Jonathan David Ostry
Last Updated: October 22, 2009
Jonathan D. Ostry is Deputy Director of the Research Department at the International Monetary Fund. His responsibilities include: IMF-FSB Early Warning Exercise on global systemic macrofinancial risks; Vulnerabilities Exercises for advanced and emerging market countries; multilateral exchange rate surveillance; international financial architecture and IMF lending toolkit; financial globalization issues; country insurance; structural reform and economic performance. He supervises work of three of the department’s six divisions spanning surveillance, and policy and research work.
Email: jostry@imf.org
Education:
Ph.D., Economics, University of Chicago, 1988
M.A., Oxford University, 1988
M.Sc., Economics, London School of Economics, 1984
B.A., Philosophy, Politics and Economics, Oxford University, 1983
B.A. (with Distinction), Economics, Queen’s University, 1981
Academic Honors:
Pew Fellow, Department of Economics, University of Chicago, 1986–88
University of Chicago Doctoral Fellowships, 1984–88
Social Sciences and Humanities Research Council of Canada Doctoral Fellowships, 1984–88
Mackenzie King Fellowship, University of Chicago, 1984
Commonwealth Scholarship, London School of Economics, 1983–84
Commonwealth Scholarship, Oxford University, 1981–83
Undergraduate Medallist, Queen’s University, 1981
Experience:
International Monetary Fund, Research Department:
—Senior Advisor, Research Department, 2004-05
—Assistant Director (headed the World Economic Studies division which produces the semi-annual World Economic Outlook), 2002-03
International Monetary Fund, Asia and Pacific Department:
—Assistant Director/Division Chief/Advisor, 1998-2002 (led country teams on Japan, Australia, Singapore, New Zealand)
—Deputy Division Chief/Senior Economist (Thailand desk), 1995–98
International Monetary Fund, Research and European Departments:
—Economist (RES), 1988-89 & 1990-95, Economist (EUR), 1989–90
University of Chicago: Department of Economics, Instructor, 1987–88
IMF Books and Working Papers:
Coping with the Crisis: Policy Options for Emerging Market Countries, Staff Position Note No. 2009/08, April 23, 2009
Reaping the Benefits of Financial Globalization, Occasional Paper No. 264, December 16, 2008
A Theory of International Crisis Lending and IMF Conditionality, Working Paper No. 08/236, October 01, 2008
Exchange Rate Assessments: CGER Methodologies, Occasional Paper No. 261, April 07, 2008
What Makes Growth Sustained?, Working Paper No. 08/59, March 01, 2008
Country Insurance: The Role of Domestic Policies, Occasional Paper No. 254, April 10, 2007
The Prospects for Sustained Growth in Africa: Benchmarking the Constraints, Working Paper No. 07/52, March 01, 2007
International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?, Working Paper No. 07/56, March 01, 2007
Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A "Fan-Chart" Approach, Working Paper No. 06/67, March 01, 2006
Strengthening IMF Crisis Prevention, Working Paper No. 05/206, November 01, 2005
Primary Surpluses and sustainable Debt Levels in Emerging Market Countries, Policy Discussion Paper No. 05/6, October 01, 2005
Does Excess Liquidity Pose a Threat in Japan?, Policy Discussion Paper No. 05/5, April 01, 2005
Japan's Lost Decade: Policies for Economic Revival, February 13, 2003
Current Account Imbalances in ASEAN Countries - Are they a Problem?, Working Paper No. 97/51, April 01, 1997
Does the Exchange Regime Matter for Inflation and Growth?, Economic Issues No. 2, September 12, 1996
Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa: Implications for Optimum Currency Arrangements, Working Paper No. 95/142, December 01, 1995
Does the Nominal Exchange Rate Regime Matter?, Working Paper No. 95/121, November 01, 1995
Saving Behavior in Low- and Middle -Income Developing Countries: A Comparison, Working Paper No. 95/3, January 01, 1995
Household Saving in France: Stochastic Income and Financial Deregulation, Working Paper No. 94/136, November 01, 1994
Economic Reform and Structural Adjustment in East European Industry, Working Paper No. 94/80, June 01, 1994
Export Instability and the External Balance in Developing Countries, Working Paper No. 94/8, January 01, 1994
Selective Government Interventions and Economic Growth - A Survey of the Asian Experience and its Applicability to New Zealand, Papers on Policy Analysis and Assessment No. 93/17, November 02, 1993
Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries, Working Paper No. 93/70, August 01, 1993
Do Capital Flows Reflect Economic Fundamentals in Developing Countries?, Working Paper No. 93/34, April 01, 1993
Real Exchange Rate Targeting in Developing Countries, Papers on Policy Analysis and Assessment No. 93/2, February 08, 1993
Structural and Macroeconomic Determinants of the Output Decline in Poland: 1990-91, Working Paper No. 92/86, October 01, 1992
Macroeconomic Uncertainty, Precautionary Savings and the Current Account, Working Paper No. 92/72, September 01, 1992
External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule, Working Paper No. 92/75, September 01, 1992
The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania, Working Paper No. 92/59, July 01, 1992
Private Saving and Terms of Trade Shocks: Evidence from Developing Countries, Working Paper No. 91/100, October 01, 1991
Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor?, Working Paper No. 91/68, July 01, 1991
Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries, Working Paper No. 91/29, March 01, 1991
Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries, Working Paper No. 91/3, January 01, 1991
Books
Exercises in Intertemporal Open Economy Macroeconomics, with Thomas Krueger (MIT Press, 1993).
