IMF Working Papers

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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

2004/138: Economic Integration, Business Cycle, and Productivity in North America

Ayhan Kose and Roberto Cardarelli

2004/137: Debt Maturity and the International Financial Architecture

Olivier Jeanne

2004/136: Caribbean Business Cycles

Paul Cashin

2004/135: Once Again, is Openness Good for Growth?

International Monetary Fund

2004/134: International Investment Patterns

Philip Lane and Gian Maria Milesi-Ferretti

2004/133: The Role of Mature Market Mutual Funds in Emerging Markets: Myth or Mayhem?

Amadou Sy and Li Ong

2004/132: Choosing a Budget Management System: The Case of Rwanda

Ian Lienert

2004/131: When in Peril, Retrench: Testing the Portfolio Channel of Contagion

International Monetary Fund

2004/130: Zimbabwe: A Quest for a Nominal Anchor

Arto Kovanen

2004/129: Foreign Banks in Emerging Market Crises: Evidence From Malaysia

Enrica Detragiache and Poonam Gupta

2004/128: Parity Reversion in Real Exchange Rates: Fast, Slow or Not At All?

Christopher McDermott and Paul Cashin

2004/127: Stress Testing Financial Systems: What to Do When the Governor Calls

Paul Hilbers, Matthew Jones and Graham Slack

2004/126: From Fixed to Float: Operational Aspects of Moving towards Exchange Rate Flexibility

Gilda Fernandez, Cem Karacadag and Rupa Duttagupta

2004/125: Taxation Reforms and Changes in Revenue Assignments in China

Raju Singh, Ben Lockwood and Ehtisham Ahmad

2004/124: Corporate Financial Structure and Financial Stability

Mark Stone and E Davis

2004/123: The Empirics of Foreign Exchange Intervention in Emerging Markets: The Cases of Mexico and Turkey

Cem Karacadag and Roberto Guimarães-Filho

2004/122: Monetary Policy, Monetary Areas, and Financial Development with Electronic Money

Marco Arnone and Luca Bandiera

2004/121: The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-Wide Risk Transfer

Yingbin Xiao, Dale Gray, Cheng Lim and Michael Gapen

2004/120: Private Finance and Public Policy

Garry Schinasi

2004/119: A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax

Howell Zee

2004/118: Why India Can Grow At 7 Percent a Year or More: Projections and Reflections

Dani Rodrik and Arvind Subramanian

2004/117: On Fixed and Variable Fiscal Surplus Rules

International Monetary Fund

2004/116: Assessing the Assessment: A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry

Carlo Cottarelli and Julio Escolano

2004/115: Ambiguity, Transparency, and Institutional Strength

S. Erbas

2004/114: Sources of Growth in the Democratic Republic of the Congo: A Cointegration Approach

Matthias Cinyabuguma and Bernardin Akitoby

2004/113: An Approach to Long-Term Fiscal Policy Analysis

Papa N'Diaye and Steven Dunaway

2004/112: The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?

Abdul Abiad, Nienke Oomes and Kenichi Ueda

2004/111: Obstacles to Disinflation: What is the Role of Fiscal Expectations?

R. Gaston Gelos, Alessandro Prati and Oya Celasun

2004/110: Financial Integration: A New Methodology and An Illustration

Andrew Rose and Robert Flood

2004/109: Performance of Western Hemisphere Trading Blocs: A Cost-Corrected Gravity Approach

Enzo Croce, V. Juan-Ramon and Feng Zhu

2004/108: The End of Textiles Quotas: A Case Study of the Impacton Bangladesh

Montfort Mlachila and Yongzheng Yang

2004/107: Multinational Affiliates and Local Financial Markets

Selin Sayek, Alexander Lehmann and Hyoung Kang

2004/106: Challenging the Empirical Evidence From Present Value Models of the Current Account

Jacques Miniane and Benoît Mercereau

2004/105: Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries

Dalia Marin, Haizhou Huang and Chenggang Xu

2004/104: To Buy or Not to Buy? Uncertainty, Irreversibility and Heterogeneous Investment Dynamics in Italian Company Data

Domenico Lombardi and Stephen Bond

2004/103: Trade and Industrial Location with Heterogeneous Labor

International Monetary Fund

2004/102: Public Spending Management and Macroeconomic Interdependence

Giovanni Ganelli

2004/101: Toward a Framework for Safeguarding Financial Stability

International Monetary Fund

2004/100: Conditional Lending Under Altruism

Alex Mourmouras and Peter Rangazas

2004/099: Can Debt Crises Be Self-Fulfilling?

Marcos Chamon

2004/098: Toward More Effective Redistribution: Reform Options for Intergovernmental Transfers in China

International Monetary Fund

2004/097: Achieving and Maintaining Price Stability in Nigeria

Nicoletta Batini

2004/096: Robust Versus Optimal Rules in Monetary Policy: A Note

International Monetary Fund

2004/095: Economic Performance Over the Conflict Cycle

Nicholas Staines

2004/094: Money-Based Versus Exchange-Rate-Based Stabilization: Is There Space for Political Opportunism?

Ari Aisen

2004/093: Debt Accumulation in the CIS-7 Countries: Bad Luck, Bad Policies, or Bad Advice?

Ashoka Mody, Ratna Sahay and Thomas Helbling

2004/092: A Cointegration Model for Search Equilibrium Wage Formation

International Monetary Fund

2004/091: Capital Income Taxation and Economic Growth in Open Economies

Geremia Palomba

2004/090: Forecasting Thailand’s Core Inflation

Tao Sun

2004/089: Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis

Udaibir Das, Marc Quintyn and Kina Chenard

2004/088: Productivity Shocks, Learning, and Open Economy Dynamics

Jacques Miniane

2004/087: Revisions Policy for Official Statistics: A Matter of Governance

Carol Carson, Sarmad Khawaja and Thomas Morrison

2004/086: Japan’s Distressed-Debt Market

Kazunari Ohashi and Manmohan Singh

2004/085: Interest Rate Defenses of Currency Pegs

Juan Sole

2004/084: Does Financial Globalization Induce Better Macroeconomic Policies?

Shang-Jin Wei and Irina Tytell

2004/083: Angola’s Fragile Stabilization

Jose Gasha and Gonzalo Pastor Campos

2004/082: Foreign Bank Supervision and Challenges to Emerging Market Supervisors

In Song

2004/081: The WTO and the Poorest Countries: The Stark Reality

Aaditya Mattoo and Arvind Subramanian