IMF Working Papers

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2006/001: Are Donor Countries Giving More or Less Aid?

Sanjeev Gupta, Catherine Pattillo and Smita Wagh

2005/241: Measuring the Performance of Fiscal Policy in Russia

Antonio Spilimbergo

2005/240: Bank Efficiency and Competition in Low-Income Countries: The Case of Uganda

David Hauner and Shanaka Peiris

2005/239: How Tight Is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan

David Grigorian and Edward Gemayel

2005/238: Service Offshoring, Productivity, and Employment: Evidence from the United States

Mary Amiti and Shang-Jin Wei

2005/237: Fiscal Policy and Business Cycles in an Oil-Producing Economy: The Case of Venezuela

Alfredo Baldini

2005/236: Money Demand and Inflation in Madagascar

Koffie Ben Nassar

2005/235: Emergence of the Gulf of Guinea in the Global Economy: Prospects and Challenges

Damian Ondo Mañe

2005/234: Remittances, Financial Development, and Growth

Marta Ruiz-Arranz and Paola Giuliano

2005/233: Real Exchange Rates in Growing Economies: How Strong Is the Role of the Nontradables Sector?

Ken Miyajima

2005/232: FIRST: A Market-Based Approach to Evaluate Financial System Risk and Stability

Renzo Avesani

2005/231: The END: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

Jorge Chan-Lau and Toni Gravelle

2005/230: Financial Sector Conditionality: Is Tougher Better?

Roger Kronenberg and Alessandro Giustiniani

2005/229: A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates

Jaewoo Lee, Hamid Faruqee and Tamim Bayoumi

2005/228: Long-Run Productivity Shifts and Cyclical Fluctuations: Evidence for Italy

Silvia Sgherri

2005/227: Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform?

Helge Berger and Stephan Danninger

2005/226: Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods

Philippe Karam and Doug Hostland

2005/225: Fiscal Transparency and Economic Outcomes

International Monetary Fund

2005/224: Macroeconomic Determinants of Remittances: Evidence from India

Poonam Gupta

2005/223: Debt Overhang or Debt Irrelevance? Revisiting the Debt-Growth Link

Tito Cordella, Luca Ricci and Marta Ruiz-Arranz

2005/222: Monitoring and Commitment in Bank Lending Behavior

Rodolphe Blavy

2005/221: Fiscal Dominance and Inflation in the Democratic Republic of the Congo

Jean-Claude Nachega

2005/220: Barriers to Capital Accumulation and the Incidence of Child Labor

Marco Espinosa-Vega and Richard Barnett

2005/219: Estimating Markov Transition Matrices Using Proportions Data: An Application to Credit Risk

Matthew Jones

2005/218: VAT Refunds: A Review of Country Experience

Graham Harrison and Russell Krelove

2005/217: How Important Is Sovereign Risk in Determining Corporate Default Premia? The Case of South Africa

Marcel Peter and Martín Grandes

2005/216: Pricing Growth-Indexed Bonds

Paolo Mauro and Marcos Chamon

2005/215: Oil Price Shocks: Can they Account for the Stagflation in the 1970's?

Benjamin Hunt

2005/214: The Impact on India of Trade Liberalization in the Textiles and Clothing Sector

Sonali Jain-Chandra and Ananthakrishnan Prasad

2005/213: Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States

Zsofia Arvai

2005/212: Financial Globalization and Fiscal Perfomance in Emerging Markets

David Hauner and Manmohan Kumar

2005/211: Understanding the Evolution of World Business Cycles

Ayhan Kose, Christopher Otrok and Charles Whiteman

2005/210: Does Performance Budgeting Work? An Analytical Review of the Empirical Literature

Marc Robinson and Jim Brumby

2005/209: The Domestic and Global Impact of Japan's Policies for Growth

Nicoletta Batini, Alessandro Rebucci and Papa N'Diaye

2005/208: Macroeconomic Effects of Social Security and Tax Reform in the United States

Tamim Bayoumi, Dennis Botman and Manmohan Kumar

2005/207: The Perils of Tax Smoothing: Sustainable Fiscal Policy with Random Shocks to Permanent Output

Evan Tanner and Kevin Carey

2005/206: Strengthening IMF Crisis Prevention

Jonathan Ostry and Jeromin Zettelmeyer

2005/205: The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks

Cees Diks and Dennis Botman

2005/204: Can the Standard International Business Cycle Model Explain the Relation Between Trade and Comovement?