Exercises in Intertemporal Open Economy Macroeconomics, Second Edition, with Thomas Krueger and Chi-Wa Yuen (MIT Press, 1996).
Japan’s Lost Decade: Policies for Economic Revival, with Tim Callen (eds.), (International Monetary Fund, 2003).
Macro-Financial Linkages, with Chris Crowe, Simon Johnson and Jeromin Zettelmeyer (eds), (International Monetary Fund, forthcoming)
Articles
“The Balance of Trade, Terms of Trade, and Real Exchange Rate: An Intertemporal Optimizing Framework,” IMF Staff Papers, December 1988. Reprinted in Spanish, as “Balanza comercial, relacion de intercambio y tipo de cambio real en un modelo intertemporal de optimizacion,” Monetaria, July–September 1989.
“Tariffs and the Current Account: The Role of Initial Distortions,” Canadian Journal of Economics, May 1990.
“Anticipated Protectionist Policies, Real Exchange Rates and the Current Account,” with Sebastian Edwards, Journal of International Monetary and Finance, June 1990.
Review of Macroeconomic Policy, by Robert J. Barro, Finance and Development, March 1991.
“Tariffs, Real Exchange Rates, and the Trade Balance in a Two-Country World,” European Economic Review, July 1991.
“Trade Liberalization in Developing Countries: Initial Trade Distortions and Imported Intermediate Inputs,” IMF Staff Papers, September 1991.
“Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries,” with Peter J. Montiel, IMF Staff Papers, December 1991.
“Terms of Trade Disturbances, Real Exchange Rates, and Welfare: The Role of Capital Controls and Labor Market Distortions,” with Sebastian Edwards, Oxford Economic Papers, January 1992.
“An Empirical Evaluation of the Macroeconomic Effects of Tariffs,” with Andrew K. Rose, Journal of International Money and Finance, February 1992.
“Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor?,” with Peter J. Montiel, IMF Staff Papers, March 1992.
“Trade Restrictions with Imported Intermediate Inputs: A Comment,” Journal of Development Economics, April 1992.
“Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing countries,” with Mohsin S. Khan, World Development, September 1992.
“Private Saving and Terms of Trade Shocks: Evidence from the Developing Countries,” with Carmen M. Reinhart, IMF Staff Papers, September 1992.
“Targeting the Real Exchange Rate in Developing Countries,” with Peter Montiel, Finance and Development, March 1993.
“An Empirical Analysis of the Output Decline in Three Eastern European Countries,” with Eduardo Borensztein, IMF Staff Papers, March 1993.
Review of On Exchange Rates by Jeffrey A. Frankel, Finance and Development, December, 1993.
“External Shocks and Inflation Under a Real Exchange Rate Rule,” with Peter Montiel, in The Exchange Rate and the Economy (Bank of Canada, 1993).
“Output Decline in the Aftermath of Reform: Bulgaria, Czechoslovakia, and Romania,” with Eduardo Borensztein and Dimitri Demekas, in Eastern Europe in Transition: From Recession to Growth? (World Bank, 1994) edited by Guillermo Calvo and Alan Gelb.
“Are Growth Strategies in East Asia Relevant for New Zealand?” Finance and Development, March 1994.
