IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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2003/249: External Debt, Public Investment, and Growth in Low-Income Countries

Toan Nguyen, Benedict Clements and Rina Bhattacharya

2003/248: Multinational Enterprises, International Trade, and Productivity Growth: Firm-Level Evidence From the United States

Stephen Yeaple and Wolfgang Keller

2003/247: Budget System Reform in Transitional Economies: The Case of the Former Yugoslav Republics

Jack Diamond and Duncan Last

2003/246: Volatility and Comovement in a Globalized World Economy: An Empirical Exploration

Ayhan Kose, Marco Terrones and Eswar Prasad

2003/245: China'S Integration Into the World Economy: Implications for Developing Countries

Yongzheng Yang

2003/244: The Effects of Fiscal Policieson the Economic Development of Women in the Middle East and North Africa

Nicole Laframboise and Tea Trumbic

2003/243: Evolution and Performance of Exchange Rate Regimes

Aasim Husain, Ashoka Mody, Nienke Oomes, Robin Brooks and Kenneth Rogoff

2003/242: Are Credit Default Swaps Spreads High in Emerging Markets: An Alternative Methodology for Proxying Recovery Value

Manmohan Singh

2003/241: IMF and the Baltics: A Decade of Cooperation

Adalbert Knöbl and Richard Haas

2003/240: Patterns of Shocks and Regional Monetary Cooperation in South Asia

Nephil Maskay

2003/239: Trade Liberalization Strategies: What Could South Eastern Europe Learn From Cefta and Bfta?

Antonis Adam, James McHugh and Theodora Kosma

2003/238: U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis

Francis Warnock and Hali Edison

2003/237: Growth, Governance, and Fiscal Policy Transmission Channels in Low-Income Countries

Naoko Kojo, Arye Hillman and Emanuele Baldacci

2003/236: Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets

Hali Edison and Francis Warnock

2003/235: From the Front Lines At Seoul Bank: Restructuring and Reprivatization

Chungwon Kang

2003/234: Do Active Labor Market Policies Increase Employment?

Marcello Estevão

2003/233: Financial Globalization, Portfolio Diversification, and the Pattern of International Trade

Miklós Koren

2003/232: Social Impact of a Tax Reform: The Case of Ethiopia

Sònia Muñoz and Sang-Wook Cho

2003/231: Do IMF-Supported Programs Boost Private Capital Inflows? the Role of Program Size and Policy Adjustment

Roberto Benelli

2003/230: Output Response to Currency Crises

Ratna Sahay, Deepak Mishra and Poonam Gupta

2003/229: Free Trade Areas and Rules of Origin: Economics and Politics

Arvind Panagariya and Rupa Duttagupta

2003/228: Why Does Fdi Go Where it Goes? New Evidence From the Transition Economies

Yuko Kinoshita and Nauro Campos

2003/227: How Useful Are Benefit Incidence Analyses of Public Education and Health Spending

Erwin Tiongson, Hamid Davoodi and Sawitree Asawanuchit

2003/226: Dynamic Depositor Discipline in U.S. Banks

Kathleen McDill and Andrea Maechler

2003/225: Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt

Thomas Cosimano and Michael Gapen

2003/224: What Sustains Fiscal Consolidations in Emerging Market Countries?

Benedict Clements, Sanjeev Gupta, Erwin Tiongson and Emanuele Baldacci

2003/223: Are Pegged and Intermediate Regimes More Crisis Prone?

Andrea Bubula and Inci Ötker-Robe

2003/222: Company Pension Plans, Stock Market Returns, and Labor Demand

Enrica Detragiache

2003/221: Predicting Sovereign Debt Crises

Axel Schimmelpfennig, Nouriel Roubini and Paolo Manasse

2003/220: Fiscal Rules and Countercyclical Policy: Frank Ramsey Meets Gramm-Rudman-Hollings

Evan Tanner

2003/219: The Role of Supervisory tools in Addressing Bank Borrowers' Currency Mismatches

Armando Méndez Morales and Maria del Mar Cacha

2003/218: Greater Monetary Policy Transparency for the G3: Lessons From Full-Fledged Inflation Targeters

