IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2021/249: Morocco’s Monetary Policy Transmission in the Wake of the COVID-19 Pandemic

Maximilien Queyranne, Daniel Baksa, Vassili Bazinas and Azhin Abdulkarim

2021/248: The Effects of COVID-19 Vaccines on Economic Activity

Pragyan Deb, Davide Furceri, Daniel Jiménez, Siddharth Kothari, Jonathan Ostry and Nour Tawk

2021/247: Determinants of COVID-19 Vaccine Rollouts and Their Effects on Health Outcomes

Pragyan Deb, Davide Furceri, Daniel Jiménez, Siddharth Kothari, Jonathan Ostry and Nour Tawk

2021/246: A Comprehensive Climate Mitigation Strategy for Mexico

Simon Black, Koralai Kirabaeva, Ian Parry, Mehdi Raissi and Karlygash Zhunussova

2021/245: Natural Resource Taxation in Mexico: Some Considerations

Alpa Shah

2021/244: Social Spending in Mexico: Needs, Priorities and Reforms

Swarnali Hannan, Juan Pablo Cuesta Aguirre and David Bartolini

2021/243: Energy Transition Metals

Lukas Boer, Andrea Pescatori and Martin Stuermer

2021/242: The Effectiveness of Job-Retention Schemes: COVID-19 Evidence From the German States

Shekhar Aiyar and Mai Dao

2021/241: Scaling up Climate Mitigation Policy in Germany

Simon Black, Ruo Chen, Aiko Mineshima, Victor Mylonas, Ian Parry and Dinar Prihardini

2021/240: Brazil: Tax Expenditure Rationalization Within Broader Tax Reform

Maria Coelho

2021/239: Border Carbon Adjustments: Rationale, Design and Impact

Michael Keen, Ian Parry and James Roaf

2021/238: Income Versus Prices: How Does The Business Cycle Affect Food (In)-Security?

Christian Bogmans, Andrea Pescatori and Ervin Prifti

2021/237: Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries

Sebastian Horn and Futoshi Narita

2021/236: Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies

Ian Parry, Simon Black and Nate Vernon-Lin

2021/235: COVID-19 and the Informality-driven Recovery: The Case of Colombia's Labor Market

Jorge Alvarez and Carlo Pizzinelli

2021/234: Growth at Risk from Natural Disasters

Tamim Bayoumi, Saad Quayyum and Sibabrata Das

2021/233: On the Benefits of Repaying

Francesca Caselli, Matilde Faralli, Paolo Manasse and Ugo Panizza

2021/232: Assessing Chile's Pension System: Challenges and Reform Options

Samuel Pienknagura and Christopher Evans

2021/231: Enhancing Tax Compliance in the Dominican Republic Through Risk-based VAT Invoice Management

Cristian Alonso, Ledys Feliz, Patricia Gil and Miguel Pecho

2021/230: Optimal State Contingent Sovereign Debt Instruments

Alejandro Guerson

2021/229: Debt Dynamics in Emerging and Developing Economies: Is R-G a Red Herring?

Marialuz Moreno Badia, Juliana Gamboa-Arbelaez and Yuan Xiang

2021/228: Do Banks Price Environmental Transition Risks? Evidence from a Quasi-Natural Experiment in a Chinese Province

Bihong Huang, Maria Teresa Punzi and Yu Wu

2021/227: When Do Politicians Appeal Broadly? The Economic Consequences of Electoral Rules in Brazil

Moya Chin

2021/226: A Pandemic Forecasting Framework: An Application of Risk Analysis

Allan Dizioli, Daniel Greenwood and Aneta Radzikowski

2021/225: Tracking Trade from Space: An Application to Pacific Island Countries

Serkan Arslanalp, Robin Koepke and Jasper Verschuur

2021/224: Diversion of Tourism Flows in the Asia & Pacific Region: Lessons for COVID-19 Recovery

Vybhavi Balasundharam and Robin Koepke

2021/223: A Comprehensive Greenhouse Gas Mitigation Strategy for The Netherlands

Nicoletta Batini, Simon Black, Oana Luca and Ian Parry

2021/222: Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

Adolfo Barajas, Woon Gyu Choi, Ken Gan, Pierre Guérin, Samuel Mann, Manchun Wang and Yizhi Xu

2021/221: Fintech and Financial Inclusion in Latin America and the Caribbean

Dmitry Gershenson, Frederic Lambert, Luis Herrera, Grey Ramos, Marina Rousset and José Torres

2021/220: The Agricultural Exodus in the Philippines: Are Wage Differentials Driving the Process?

