IMF Working Papers

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2004/238: Local Financial Development and the Aid-Growth Relationship

Mwanza Nkusu and Selin Sayek

2004/237: Integrating a Unified Revenue Administration for Tax and Social Contribution Collections: Experiences of Central and Eastern European Countries

International Monetary Fund

2004/236: Institutions and the External Capital Structure of Countries

Paolo Mauro and Andre Faria

2004/235: Managing Confidence in Emerging Market Bank Runs

Ashoka Mody and Se-Jik Kim

2004/234: Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?

Jordi Galí and Pau Rabanal

2004/233: The Relationship Between Macroeconomic Statistics Guidelines and Accounting Standards

Lucie Laliberté

2004/232: Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania

Nikolay Gueorguiev and Pelin Berkmen

2004/231: Institutional Quality and International Trade

Andrei Levchenko

2004/230: Can the Private Annuity Market Provide Secure Retirement Income?

Allison Schrager and George Mackenzie

2004/229: Exchange Rate, Money, and Wages: What is Driving Prices in Armenia?

Armine Khachatryan, David Grigorian and Grigor Sargsyan

2004/228: A Common Currency for Belarus and Russia?

Vassili Prokopenko, Etibar Jafarov and Anne Gulde

2004/227: Comesa and Sadc: Prospects and Challenges for Regional Trade Integration

Padamja Khandelwal

2004/226: Central Bank Governance: A Survey of Boards and Management

JoAnne Morris and Tonny Lybek

2004/225: Trade Finance and Trade Flows: Panel Data Evidence From 10 Crises

Márcio Ronci

2004/224: Macroeconomic Implications of Natural Disasters in the Caribbean

Tobias Rasmussen

2004/223: Inflation and Monetary Pass-Through in Guinea

Rodolphe Blavy

2004/222: Currency Bloc Formation as a Dynamic Process Based on Trade Network Externalities

Etienne Yehoue

2004/221: Sovereign Borrowing by Developing Countries: What Determines Market Access?

R. Gaston Gelos, Guido Sandleris and Ratna Sahay

2004/220: On the Design and Effectiveness of Targeted Expenditure Programs

Ehtisham Ahmad and Leonardo Martinez

2004/219: A Model of the Imf As a Coinsurance Arrangement

Ralph Chami, Ilhyock Shim and Sunil Sharma

2004/218: Capital Inflows, Sterilization, and Commercial Bank Speculation: The Case of the Czech Republic in the Mid-1990's

Jakob Christensen

2004/217: Social Spending, Human Capital, and Growth in Developing Countries: Implications for Achieving the MDGs

Emanuele Baldacci, Larry Cui, Benedict Clements and Sanjeev Gupta

2004/216: Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa

Catherine Pattillo, Stephen O'Connell, Christopher Adam and Edward Buffie

2004/215: What Determines Long-Run Macroeconomic Stability? Democratic Institutions

Arvind Subramanian and Shanker Satyanath

2004/214: The Distributional Bias of Public Education: Causes and Consequences

Mark Gradstein and Era Dabla-Norris

2004/213: The Greenbook and U.S. Monetary Policy

Robert Tchaidze

2004/212: Are there Negative Returns to Aid? a Comment

Mwanza Nkusu

2004/211: Interest Rate Pass-Through in Romania and Other Central European Economies

Alexander Tieman

2004/210: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries

Zhanwei Yue and Samir Jahjah

2004/209: In the Pipeline: Georgia's Oil and Gas Transit Revenues

Jonathan Dunn, Andreas Billmeier and Bert van Selm

2004/208: Measuring Disinflation Credibility in Emerging Markets: A Bayesian Approach with An Application to Turkey

Alessandro Rebucci and Marco Rossi

2004/207: Evolution of the Relative Price of Goods and Services in a Neoclassical Model of Capital Accumulation

Vladimir Klyuev

2004/206: Foreign Direct Investment and Regional Trade Agreements: The Market Size Effect Revisited

Florence Jaumotte

2004/205: Wage Compression, Employment Restrictions and Unemployment: The Case of Mauritius

International Monetary Fund

2004/204: Does Compliance with Basel Core Principles Bring Any Measurable Benefits?