Kei-Mu Yi and Ayhan Kose

2005/203: Revenue Administration Reform in Middle Eastern Countries, 1994-2004

Jean-Paul Bodin and William Joseph Crandall

2005/202: Estimating China's "Equilibrium" Real Exchange Rate

Xiangming Li and Steven Dunaway

2005/201: Debt Maturity, Risk, and Asymmetric Information

Marco Espinosa-Vega, Allen Berger, Nathan Miller and W Frame

2005/200: Boom-Bust Cycles in Housing: The Changing Role of Financial Structure

Calvin Schnure

2005/199: Robbing the Riches: Capital Flight, Institutions, and Instability

Sweta Saxena, Meenakshi Rishi and Valerie Cerra

2005/198: International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence

Joshua Aizenman and Jaewoo Lee

2005/197: Trinidad and tobago: The Energy Boom and Proposals for a Sustainable Fiscal Policy

International Monetary Fund

2005/196: Introducing Financial Management Information Systems in Developing Countries

Pokar Khemani and Jack Diamond

2005/195: Sustaining Growth Accelerations and Pro-Poor Growth in Africa

Sanjeev Gupta, Catherine Pattillo and Kevin Carey

2005/194: Social Welfare and Cost Recovery in Two-Sided Markets

Wilko Bolt and Alexander Tieman

2005/193: Clusters As a Driving Engine for FDI

Etienne Yehoue

2005/192: Is Russia Still Driving Regional Economic Growth?

Marco Pani, Etibar Jafarov and Clinton Shiells

2005/191: Product Market Regulation and the Benefits of Wage Moderation

Marcello Estevão

2005/190: Investment Restrictions and Contagion in Emerging Markets

Anna Ilyina

2005/189: FDI Flows to Asia: Did the Dragon Crowd Out the Tigers?

Benoît Mercereau

2005/188: Managing Systemic Liquidity Risk in Financially Dollarized Economies

Eduardo Levy Yeyati, Alain Ize and Miguel Kiguel

2005/187: Financial De-Dollarization: Is it for Real?

Eduardo Levy Yeyati and Alain Ize

2005/186: Financial Dollarization Equilibria: A Framework for Policy Analysis

Alain Ize

2005/185: Russia's Regions: Income Volatility, Labor Mobility and Fiscal Policy

Goohoon Kwon and Antonio Spilimbergo

2005/184: Post-Transition Investment Behavior in Poland: A Sectoral Panel Analysis

Zuzana Murgasova

2005/183: Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks

Anita Tuladhar

2005/182: European Union Enlargement and Equity Markets in Accession Countries

Richard Podpiera and Tomás Dvorák

2005/181: A Global View of the U.S. Investment Position

Andrew Swiston

2005/180: Pity the Finance Minister: Issues in Managing a Substantial Scaling-Up of Aid Flows

Peter Heller

2005/179: The Macroeconomic Challenges of Scaling Up Aid to Africa

Yongzheng Yang, Robert Powell and Sanjeev Gupta

2005/178: How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda

C. Di Bella and David Hauner

2005/177: The IMF’s Role in Low-Income Countries: Issues and Challenges

Domenico Lombardi

2005/176: Explicit and Implicit Targets in Open Economies

Silvia Sgherri

2005/175: The Political Economy of Seigniorage

Ari Aisen and Francisco Veiga

2005/174: Subordinated Levy Processes and Applications to Crude Oil Options

Noureddine Krichene

2005/173: Quality of Financial Policies and Financial System Stress

Udaibir Das, Plamen Yossifov, Richard Podpiera and Dmitriy Rozhkov

2005/172: Inflation Targeting Lite' in Small Open Economies: The Case of Mauritius

