IMF Working Papers

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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

2003/149: The Cost Channel of Monetary Policy: Further Evidence for the United States and the Euro Area

Pau Rabanal

2003/148: The Role of Information in Driving FDI Flows: Host-Country Transparency and Source-Country Specialization

Assaf Razin, Ashoka Mody and Efraim Sadka

2003/147: Exits From Pegged Regimes: An Empirical Analysis

Inci Ötker-Robe and Rupa Duttagupta

2003/146: Dollarization of the Banking System: Good or Bad?

Gianni De Nicolo, Patrick Honohan and Alain Ize

2003/145: Assessing Fiscal Sustainability: A Cross-Country Comparison

Enzo Croce and V. Juan-Ramon

2003/144: A Political Agency Theory of Central Bank Independence

Gauti Eggertsson and Eric Le Borgne

2003/143: The Response of the Current Account to Terms of Trade Shocks: Persistence Matters

Paul Cashin and Christopher Kent

2003/142: The Efficiency of the Japanese Equity Market

Jun Nagayasu

2003/141: Exchange Rate Pass-Through in Brazil

Agnes Belaisch

2003/140: Trade Elasticities and Market Expectations in Brazil

Claudio Paiva

2003/139: Addressing the Natural Resource Curse: An Illustration From Nigeria

Arvind Subramanian and Xavier Sala-i-Martin

2003/138: Insurance and Issues in Financial Soundness

Udaibir Das, Richard Podpiera and Nigel Davies

2003/137: Exchange Rate Regime Considerations for Jordan and Lebanon

Rina Bhattacharya

2003/136: Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia

Juan Zalduendo

2003/135: Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia

Ousmene Mandeng

2003/134: Sovereign Bond Restructuring: Collective Action Clauses and official Crisis Intervention

Kenneth Kletzer

2003/133: The Distributional Consequences of Real Exchange Rate Adjustment

Vladimir Klyuev

2003/132: Is Transparency Good for You, and Can the IMF Help?

Yongseok Shin and Rachel Glennerster

2003/131: Predictive Ability of Asymmetric Volatility Models At Medium-Term Horizons

Turgut Kisinbay

2003/130: Exchange Rate Pass-Through in Romania

Nikolay Gueorguiev

2003/129: Does Inflation Targeting Matter?

Niamh Sheridan and Laurence Ball

2003/128: Capital Operating Time and total Factor Productivity Growth in France

Francisco Nadal De Simone and Luc Everaert

2003/127: Trade Credit and the Effect of Macro-Financial Shocks: Evidence From U.S. Panel Data

Yungsan Kim and Woon Gyu Choi

2003/126: Determinants of Inflation in a Transition Economy: The Case of Ukraine

Bogdan Lissovolik

2003/125: Modeling Stochastic Volatility with Application to Stock Returns

Noureddine Krichene

2003/124: Trade Liberalization and Real Exchange Rate Movement

Xiangming Li

2003/123: An Empirical Reassessment of the Relationship Between Finance and Growth

Giovanni Favara

2003/122: Rating the Rating Agencies: Anticipating Currency Crises or Debt Crises?

Amadou Sy

2003/121: Responsibility of Central Banks for Stability in Financial Markets

Garry Schinasi

2003/120: Changes in Inventories in the National Accounts

Segismundo Fassler and Manik Shrestha

2003/119: The Millennium Development Goals, Capacity Building, and the Role of the IMF

Dalia Hakura and Saleh Nsouli

2003/118: Welfare Implications of HIV/AIDS

Markus Haacker and Nicholas Crafts

2003/117: Corporate Balance Sheet Restructuring and Investment in the Euro Area

Albert Jaeger

2003/116: Managing Risks in Financial Market Development: The Role of Sequencing

International Monetary Fund

2003/115: An Intraday Pricing Model of Foreign Exchange Markets

Rafael Romeu

2003/114: Bank Risk-Taking and Competition Revisited

Gianni De Nicolo and John Boyd

2003/113: Do Brazilian Banks Compete?

Agnes Belaisch

2003/112: Retail Bank Interest Rate Pass-Through: Is Chile Atypical?

Alessandro Rebucci and Marco Espinosa-Vega

2003/111: Nonlinear Exchange Rate Models: A Selective Overview

Lucio Sarno

2003/110: Measuring the Impact of Distortions in Agricultural Trade in Partial and General Equilibrium

Stephen Tokarick

2003/109: Stock Markets and the Real Exchange Rate: An Intertemporal Approach

Benoît Mercereau

2003/108: The Role of Stock Markets in Current Account Dynamics: Evidence from the United States

Benoît Mercereau

2003/107: The Corporation of Foreign Bondholders

Paolo Mauro and Yishay Yafeh

2003/106: Anticipating Credit Events Using Credit Default Swaps, with An Application to Sovereign Debt Crises

Jorge Chan-Lau

2003/105: Overshooting and Dollarization in the Democratic Republic of the Congo

Philippe Beaugrand

2003/104: Estimation of the Equilibrium Real Exchange Rate for Malawi

Johan Mathisen

2003/103: Armenia: The Road to Sustained Rapid Growth-Cross-Country Evidence

Garbis Iradian

2003/102: Bayesian Vars: A Survey of the Recent Literature with An Application to the European Monetary System

Matteo Ciccarelli and Alessandro Rebucci

2003/101: Emerging Issues in Banking Regulation

Sunil Sharma, Ralph Chami and Mohsin Khan

2003/100: Catalyzing Capital Flows: Do IMF-Supported Programs Work As Commitment Devices?

Diego Saravia and Ashoka Mody

2003/099: Foreign Exchange Intervention and the Australian Dollar: Has it Mattered?

Hong Liang, Paul Cashin and Hali Edison

2003/098: Imf Conditionality and Program Ownership: A Case for Streamlined Conditionality

S. Erbas

2003/097: Regional Convergence and the Role of Federal Transfers in Canada

Phillip Swagel, Steven Dunaway and Martin Kaufman

2003/096: Network Externalities and Dollarization Hysteresis: The Case of Russia

Nienke Oomes

2003/095: Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey

Jorge Canales Kriljenko

2003/094: Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies

International Monetary Fund

2003/093: The Equilibrium Real Exchange Rate in a Commodity Exporting Country: The Case of Russia

International Monetary Fund

2003/092: Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets

Shigeru Iwata and Evan Tanner

2003/091: The ECB'S Inflation Objective

Mads Kieler