IMF Working Papers

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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

2003/090: Reforming Intergovernmental Fiscal Relations in Argentina

Alfredo Cuevas

2003/089: Argentina: Macroeconomic Crisis and Household Vulnerability

Gabriela Inchauste, Ana Corbacho and Mercedes Garcia-Escribano

2003/088: Budget Support Versus Project Aid

Tito Cordella and Giovanni Dell'ariccia

2003/087: Pricing Policies and Inflation Inertia

Michael Kumhof, Luis Cespedes and Eric Parrado

2003/086: International Financial Integration

Philip Lane and Gian Maria Milesi-Ferretti

2003/085: Regional Impact of Cote D'Ivoire'S Sociopolitical Crisis: An Assessment

Dorothy Engmann, Ousmane Dore and Benoít Anne

2003/084: Unanticipated Shocks and Systemic Influences: The Impact of Contagion in Global Equity Markets in 1998

Brenda Gonzalez-Hermosillo, Vance Martin, Renee Fry-McKibbin and Mardi Dungey

2003/083: Gender-Responsive Government Budgeting

Feridoun Sarraf

2003/082: The ECB'S Money Pillar: An Assessment

Albert Jaeger

2003/081: Trade, Finance, Specialization, and Synchronization

Jean Imbs

2003/080: Fatal Attraction: A New Measure of Contagion

Tamim Bayoumi, Manmohan Kumar, Giorgio Fazio and Ronald MacDonald

2003/079: Assessing Fiscal Sustainability Under Uncertainity

Theodore Barnhill and George Kopits

2003/078: Do Fixed Exchange Rates Induce More Fiscal Discipline?

Yan Sun

2003/077: Deflation in Hong Kong SAR

Philip Schellekens

2003/076: Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience

Alessandro Zanello, Mark Stone, Christopher Jarvis and Andrew Berg

2003/075: Job-Specific Investment and the Cost of Dismissal Restrictions: The Case of Portugal

H. Takizawa

2003/074: The Link Between Adherence to International Standards of Good Practice, Foreign Exchange Spreads, and Ratings

Andrew Tiffin, Christian Mulder and Charalambos Christofides

2003/073: On the Heterogeneity Bias of Pooled Estimators in Stationary VAR Specifications

Alessandro Rebucci

2003/072: Macroeconomic Performance and Poverty Reduction

Anne Epaulard

2003/071: The Impact of Monetary Policyon the Bilateral Exchange Rate: Chile Versus the United States

Jeromin Zettelmeyer

2003/070: Financial Reform: What Shakes it? What Shapes it?

Ashoka Mody and Abdul Abiad

2003/069: The New Partnership for Africa's Development (NEPAD) Opportunities and Challenges

Saleh Nsouli and Norbert Funke

2003/068: PPP Strikes Back: Aggregation and the Real Exchange Rate

Haroon Mumtaz, Jean Imbs, Morten Ravn and Helene Rey

2003/067: The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002

Zhongxia Jin

2003/066: The GCC Monetary Union: Some Considerations for the Exchange Rate Regime

Behrouz Guerami, S. Erbas and George Abed

2003/065: Fiscal Deficits and Inflation

Luis Catão and Marco Terrones

2003/064: How to Fight Deflation in a Liquidity Trap: Committing to Being Irresponsible

Gauti Eggertsson

2003/063: Interest Rates, Credit Rationing, and Investment in Developing Countries

Mwanza Nkusu

2003/062: Factors Underlying the Definition of Broad Money: An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries

Ewe-Ghee Lim and Subramanian Sriram

2003/061: The Impact of External Indebtednesson Poverty in Low-Income Countries

Kadima Kalonji, Boileau Loko, Raj Nallari and Montfort Mlachila

2003/060: Exchange Rate Policy and Debt Crises in Emerging Economies

Peter Montiel and Samir Jahjah

2003/059: Determinants of the Choice of Exchange Rate Regimes in Six Central American Countries: An Empirical Analysis

Michael Papaioannou

2003/058: Availability of Financial Soundness Indicators

Graham Slack

2003/057: Do Elections Always Motivate Incumbents? Experimentation vs. Career Concerns

Ben Lockwood and Eric Le Borgne

2003/056: Current Issues in the Design and Conduct of Monetary Policy

Mohsin Khan

2003/055: Firm-Level Evidenceon International Stock Market Comovement

Robin Brooks and Marco Del Negro

2003/054: Trade Costs, Market Integration, and Macroeconomic Volatility

Kanda Naknoi and Allan Brunner

2003/053: Inflation Performance and Constitutional Central Bank Independence: Evidence From Latin America and the Caribbean

Eva Gutierrez

2003/052: Country and Industry Dynamics in Stock Returns

Luis Catão and Allan Timmermann

2003/051: Does Insider Trading Raise Market Volatility?

Shang-Jin Wei and Julan Du

2003/050: Financial Integration and Macroeconomic Volatility

Marco Terrones, Eswar Prasad and Ayhan Kose