IMF Working Papers

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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

2005/100: Does Foreign Aid Reduce Poverty? Empirical Evidence from Nongovernmental and Bilateral Aid

Boriana Yontcheva and Nadia Masud

2005/099: New Rates from New Weights

International Monetary Fund

2005/098: Are Emerging Market Countries Learning to Float?

Dalia Hakura

2005/097: Reforming Labor and Product Markets: Some Lessons from Two Decades of Experiments in Europe

Tito Boeri

2005/096: Cross-Country Empirical Studies of Systemic Bank Distress: A Survey

Asli Demirguc-Kunt and Enrica Detragiache

2005/095: International Risk Sharing and Currency Unions: The CFA Zones

Etienne Yehoue

2005/094: Regional Trade Integration and WTO Accession: Which Is the Right Sequencing? An Application to the CIS

Patrizia Tumbarello

2005/093: GDP Growth, Potential Output, and Output Gaps in Mexico

Ebrima Faal

2005/092: How Does Employment Protection Legislation Affect Unemployment in Tunisia? A Search Equilibrium Approach

Domenico Fanizza and Taline Koranchelian

2005/091: Characterizing the Expenditure Uncertainties of Industrial Countries in the 21st Century

Peter Heller and David Hauner

2005/090: Is the Middle East and North Africa Region Achieving Its Trade Potential?

Ludvig Söderling

2005/089: Inflation Targeting and Output Growth: Empirical Evidence for the European Union

International Monetary Fund

2005/088: Insurance Companies in Emerging Markets

Janet Kong and Manmohan Singh

2005/087: Personal Income Tax Reform: Concepts, Issues, and Comparative Country Developments

Howell Zee

2005/086: Following Germany’s Lead: Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy

International Monetary Fund

2005/085: Cataclysms and Currencies: Does the Exchange Rate Regime Matter for Real Shocks?

Rodney Ramcharan

2005/084: The IMF in a World of Private Capital Markets

Ashoka Mody, Barry Eichengreen and Kenneth Kletzer

2005/083: The Impact of Macroeconomic Announcements on Emerging Market Bonds

Jochen Andritzky, Geoffrey Bannister and Natalia Tamirisa

2005/082: Net Foreign Asset Positions and Consumption Dynamics in the International Economy

International Monetary Fund

2005/081: A Fiscal Price Tag for International Reserves

David Hauner

2005/080: Transparency in Central Bank Financial Statement Disclosures

Kenneth Sullivan

2005/079: The Chinese Approach to Capital Inflows: Patterns and Possible Explanations

Shang-Jin Wei and Eswar Prasad

2005/078: Managing the Interest Rate Risk of Indian Banks’ Government Securities Holdings

Amadou Sy

2005/077: Estimating the Implicit Inflation Target: An Application to U.S. Monetary Policy

Daniel Leigh

2005/076: Quantitative Assessment of a Financial System—Barbados

International Monetary Fund

2005/075: Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean

Luis Jácome and Francisco Vazquez

2005/074: Relating the Knowledge Production Function to Total Factor Productivity: An Endogenous Growth Puzzle

Fred Joutz and Yasser Abdih

2005/073: A Post-Reflation Monetary Framework for Japan

Mark Stone and Charles Kramer

2005/072: Central Bank Losses and Experiences in Selected Countries

Claudia Dziobek and John Dalton

2005/071: Aging: Some Pleasant Fiscal Arithmetic

David Hauner

2005/070: Setting the Stage for a National Currency in the West Bank and Gaza: The Choice of Exchange Rate Regime

Magda Kandil and Samya Beidas-Strom

2005/069: Iraq: Considerations on Intergovernmental Fiscal Relations for the Constituent Assembly

International Monetary Fund

2005/068: Who is Still Haunted by the Specter of Communism? Explaining Relative Output Contractions Under Transition

Katrin Elborgh-Woytek and Julian Berengaut

2005/067: Financial Integration, Growth, and Volatility

Anne Epaulard and Aude Pommeret

2005/066: How Do Canadian Budget Forecasts Compare with Those of Other Industrial Countries?

Martin Mühleisen, Kornelia Krajnyak, Stephan Danninger, David Hauner and Bennett Sutton

2005/065: Maintaining Competitiveness Under Equilibrium Real Appreciation: The Case of Slovakia

Nienke Oomes

2005/064: Alternative Models of Wage Dispersion

International Monetary Fund

2005/063: The Real Effect of Banking Crises

Giovanni Dell'ariccia, Raghuram Rajan and Enrica Detragiache

2005/062: Are Laws Needed for Public Management Reforms? An International Comparison

Ian Lienert

2005/061: A Framework for the Surveillance of Derivatives Activities

Eva Gutierrez

2005/060: The Impact of Terrorism on Financial Markets

Oana Croitoru and R. Johnston