“Is the Parallel Market premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?,” with Peter Montiel, IMF Staff Papers, March 1994.
“Government Purchases and Relative Prices in a two-Country World,” Economic Record, June 1994.
“Export Instability and the External Balance in Developing Countries,” with Atish R. Ghosh, IMF Staff Papers, June 1994.
“Common Causes or Structural Adjustment? Output Decline in Eastern Europe with Special Reference to Poland,” with Eduardo Borensztein, in Output Decline in Eastern Europe: Unavoidable, External Influence or Homemade? (Kluwer Academic Press, 1995), edited by Janos Gacs, Robert Holzmann and George Winkler.
“The Current Account in Developing Countries: A Perspective from the Consumption-Smoothing Approach” with Atish R. Ghosh, World Bank Economic Review, May 1995.
“Household Saving in France: Stochastic Income and Financial Deregulation,” with Joaquim Levy, IMF Staff Papers, June 1995. Reprinted in France: Financial and Real Sector Issues (International Monetary Fund, 1995) edited by Paul R. Masson.
“Saving and the Real Interest Rate in Developing Countries,” with Carmen Reinhart, Finance and Development, December 1995.
“Economic Reform and Structural Adjustment in Eastern Europe,” with Eduardo Borensztein, in Trade and Payments in Transforming Economies of Central and Eastern Europe, edited by D. Salvatore (North Holland, 1996).
“Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison,” with Carmen Reinhart and Masao Ogaki, IMF Staff Papers, March 1996.
“Accounting for China’s Growth Performance,” with Eduardo Borensztein, American Economic Review (Papers and Proceedings), May 1996.
“Does the Exchange Rate Regime Matter for Inflation and Growth?,” with Holger Wolf and Atish Ghosh, Economic Issues Series, No. 2. (International Monetary Fund, 1996).
“Does the Nominal Exchange Rate Regime Matter?” with Atish Ghosh, Anne-Marie Gulde and Holger Wolf, NBER Working Paper 5874, January 1997.
“Are Current Account Imbalances in ASEAN Countries a Problem?,” in Macroeconomic Issues Facing ASEAN Countries (International Monetary Fund, 1997).
“Macroeconomic Shocks and Trade Flows within sub-Saharan Africa: Implications for Optimum Currency Arrangements,” with Tamim Bayoumi, Journal of African Economics, 1997.
“Macroeconomic Uncertainty, Precautionary Saving, and the Current Account,” with Atish Ghosh, Journal of Monetary Economics, 1997.
“Primary Surpluses and Sustainable Debt Levels in Emerging Market Countries,” with Abdul Abiad, IMF Policy Discussion Paper, September 2005.
“Strengthening IMF Crisis Prevention,” with Jeromin Zettelmeyer, IMF Working Paper 05/206, 2005.
“Does Excess Liquidity Pose a Threat in Japan?,” with Gauti Eggertsson, Federal Reserve Bank of New York Economic Policy Review, 2006.
“Levers for Growth: Policy Lessons from Earlier Bouts of Growth in Developing Countries,” with Simon Johnson and Arvind Subramanian, Finance and Development, March 2006.
“Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A ‘Fan-Chart’ Approach,” with Oya Celasun and Xavier Debrun, IMF Staff Papers, December 2006.
“Country Insurance: The Role of Domestic Policies,” with Paolo Mauro, Olivier Jeanne, and others, IMF Occasional Paper, 2007.
“Putting Financial Globalization to Work,” with Paolo Mauro, IMF Survey Magazine, August 2007.
“Who’s Driving Financial Globalization?,” with Paolo Mauro, IMF Survey Magazine, August 2007.
“Surviving the Great Capital Flood,” with Simon Johnson, Die Welt and South China Morning Post, November 2007.
“Instability from Rigidity: Dealing with the risks to global growth,” with Simon Johnson, Japan Times, February 2008.
“What Makes Growth Sustained?,” with Andy Berg and Jeromin Zettelmeyer, IMF Working Paper 08/59, 2008
“Exchange Rate Assessments: CGER Methodologies,” with Gian Maria Milesi-Ferretti, Jaewoo Lee, and others, IMF Occasional Paper 261, 2008.
“International Evidence on Fiscal Solvency or the Lack Thereof: Is Fiscal Policy Responsible?,” with Enrique Mendoza, Journal of Monetary Economics, Vol.55, 2008.