Eugenio Cerutti and Yiliang Li

2021/219: Stock Returns and Inflation Redux: An Explanation from Monetary Policy in Advanced and Emerging Markets

Zhongxia Zhang

2021/218: Estimating the Impact of External Shocks on the ECCU: Application to the COVID Shock

Vivian Parlak, Gonzalo Salinas and Jose P Mauricio Vargas

2021/217: Climate Change in South Asia: Further Need for Mitigation and Adaptation

Ruchir Agarwal, Vybhavi Balasundharam, Patrick Blagrave, Eugenio Cerutti, Ragnar Gudmundsson and Racha Mousa

2021/216: An Evaluation of World Economic Outlook Growth Forecasts, 2004–17

Oya Celasun, Jungjin Lee, Mico Mrkaic and Allan Timmermann

2021/215: Intergenerational Social Mobility in Africa Since 1920

Rasmané Ouedraogo and Nicolas Syrichas

2021/214: Does IT Help? Information Technology in Banking and Entrepreneurship

Toni Ahnert, Sebastian Doerr, Nicola Pierri and Yannick Timmer

2021/213: The Impact of Environmental Policy on Innovation in Clean Technologies

Johannes Eugster

2021/212: Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses

Thierry Tressel and Xiaodan Ding

2021/211: Resolving Bank Failures and Institutions: Is there a Link? Some Empirical Evidence

Marlon Rawlins and Luisa Zanforlin

2021/210: Evolution of Bilateral Swap Lines

Michael Perks, Yudong Rao, Jongsoon Shin and Kiichi Tokuoka

2021/209: Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies

Juan Yepez

2021/208: Endogenous Growth, Downward Wage Rigidities and Optimal Inflation

Mirko Abbritti, Agostino Consolo and Sebastian Weber

2021/207: Revisiting Carbon Leakage

Florian Misch and Philippe Wingender

2021/206: Real Estate in the Netherlands: A Taxonomy of Risks and Policy Challenges

André Geis and Oana Luca

2021/205: Mask Mandates Save Lives

Niels-Jakob Hansen and Rui Mano

2021/204: Sectoral Shocks and Spillovers: An Application to COVID-19

Sonali Das, Giacomo Magistretti, Evgenia Pugacheva and Philippe Wingender

2021/203: After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage

Philip Barrett, Sonali Das, Giacomo Magistretti, Evgenia Pugacheva and Philippe Wingender

2021/202: A Diversification Strategy for South Asia

Weicheng Lian, Fei Liu, Katsiaryna Svirydzenka and Biying Zhu

2021/201: Distributional Effects of Monetary Policy

Valentina Bonifacio, Luis Brandão-Marques, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Pasricha and Hélène Poirson

2021/200: What Can We Learn from Financial Stability Reports?

Fabio Comelli and Sumiko Ogawa

2021/199: No Easy Solution: A Smorgasbord of Factors Drive Remittance Costs

Tito Nícias da Silva Filho

2021/198: What Shapes Current Account Adjustment During Recessions?

Christina Kolerus

2021/197: Can Financial Soundness Indicators Help Predict Financial Sector Distress?

Marcin Pietrzak

2021/196: Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads

Juan Carlos Hatchondo, Leonardo Martinez and Francisco Roch

2021/195: Mitigating Climate Change: Growth-Friendly Policies to Achieve Net Zero Emissions by 2050

Florence Jaumotte, Weifeng Liu and Warwick McKibbin

2021/194: How Green are Green Debt Issuers?

Jochen M. Schmittmann and Han Teng Chua

2021/193: How do Climate Shocks Affect the Impact of FDI, ODA and Remittances on Economic Growth?

Alassane Drabo

2021/192: A Sentiment-Enhanced Corruption Perception Index

Yongquan Cao, Yingjie Fan, Sandile Hlatshwayo, Monica Petrescu and Zaijin Zhan

2021/191: Pooling Fiscal Risk in the ECCU: Quantifying Savings of a Regional Fund for Stabilization and Investment

Alejandro Guerson

2021/190: A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

Daniel Baksa, Ales Bulir and Roberto Cardarelli

2021/189: Health Care Reform in Greece: Progress and Reform Priorities

Niki Kalavrezou and Hui Jin

2021/188: Reforming the Greek Pension System

Alvar Kangur, Niki Kalavrezou and Daehaeng Kim

2021/187: For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation

Andrew Berg, Lahcen Bounader, Nikolay Gueorguiev, Hiroaki Miyamoto, Kenji Moriyama, Ryota Nakatani and Luis-Felipe Zanna

2021/186: Defying the Odds: Remittances During the COVID-19 Pandemic

Kangni Kpodar, Montfort Mlachila, Saad Quayyum and Gammadigbe Vigninou

2021/185: U.S. Dollar Currency Premium in Corporate Bonds

John Caramichael, Gita Gopinath and Gordon Liao

2021/184: Market Power and Monetary Policy Transmission

Romain Duval, Davide Furceri, Raphael Lee and Marina Tavares

2021/183: Managing Fiscal Risks from National Airlines in Pacific Island Countries