Richard Podpiera

2004/203: Can the IMF's Medium-Term Growth Projections Be Improved?

Juan Zalduendo and Catia Batista

2004/202: The Cyclical and Long-Term Behavior of Government Expenditures in Developing Countries

Gabriela Inchauste, Bernardin Akitoby, Benedict Clements and Sanjeev Gupta

2004/201: Financial Sector Development in the Middle East and North Africa

International Monetary Fund

2004/200: Why is Productivity Growth in the Euro Area so Sluggish?

Marcello Estevão

2004/199: Managerial Incentives and Financial Contagion

Sujit Chakravorti and Subir Lall

2004/198: Growth and Convergence in WAEMU Countries

Abdoul Wane

2004/197: Keeping Capital Flowing: The Role of the IMF

Michael Bordo, Ashoka Mody and Nienke Oomes

2004/196: Deriving Market Expectations for the Euro-Dollar Exchange Rate from Option Prices

Noureddine Krichene

2004/195: Deconstructing the Art of Central Banking

Tamim Bayoumi and Silvia Sgherri

2004/194: A Theory of Workers' Remittances with An Application to Morocco

Jacques Bouhga-Hagbe

2004/193: Work Absence in Europe

Leo Bonato and Lusine Lusinyan

2004/192: The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard)

Olivier Jeanne and Jeromin Zettelmeyer

2004/191: A New Taxonomy of Monetary Regimes

Ashok Bhundia and Mark Stone

2004/190: The Internal Job Market of the IMF's Economist Program

International Monetary Fund

2004/189: Can Higher Reserves Help Reduce Exchange Rate Volatility?

M. Nowak, Ketil Hviding and Luca Ricci

2004/188: Real Exchange Rates In Developing Countries: Are Balassa-Samuelson Effects Present?

Mohsin Khan and Ehsan Choudhri

2004/187: Defining Financial Stability

Garry Schinasi

2004/186: Fear of Service Outsourcing: Is It Justified?

Mary Amiti and Shang-Jin Wei

2004/185: R&D, Innovation, and Economic Growth: An Empirical Analysis

Hulya Ulku

2004/184: Institutions, Program Implementation, and Macroeconomic Performance

Saleh Nsouli, Ruben Atoyan and Alex Mourmouras

2004/183: Intercreditor Distribution in Sovereign Debt Restructuring

Ousmene Mandeng

2004/182: What Do We Know About Tariff Incidence?

Stephen Tokarick

2004/181: Pension Funds and Emerging Markets

Jorge Chan-Lau

2004/180: An Institutional Framework for Comparing Emerging Market Currency Boards

Marie Dal Corso

2004/179: Quota Brokers

International Monetary Fund

2004/178: Trade Liberalization, Exchange Rate Changes, and Tax Revenue in Sub-Saharan Africa

Temisan Agbeyegbe, Janet Stotsky and Asegedech WoldeMariam

2004/177: What is An Emerging Market?

Ashoka Mody

2004/176: Sources of Growth in Sub-Saharan Africa

Brou Aka, Bernardin Akitoby, Amor Tahari and Dhaneshwar Ghura

2004/175: Insurance Value of International Reserves: An Option Pricing Approach

Jaewoo Lee

2004/174: Microfinance in Africa: Experience and Lessons From Selected African Countries

Rodolphe Blavy, Anupam Basu and Murat Yulek

2004/173: Domestic Competition Spurs Exports: The Indian Example

Tushar Poddar

2004/172: The Role of Kamco in Resolving Nonperforming Loans in the Republic of Korea

Dong He

2004/171: Understanding India’s Services Revolution

Poonam Gupta and James Gordon

2004/170: Financing Uganda'S Poverty Reduction Strategy: Is Aid Causing More Pain Than Gain?