“Crisis Lending, Moral Hazard, and IMF Conditionality,” with Olivier Jeanne and Jeromin Zettelmeyer, IMF Working Paper, WP/08/236, 2008.
“Reaping the Benefits of Financial Globalization,” with Paolo Mauro, Giovanni Dell’Arriccia, and others, IMF Occasional Paper 264, 2008.
“Africa’s Growth Prospects: Benchmarking the Constraints,” with Simon Johnson and Arvind Subramanian, NBER Working Paper 13120, forthcoming, IMF Staff Papers, 2009.
“Structural Reform and Economic Performance in Advanced and Developing Countries,” with Alessandro Prati and Antonio Spilimbergo, IMF Occasional Paper 268, 2009.
"Anticipating the Next Crisis," with Atish Ghosh and Natalia Tamirisa, Finance and Development, September 2009.
Jonathan D. Ostry is Deputy Director of the Research Department at the International Monetary Fund. His responsibilities include: IMF-FSB Early Warning Exercise on global systemic macrofinancial risks; Vulnerabilities Exercises for advanced and emerging market countries; multilateral exchange rate surveillance; international financial architecture and IMF lending toolkit; financial globalization issues; country insurance; structural reform and economic performance. He supervises work of three of the department’s six divisions spanning surveillance, and policy and research work.
Email: jostry@imf.org
Education:
Ph.D., Economics, University of Chicago, 1988
M.A., Oxford University, 1988
M.Sc., Economics, London School of Economics, 1984
B.A., Philosophy, Politics and Economics, Oxford University, 1983
B.A. (with Distinction), Economics, Queen’s University, 1981
Academic Honors:
Pew Fellow, Department of Economics, University of Chicago, 1986–88
University of Chicago Doctoral Fellowships, 1984–88
Social Sciences and Humanities Research Council of Canada Doctoral Fellowships, 1984–88
Mackenzie King Fellowship, University of Chicago, 1984
Commonwealth Scholarship, London School of Economics, 1983–84
Commonwealth Scholarship, Oxford University, 1981–83
Undergraduate Medallist, Queen’s University, 1981
Experience:
International Monetary Fund, Research Department:
—Senior Advisor, Research Department, 2004-05
—Assistant Director (headed the World Economic Studies division which produces the semi-annual World Economic Outlook), 2002-03
International Monetary Fund, Asia and Pacific Department:
—Assistant Director/Division Chief/Advisor, 1998-2002 (led country teams on Japan, Australia, Singapore, New Zealand)
—Deputy Division Chief/Senior Economist (Thailand desk), 1995–98
International Monetary Fund, Research and European Departments:
—Economist (RES), 1988-89 & 1990-95, Economist (EUR), 1989–90
University of Chicago: Department of Economics, Instructor, 1987–88
IMF Books and Working Papers:
Coping with the Crisis: Policy Options for Emerging Market Countries, Staff Position Note No. 2009/08, April 23, 2009
Reaping the Benefits of Financial Globalization, Occasional Paper No. 264, December 16, 2008
A Theory of International Crisis Lending and IMF Conditionality, Working Paper No. 08/236, October 01, 2008
Exchange Rate Assessments: CGER Methodologies, Occasional Paper No. 261, April 07, 2008
What Makes Growth Sustained?, Working Paper No. 08/59, March 01, 2008
Country Insurance: The Role of Domestic Policies, Occasional Paper No. 254, April 10, 2007
The Prospects for Sustained Growth in Africa: Benchmarking the Constraints, Working Paper No. 07/52, March 01, 2007
International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?, Working Paper No. 07/56, March 01, 2007
Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A "Fan-Chart" Approach, Working Paper No. 06/67, March 01, 2006
Strengthening IMF Crisis Prevention, Working Paper No. 05/206, November 01, 2005
Primary Surpluses and sustainable Debt Levels in Emerging Market Countries, Policy Discussion Paper No. 05/6, October 01, 2005
Does Excess Liquidity Pose a Threat in Japan?, Policy Discussion Paper No. 05/5, April 01, 2005
Japan's Lost Decade: Policies for Economic Revival, February 13, 2003
Current Account Imbalances in ASEAN Countries - Are they a Problem?, Working Paper No. 97/51, April 01, 1997
Does the Exchange Regime Matter for Inflation and Growth?, Economic Issues No. 2, September 12, 1996
Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa: Implications for Optimum Currency Arrangements, Working Paper No. 95/142, December 01, 1995
