IMF Working Papers

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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

2005/142: Tax Systems Under Fiscal Adjustment: A Dynamic CGE Analysis of the Brazilian Tax Reform

Victor Lledo

2005/141: Competition in Indian Banking

International Monetary Fund

2005/140: Global Aging and Fiscal Policy with International Labor Mobility: A Political Economy Perspective

Mehmet Tosun

2005/139: Pakistan's Macroeconomic Adjustment and Resumption of Growth, 1999-2004

International Monetary Fund

2005/138: U.S. Tax Reform: An Overview of the Current Debate and Policy Options

Thomas Dalsgaard

2005/137: Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005

Jeromin Zettelmeyer and Federico Sturzenegger

2005/136: Liberalization, Prudential Supervision, and Capital Requirements: The Policy Trade-Offs

Elina Ribakova

2005/135: The Equilibrium Real Exchange Rate in a Commodity Exporting Country: Algeria’s Experience

Taline Koranchelian

2005/134: Wage Flexibility in Turbulent Times: A Practitioner’s Guide, with an Application to Poland

International Monetary Fund

2005/133: Slovakia’s 2004 Tax and Welfare Reforms

David Moore

2005/132: Capital Account Liberalization and the Real Exchange Rate in Chile

International Monetary Fund

2005/131: Special Agricultural Safeguards: Virtual Benefits and Real Costs—Lessons for the Doha Round

Jean-Jacques Hallaert

2005/130: On the Implementation of Transfers to Subnational Governments

Bob Searle and Ehtisham Ahmad

2005/129: Bank Behavior in Developing Countries: Evidence from East Africa

Richard Podpiera and Martin Cihak

2005/128: Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania, and Ukraine

Christoph Duenwald, Nikolay Gueorguiev and Andrea Schaechter

2005/127: Aid and Growth: What Does the Cross-Country Evidence Really Show?

Raghuram Rajan and Arvind Subramanian

2005/126: What Undermines Aid’s Impact on Growth?

Arvind Subramanian and Raghuram Rajan

2005/125: Overpricing in Emerging Market Credit-Default-Swap Contracts: Some Evidence from Recent Distress Cases

Jochen Andritzky and Manmohan Singh

2005/124: Regional Financial Conglomerates: A Case for Improved Supervision

Thorvardur Tjoervi Olafsson and Julia Majaha-Jartby

2005/123: Endowment Versus Finance: A Wooden Barrel Theory of International Trade

Jiandong Ju and Shang-Jin Wei

2005/122: Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects

Jacqueline Irving

2005/121: On the Viability of Conditional Assistance Programs

Wolfgang Mayer and Alex Mourmouras

2005/120: Deficit Limits, Budget Rules, and Fiscal Policy

Paolo Manasse

2005/119: The Dynamic Implications of Foreign Aid and Its Variability

Timothy Lane, Leslie Lipschitz, Cristina Arellano and Ales Bulir

2005/118: Pace and Sequencing of Economic Policies

Juan Zalduendo

2005/117: A Cross-Country Nonparametric Analysis of Bahrain’s Banking System

Vlad Manole and David Grigorian

2005/116: Does the World Need a Universal Financial Institution?

James Boughton

2005/115: Who Controls the Budget: The Legislature or the Executive?

Ian Lienert

2005/114: Latin American Central Bank Reform: Progress and Challenges

International Monetary Fund

2005/113: Labor Productivity and Real Exchange Rate: The Balassa-Samuelson Disconnect in the former Yugoslav Republic of Macedonia

Boileau Loko and Anita Tuladhar

2005/112: Tax Revenue and (or?) Trade Liberalization

Michael Keen and Thomas Baunsgaard

2005/111: Migration and Foreign Remittances in the Philippines

Robert Burgess and V. Haksar

2005/110: Foreign Direct Investment in Southeastern Europe: How (and How Much) Can Policies Help?

Elina Ribakova, Balázs Horváth, Dimitri Demekas and Yi Wu

2005/109: What Drives Inflation Expectations in Brazil? An Empirical Analysis

Martin Cerisola and R. Gaston Gelos

2005/108: Subnational Public Financial Management: Institutions and Macroeconomic Considerations

Maria Albino, Raju Singh and Ehtisham Ahmad

2005/107: Efficiency and Legitimacy: Trade-Offs in IMF Governance

Carlo Cottarelli

2005/106: Underlying Factors Driving Fiscal Effort in Emerging Market Economies

Taimur Baig and Abdul Abiad

2005/105: Three Attempts at Inflation Forecasting in Pakistan

International Monetary Fund

2005/104: Reforming the Russian Budget System: A Move to More Devolved Budget Management?

Jack Diamond

2005/103: Technology Diffusion, Services, and Endogenous Growth in Europe. is the Lisbon Strategy Useful?

International Monetary Fund

2005/102: Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade

International Monetary Fund

2005/101: Crouching Tiger, Hidden Dragon: What Are the Consequences of China’s WTO Entry for India’s Trade?

International Monetary Fund