Vybhavi Balasundharam, Leni Hunter, Iulai Lavea and Paul Seeds

2021/182: Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

Stephen Cecchetti, Machiko Narita, Umang Rawat and Ratna Sahay

2021/181: Recoveries After Pandemics: The Role of Policies and Structural Features

Juan Pablo Cuesta Aguirre and Swarnali Hannan

2021/180: U.S. Healthcare: A Story of Rising Market Power, Barriers to Entry, and Supply Constraints

Li Lin, Mico Mrkaic and Anke Weber

2021/179: Guaranteed Minimum Income Schemes in Europe: Landscape and Design

David Coady, Samir Jahan, Baoping Shang and Riki Matsumoto

2021/178: Trade, Jobs, and Inequality

Kimberly Beaton, Valerie Cerra and Metodij Hadzi-Vaskov

2021/177: Is Mobile Money Part of Money? Understanding the Trends and Measurement

Kazuko Shirono, Esha Chhabra, Bidisha Das, Yingjie Fan and Hector Carcel

2021/176: The Sectoral Trade Losses from Financial Crises

Jean-Marc Atsebi, Jean-Louis Combes and Alexandru Minea

2021/175: Fintech Potential for Remittance Transfers: A Central America Perspective

Julia Bersch, Jean François Clevy, Naseem Muhammad, Esther Perez Ruiz and Yorbol Yakhshilikov

2021/174: Understanding Chile’s Social Unrest in an International Perspective

Metodij Hadzi-Vaskov and Luca Ricci

2021/173: Can International Technological Diffusion Substitute for Coordinated Global Policies to Mitigate Climate Change?

Philip Barrett

2021/172: The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications

Baoping Shang

2021/171: Fiscal Policies for Achieving Finland’s Emission Neutrality Target

Ian Parry and Philippe Wingender

2021/170: Financial Crises, Investment Slumps, and Slow Recoveries

Valerie Cerra, Mai Hakamada and Ruy Lama

2021/169: Effects of COVID-19 on Regional and Gender Equality in Sub-Saharan Africa: Evidence from Nigeria and Ethiopia

Chie Aoyagi

2021/168: COVID-19 in Latin America: A High Toll on Lives and Livelihoods

Bas Bakker and Carlos Goncalves

2021/167: Is Digital Financial Inclusion Unlocking Growth?

Purva Khera, Stephanie Ng, Sumiko Ogawa and Ratna Sahay

2021/166: Technological Progress, Artificial Intelligence, and Inclusive Growth

Anton Korinek, Martin Schindler and Joseph Stiglitz

2021/165: Labor Market Reform Options to Boost Employment in South Africa

Romain Duval, Yi Ji and Ippei Shibata

2021/164: Finance, Growth, and Inequality

Ross Levine

2021/163: Asymmetric Non-Commodity Output Responses to Commodity Price Shocks

Amine Mati, Monique Newiak and James Wilson

2021/162: Electric Vehicles, Tax incentives and Emissions: Evidence from Norway

Youssouf Camara, Bjart Holtsmark and Florian Misch

2021/161: A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation

Aqib Aslam and Maria Coelho

2021/160: Chinese Investment in Latin America: Sectoral Complementarity and the Impact of China’s Rebalancing

Ding Ding, Fabio Di Vittorio, Ana Lariau and Yue Zhou

2021/159: How Have IMF Priorities Evolved? A Text Mining Approach

Gareth Anderson, Paolo Galang, Andrea Gamba, Leandro Medina and Tianxiao Zheng

2021/158: Are Passive Institutional Investors Engaged Monitors or Risk-Averse Owners? Both!

Yuanchen Yang

2021/157: COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

Viral Acharya, Yang Liu and Yunhui Zhao

2021/156: Are Climate Change Policies Politically Costly?

Davide Furceri, Michael Ganslmeier and Jonathan Ostry

2021/155: The Long-Run Impact of Sovereign Yields on Corporate Yields in Emerging Markets

Delong Li, Nicolas Magud, Alejandro Werner and Samantha Witte

2021/154: Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic?

Metodij Hadzi-Vaskov, Luca Ricci, Alejandro Werner and Rene Zamarripa

2021/153: The Impact of Gray-Listing on Capital Flows: An Analysis Using Machine Learning

Mizuho Kida and Simon Paetzold

2021/152: Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive

Jose Garrido, Chanda DeLong, Amira Rasekh and Anjum Rosha

2021/151: Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

Sophia Chen, Lev Ratnovski and Yangfan Sun

2021/150: Predicting Fiscal Crises: A Machine Learning Approach

Klaus-Peter Hellwig