Mwanza Nkusu

2004/169: The Impact of Preference Erosionon Middle-Income Developing Countries

Hans Lankes and Katerina Alexandraki

2004/168: The Challenge of Fiscal Adjustment in a Democracy: The Case of India

Ricardo Hausmann and Catriona Purfield

2004/167: Foreign Currency Deposits and International Liquidity Shortages in Pakistan

Abbas Mirakhor and Iqbal Zaidi

2004/166: Monetary and Exchange Rate Policies in Colombia: Progress and Challenges

Sergio Clavijo

2004/165: Will You Buy My Peg? the Credibility of a Fixed Exchange Rate Regime As a Determinant of Bilateral Trade

Emilia Jurzyk and Bernhard Fritz-Krockow

2004/164: Monetary Policy Rules and the U.S. Business Cycle: Evidence and Implications

Pau Rabanal

2004/163: Can Public Discussion Enhance Program Ownership?

Peter Isard and Allan Drazen

2004/162: Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank

Olivier Jeanne and Lars Svensson

2004/161: Grants Versus Loans

Hulya Ulku and Tito Cordella

2004/160: External Debt Sustainability in HIPC Completion Point Countries

Yan Sun

2004/159: Russia and the WTO: The "Gravity" of Outsider Status

Yaroslav Lissovolik and Bogdan Lissovolik

2004/158: Dimensions of Land Inequality and Economic Development

Lennart Erickson and Dietrich Vollrath

2004/157: Front-Loaded or Back-Loaded Fiscal Adjustments: What Works in Emerging Market Economies?

Benedict Clements, Sanjeev Gupta, Emanuele Baldacci and Carlos Mulas-Granados

2004/156: Fiscal Policy and Debt Sustainability: Cardoso's Brazil, 1995-2002

International Monetary Fund

2004/155: The IMF and Russia in the 1990's

John Odling-Smee

2004/154: Measuring the Trade Effects of EMU

Hamid Faruqee

2004/153: Quantitative Assessment of the Financial Sector: An Integrated Approach

Rupert Worrell

2004/152: What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?

Selim Elekdag, Saade Chami and Ivan Tchakarov

2004/151: Analysis of Recent Growth in Low-Income CIS Countries

Elena Loukoianova and Anna Unigovskaya

2004/150: Identifying Threshold Effects in Credit Risk Stress Testing

Armando Méndez Morales and Jose Gasha

2004/149: Bank Consolidation and Performance: The Argentine Experience

International Monetary Fund

2004/148: Country Insurance

Eduardo Levy Yeyati and Tito Cordella

2004/147: Structural Factors Affecting Exchange Rate Volatility: A Cross-Section Study

Jorge Canales Kriljenko and Karl Habermeier

2004/146: Ghostbusting: Which Output Gap Measure Really Matters?

Andreas Billmeier

2004/145: A Reexamination of Korea’s Trade Flows: What Has Changed and What Explains These Changes?

Kevin Cheng

2004/144: Regional Economic Disparities in Australia

Uma Ramakrishnan and Martin Cerisola

2004/143: Fiscal Adjustment in EU Countries: A Balance Sheet Approach

Kenji Moriyama and Gian Maria Milesi-Ferretti

2004/142: Choosing the Correct Currency Anchor for a Small Economy: The Case of Nepal

Sibel Beadle

2004/141: Are Developing Countries Better Off Spending Their Oil Wealth Upfront?

H. Takizawa, E. Gardner and Kenichi Ueda

2004/140: Explaining Efficiency Differences Among Large German and Austrian Banks

David Hauner

2004/139: Risk Instability and the Pattern of Foreign Direct Investment in the Middle East and North Africa Region

International Monetary Fund