Mark Stone

2003/217: Growth and Recovery in Mongolia During Transition

Kevin Cheng

2003/216: Social Incidence of the General Sales Tax in Pakistan

Saadia Refaqat

2003/215: Understanding the Costs of Deflation in the Japanese Context

Taimur Baig

2003/214: Dynamics of Corporate Performance in Thailand

Piyabha Kongsamut and V. Haksar

2003/213: Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans

Ivanna Hollar, Giovanni Dell'ariccia and Carlo Cottarelli

2003/212: Modeling Inflation in Georgia

Wojciech Maliszewski

2003/211: Mauritius: Unemployment and the Role of Institutions

James Yao and Calvin McDonald

2003/210: China's Labor Market Performance and Challenges

Tao Ran and R. Brooks

2003/209: Priorities for Further Fiscal Reforms in the Commonwealth of Independent States

Henri Lorie

2003/208: The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period

Jun Nagayasu

2003/207: Of Openess and Distance: Trade Developments in the Commonwealth of Independent States, 1993-2002

Katrin Elborgh-Woytek

2003/206: The United States and the New Regionalism/ Bilateralism

Yongzheng Yang and Alvin Hilaire

2003/205: Financial Development in the CIS-7 Countries: Bridging the Great Divide

Gianni De Nicolo, Sami Geadah and Dmitriy Rozhkov

2003/204: Real and Distributive Effects of Petroleum Price Liberalization: The Case of Indonesia

Benedict Clements, Sanjeev Gupta and Hong-Sang Jung

2003/203: Macro Effects of Corporate Restructuring in Japan

Se-Jik Kim

2003/202: Pricing Debit Card Payment Services: An IO Approach

Alexander Tieman and Wilko Bolt

2003/201: Puttable and Extendible Bonds: Developing Interest Rate Derivatives for Emerging Markets

Salih Neftci and Andre Santos

2003/200: The Effects of Exchange Rate Fluctuationson Output and Prices: Evidence From Developing Countries

Magda Kandil and Ida Mirzaie

2003/199: Promoting Fiscal Transparency the Complementary Roles of the Imf, Financial Markets and Civil Society

Murray Petrie

2003/198: Prudential Issues in Less Diversified Economies

Aditya Narain, Pau Rabanal and Steen Byskov

2003/197: Dealing with Increased Risk of Natural Disasters: Challenges and Options

Michael Keen, Paul Freeman and Muthukumara Mani

2003/196: Crisis Resolution: Next Steps

Kenneth Kletzer, Barry Eichengreen and Ashoka Mody

2003/195: Poverty and Social Impact Analysis: A Suggested Framework

Shahabuddin Hossain

2003/194: The U.S. Dollar and the Trade Deficit: What Accounts for the Late 1990's?

Benjamin Hunt and Alessandro Rebucci

2003/193: Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation

Robert Townsend and Kenichi Ueda

2003/192: Reputation, Debt, and Policy Conditionality

Rodney Ramcharan

2003/191: Who's in Charge? Ownership and Conditionality in IMF-Supported Programs

James Boughton

2003/190: International Versus Domestic Auditing of Bank Solvency

Andrew Feltenstein and Roger Lagunoff

2003/189: Are Immigrant Remittance Flows a Source of Capital for Development?

Samir Jahjah, Ralph Chami and Connel Fullenkamp

2003/188: Crisis in Competitive Versus Monopolistic Banking Systems

Bruce Smith, Gianni De Nicolo and John Boyd

2003/187: Fiscal Sustainability in African HIPC Countries: A Policy Dilemma?