International Monetary Fund

2005/171: Commodity Price Shocks and the Oddson Fiscal Performance

Francis Kumah and John Matovu

2005/170: Financial Development, Financial Fragility, and Growth

Norman Loayza and Romain Ranciere

2005/169: Deposit Insurance Regulatory forbearance and Economic Growth: Implications for the Japanese Banking Crisis

Kenneth Kletzer and Robert Dekle

2005/168: Cyclical Implications of Changing Bank Capital Requirements in a Macroeconomic Framework

Eduardo Ganapolsky and Mario Catalan

2005/167: Finance in Lower Income Countries: An Empirical Exploration

Poonam Gupta, Thierry Tressel and Enrica Detragiache

2005/166: Access to Bank Credit in Sub-Saharan Africa: Key Issues and Reform Strategies

Emilio Sacerdoti

2005/165: Portfolio Choice in a Monetary Open-Economy DSGE Model

Akito Matsumoto and Charles Engel

2005/164: Real Exchange Rate Misalignment: A Panel Co-Integration and Common Factor Analysis

Etienne Yehoue and Gilles Dufrénot

2005/163: On Target? the International Experience with Achieving Inflation Targets

Scott Roger and Mark Stone

2005/162: U.S. Mutual Fund Retail Investors in International Equity Markets: Is the Tail Wagging the Dog?

Jorge Chan-Lau and Li Ong

2005/161: A Global Perspectiveon External Positions

Gian Maria Milesi-Ferretti and Philip Lane

2005/160: What Causes Firms to Hide Output? the Determinants of Informality

Gabriela Inchauste, Mark Gradstein and Era Dabla-Norris

2005/159: Does Government Spending Crowd In Private Consumption? Theory and Empirical Evidence for the Euro Area

Günter Coenen and Roland Straub

2005/158: Why is Micro Evidenceon the Effects of Uncertainty Not Replicated in Macro Data?

Domenico Lombardi and Stephen Bond

2005/157: Bidder Participation and Information in Currency Auctions

Rafael Romeu and Lawrence Ausubel

2005/156: Forestry Taxation in Africa: The Case of Liberia

Saji Thomas and Arnim Schwidrowski

2005/155: Measuring and Analyzing Sovereign Risk with Contingent Claims

Michael Gapen, Dale Gray, Cheng Lim and Yingbin Xiao

2005/154: Managing Revenue Volatility in a Small Island Economy: The Case of Kiribati

Catriona Purfield

2005/153: Treasury System Design: A Value Chain Approach

Eivind Tandberg

2005/152: An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains

Pipat Luengnaruemitchai and Li Ong

2005/151: Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies

Ceyla Pazarbasioglu, Gudrun Johnsen, Paul Hilbers and Inci Ötker-Robe

2005/150: Infrastructure Aid, Deindustrialization, and Welfare

Eun Choi

2005/149: Preferential Trade Agreements in the Asia-Pacific Region

Tubagus Feridhanusetyawan

2005/148: The Use and Abuse of Taylor Rules: How Precisely Can We Estimate Them?

Robert Tchaidze and Alina Carare

2005/147: Growth Dynamics: The Myth of Economic Recovery

Sweta Saxena and Valerie Cerra

2005/146: Trade Liberalization, Intermediate Inputs, and Productivity: Evidence from Indonesia

Mary Amiti and Jozef Konings

2005/145: Ten Years After the CFA Franc Devaluation: Progress Toward Regional Integration in the WAEMU

P. van den Boogaerde and Charalambos Tsangarides

2005/144: Money Demand and Inflation in Dollarized Economies: The Case of Russia

Franziska Ohnsorge and Nienke Oomes

2005/143: Trade Integration in the East African Community: An Assessment for Kenya

Meredith McIntyre