Does the Nominal Exchange Rate Regime Matter?, Working Paper No. 95/121, November 01, 1995
Saving Behavior in Low- and Middle -Income Developing Countries: A Comparison, Working Paper No. 95/3, January 01, 1995
Household Saving in France: Stochastic Income and Financial Deregulation, Working Paper No. 94/136, November 01, 1994
Economic Reform and Structural Adjustment in East European Industry, Working Paper No. 94/80, June 01, 1994
Export Instability and the External Balance in Developing Countries, Working Paper No. 94/8, January 01, 1994
Selective Government Interventions and Economic Growth - A Survey of the Asian Experience and its Applicability to New Zealand, Papers on Policy Analysis and Assessment No. 93/17, November 02, 1993
Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries, Working Paper No. 93/70, August 01, 1993
Do Capital Flows Reflect Economic Fundamentals in Developing Countries?, Working Paper No. 93/34, April 01, 1993
Real Exchange Rate Targeting in Developing Countries, Papers on Policy Analysis and Assessment No. 93/2, February 08, 1993
Structural and Macroeconomic Determinants of the Output Decline in Poland: 1990-91, Working Paper No. 92/86, October 01, 1992
Macroeconomic Uncertainty, Precautionary Savings and the Current Account, Working Paper No. 92/72, September 01, 1992
External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule, Working Paper No. 92/75, September 01, 1992
The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania, Working Paper No. 92/59, July 01, 1992
Private Saving and Terms of Trade Shocks: Evidence from Developing Countries, Working Paper No. 91/100, October 01, 1991
Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor?, Working Paper No. 91/68, July 01, 1991
Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries, Working Paper No. 91/29, March 01, 1991
Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries, Working Paper No. 91/3, January 01, 1991
Books
Exercises in Intertemporal Open Economy Macroeconomics, with Thomas Krueger (MIT Press, 1993).
Exercises in Intertemporal Open Economy Macroeconomics, Second Edition, with Thomas Krueger and Chi-Wa Yuen (MIT Press, 1996).
Japan’s Lost Decade: Policies for Economic Revival, with Tim Callen (eds.), (International Monetary Fund, 2003).
Macro-Financial Linkages, with Chris Crowe, Simon Johnson and Jeromin Zettelmeyer (eds), (International Monetary Fund, forthcoming)
Articles
“The Balance of Trade, Terms of Trade, and Real Exchange Rate: An Intertemporal Optimizing Framework,” IMF Staff Papers, December 1988. Reprinted in Spanish, as “Balanza comercial, relacion de intercambio y tipo de cambio real en un modelo intertemporal de optimizacion,” Monetaria, July–September 1989.
“Tariffs and the Current Account: The Role of Initial Distortions,” Canadian Journal of Economics, May 1990.
“Anticipated Protectionist Policies, Real Exchange Rates and the Current Account,” with Sebastian Edwards, Journal of International Monetary and Finance, June 1990.
Review of Macroeconomic Policy, by Robert J. Barro, Finance and Development, March 1991.
“Tariffs, Real Exchange Rates, and the Trade Balance in a Two-Country World,” European Economic Review, July 1991.
“Trade Liberalization in Developing Countries: Initial Trade Distortions and Imported Intermediate Inputs,” IMF Staff Papers, September 1991.
“Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries,” with Peter J. Montiel, IMF Staff Papers, December 1991.
“Terms of Trade Disturbances, Real Exchange Rates, and Welfare: The Role of Capital Controls and Labor Market Distortions,” with Sebastian Edwards, Oxford Economic Papers, January 1992.
“An Empirical Evaluation of the Macroeconomic Effects of Tariffs,” with Andrew K. Rose, Journal of International Money and Finance, February 1992.
“Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor?,” with Peter J. Montiel, IMF Staff Papers, March 1992.
“Trade Restrictions with Imported Intermediate Inputs: A Comment,” Journal of Development Economics, April 1992.
“Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing countries,” with Mohsin S. Khan, World Development, September 1992.
“Private Saving and Terms of Trade Shocks: Evidence from the Developing Countries,” with Carmen M. Reinhart, IMF Staff Papers, September 1992.
“Targeting the Real Exchange Rate in Developing Countries,” with Peter Montiel, Finance and Development, March 1993.