Annalisa Fedelino and Alina Kudina

2003/186: FDI Spillovers, Financial Markets, and Economic Development

Selin Sayek, Laura Alfaro, Areendam Chanda and Sebnem Kalemli-Ozcan

2003/185: The WTO Promotes Trade, Strongly But Unevenly

Shang-Jin Wei and Arvind Subramanian

2003/184: On the Determinants of First-Time Sovereign Bond Issues

David Grigorian

2003/183: Monetary Policies for Developing Countries: The Role of Corruption

Haizhou Huang and Shang-Jin Wei

2003/182: The Fiscal Smile: The Effectiveness and Limits of Fiscal Stabilizers

Maria Silgoner, Jesús Crespo-Cuaresma and Gerhard Reitschuler

2003/181: Time-Varying Thresholds: An Application to Purchasing Power Parity

Gene Leon and Serineh Najarian

2003/180: Capital Account Liberalization and Corporate Taxes

Ben Lockwood, Michael Devereux and Michela Redoano

2003/179: Nominal Anchors in the CIS

Peter Keller and Thomas Richardson

2003/178: Potential Output and total Factor Productivity Growth in Post-Apartheid South Africa

Vivek Arora and Ashok Bhundia

2003/177: Why Do Emerging Economies Borrow in Foreign Currency?

Olivier Jeanne

2003/176: Foreign Aid and Revenue Response: Does the Composition of Aid Matter?

Alexander Pivovarsky, Benedict Clements, Sanjeev Gupta and Erwin Tiongson

2003/175: Debt Relief, Additionality, and Aid Allocation in Low Income Countries

Robert Powell

2003/174: Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Roel Beetsma and Xavier Debrun

2003/173: Reforming Tax Systems: Experience of the Baltics, Russia, and Other Countries of the Former Soviet Union

Vahram Stepanyan

2003/172: The Persistence of Corruption and Regulatory Compliance Failures: Theory and Evidence

Per Fredriksson, Muthukumara Mani and Richard Damania

2003/171: Measuring Contagion with a Bayesian Time-Varying Coefficient Model

Alessandro Rebucci and Matteo Ciccarelli

2003/170: Estimating Indexes of Coincident and Leading Indicators: An Application to Jordan

Joannes Mongardini and Tahsin Saadi Sedik

2003/169: From Program to Performance Budgeting: The Challenge for Emerging Market Economies

Jack Diamond

2003/168: Economic Resilience with An Exchange Rate Peg: The Barbados Experience, 1985-2000

Roland Craigwell, Kevin Greenidge, Harold Codrington and Rupert Worrell

2003/167: Diamond Smuggling and Taxation in Sub-Saharan Africa

Matthias Vocke and Nienke Oomes

2003/166: Does Trade Credit Substitute Bank Credit? Evidence From Firm-Level Data

Guido de Blasio

2003/165: Social Returns to Education: Evidence From Italian Local Labor Market Areas

A. Dalmazzo and Guido de Blasio

2003/164: The Wage-Price Spiral: Industrial Country Evidence and Implications

Magda Kandil

2003/163: Fiscal Transparency in EU Accession Countries: Progress and Future Challenges

William Allan and Taryn Parry

2003/162: Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union

Anthony Pellechio, Saqib Rizavi and Phebby Kufa

2003/161: Recovery Rates From Distressed Debt: Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings

Manmohan Singh

2003/160: Exchange Rate Regime Choice in Historical Perspective

Michael Bordo

2003/159: Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates

Gene Leon and Serineh Najarian

2003/158: Bank Consolidation, Internationalization, and Conglomeration: Trends and Implications for Financial Risk

Gianni De Nicolo, Mary Zephirin, Philip Bartholomew and Jahanara Zaman

2003/157: Hierarchy and Authority in a Dynamic Perspective: A Model Applied to Donor Financing of NGO Proposals

Boriana Yontcheva

2003/156: Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?

Ling Hui Tan and Carlos Ramirez

2003/155: Fiscal Policy in Nigeria: Any Role for Rules?

Thomas Baunsgaard

2003/154: Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?

Jaewoo Lee and Man-Keung Tang

2003/153: What Would a Development-Friendly WTO Architecture Really Look Like?

Arvind Subramanian and Aaditya Mattoo

2003/152: Official Intervention in the Foreign Exchange Market: Elements of Best Practice

Jorge Canales Kriljenko, Cem Karacadag and Roberto Guimarães-Filho

2003/151: Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization

Oya Celasun

2003/150: The Performance of Indian Banks During Financial Liberalization

Petya Brooks