Ceilings Stand in the Way?

Annalisa Fedelino, Gerd Schwartz and Marijn Verhoeven

2006/105: A New Risk Indicator and Stress Testing Tool: A Multifactor Nth-to-Default CDS Basket

Renzo Avesani, Jing Li and Antonio Garcia Pascual

2006/104: Market-Based Estimation of Default Probabilities and its Application to Financial Market Surveillance

Jorge Chan-Lau

2006/103: Mind the Gap—Is Economic Growth in India Leaving Some States Behind?

Catriona Purfield

2006/102: IMF Data Standards Initiatives: A Consultative Approach To Enhancing Global Data Transparency

Anne Kester

2006/101: Sudden Stops and IMF-Supported Programs

Barry Eichengreen, Poonam Gupta and Ashoka Mody

2006/100: Using the Balance Sheet Approach in Surveillance: Framework, Data Sources, and Data Availability

Anthony Pellechio and Johan Mathisen

2006/099: Determinants of Public-Private Partnerships in Infrastructure

Etienne Yehoue, Mona Hammami and Jean-François Ruhashyankiko

2006/098: Government Debt in Emerging Market Countries: A New Data Set

Anastasia Guscina and Olivier Jeanne

2006/097: Core Inflation Measures and Statistical Issues in Choosing Among Them

Mick Silver

2006/096: Uncovered Interest Parity

Peter Isard

2006/095: Macroeconomic Effects and Policy Challenges of Population Aging

Hamid Faruqee and Natalia Tamirisa

2006/094: Interest Rate Determination in Lebanon

Tushar Poddar, Mangal Goswami, Juan Sole and Victor Echévarria Icaza

2006/093: The Tax System in India: Could Reform Spur Growth?

Hélène Poirson

2006/092: Why Are Women Working So Much More in Canada? An International Perspective

Evridiki Tsounta

2006/091: Distributional Effects of Oil Price Changeson Household Expenditures: Evidence From Mali

Kangni Kpodar

2006/090: What is Fuzzy About Clustering in West Africa?

Mahvash Qureshi and Charalambos Tsangarides

2006/089: Options for Fiscal Consolidation in the United Kingdom

Dennis Botman and Keiko Honjo

2006/088: Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies

Enrique Mendoza

2006/087: Hong Kong Special Administrative Region: Macroeconomic Impact of an Aging Population in a Highly Open Economy

Lamin Leigh

2006/086: Emigration and Wages in Source Countries: Evidence From Mexico

Prachi Mishra

2006/085: How to Evaluate GDP-Linked Warrants: Price and Repayment Capacity

Ken Miyajima

2006/084: Disintermediation and Monetary Transmission in Canada

Jorge Roldos

2006/083: Shocking Aspects of Canadian Labor Markets

Bennett Sutton, Tamim Bayoumi and Andrew Swiston

2006/082: Adopting Full Dollarization in Postconflict Economies: Would the Gains Compensate for the Losses in Liberia?

Liliana Schumacher and Jiro Honda

2006/081: Practical Model-Based Monetary Policy Analysis: A How-To Guide

Douglas Laxton, Andrew Berg and Philippe Karam

2006/080: A Practical Model-Based Approach to Monetary Policy Analysis—Overview

Douglas Laxton, Andrew Berg and Philippe Karam

2006/079: International Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies

Kenneth Kletzer