“An Empirical Analysis of the Output Decline in Three Eastern European Countries,” with Eduardo Borensztein, IMF Staff Papers, March 1993.
Review of On Exchange Rates by Jeffrey A. Frankel, Finance and Development, December, 1993.
“External Shocks and Inflation Under a Real Exchange Rate Rule,” with Peter Montiel, in The Exchange Rate and the Economy (Bank of Canada, 1993).
“Output Decline in the Aftermath of Reform: Bulgaria, Czechoslovakia, and Romania,” with Eduardo Borensztein and Dimitri Demekas, in Eastern Europe in Transition: From Recession to Growth? (World Bank, 1994) edited by Guillermo Calvo and Alan Gelb.
“Are Growth Strategies in East Asia Relevant for New Zealand?” Finance and Development, March 1994.
“Is the Parallel Market premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?,” with Peter Montiel, IMF Staff Papers, March 1994.
“Government Purchases and Relative Prices in a two-Country World,” Economic Record, June 1994.
“Export Instability and the External Balance in Developing Countries,” with Atish R. Ghosh, IMF Staff Papers, June 1994.
“Common Causes or Structural Adjustment? Output Decline in Eastern Europe with Special Reference to Poland,” with Eduardo Borensztein, in Output Decline in Eastern Europe: Unavoidable, External Influence or Homemade? (Kluwer Academic Press, 1995), edited by Janos Gacs, Robert Holzmann and George Winkler.
“The Current Account in Developing Countries: A Perspective from the Consumption-Smoothing Approach” with Atish R. Ghosh, World Bank Economic Review, May 1995.
“Household Saving in France: Stochastic Income and Financial Deregulation,” with Joaquim Levy, IMF Staff Papers, June 1995. Reprinted in France: Financial and Real Sector Issues (International Monetary Fund, 1995) edited by Paul R. Masson.
“Saving and the Real Interest Rate in Developing Countries,” with Carmen Reinhart, Finance and Development, December 1995.
“Economic Reform and Structural Adjustment in Eastern Europe,” with Eduardo Borensztein, in Trade and Payments in Transforming Economies of Central and Eastern Europe, edited by D. Salvatore (North Holland, 1996).
“Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison,” with Carmen Reinhart and Masao Ogaki, IMF Staff Papers, March 1996.
“Accounting for China’s Growth Performance,” with Eduardo Borensztein, American Economic Review (Papers and Proceedings), May 1996.
“Does the Exchange Rate Regime Matter for Inflation and Growth?,” with Holger Wolf and Atish Ghosh, Economic Issues Series, No. 2. (International Monetary Fund, 1996).
“Does the Nominal Exchange Rate Regime Matter?” with Atish Ghosh, Anne-Marie Gulde and Holger Wolf, NBER Working Paper 5874, January 1997.
“Are Current Account Imbalances in ASEAN Countries a Problem?,” in Macroeconomic Issues Facing ASEAN Countries (International Monetary Fund, 1997).
“Macroeconomic Shocks and Trade Flows within sub-Saharan Africa: Implications for Optimum Currency Arrangements,” with Tamim Bayoumi, Journal of African Economics, 1997.
“Macroeconomic Uncertainty, Precautionary Saving, and the Current Account,” with Atish Ghosh, Journal of Monetary Economics, 1997.
“Primary Surpluses and Sustainable Debt Levels in Emerging Market Countries,” with Abdul Abiad, IMF Policy Discussion Paper, September 2005.
“Strengthening IMF Crisis Prevention,” with Jeromin Zettelmeyer, IMF Working Paper 05/206, 2005.
“Does Excess Liquidity Pose a Threat in Japan?,” with Gauti Eggertsson, Federal Reserve Bank of New York Economic Policy Review, 2006.
“Levers for Growth: Policy Lessons from Earlier Bouts of Growth in Developing Countries,” with Simon Johnson and Arvind Subramanian, Finance and Development, March 2006.
“Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A ‘Fan-Chart’ Approach,” with Oya Celasun and Xavier Debrun, IMF Staff Papers, December 2006.
“Country Insurance: The Role of Domestic Policies,” with Paolo Mauro, Olivier Jeanne, and others, IMF Occasional Paper, 2007.
“Putting Financial Globalization to Work,” with Paolo Mauro, IMF Survey Magazine, August 2007.
“Who’s Driving Financial Globalization?,” with Paolo Mauro, IMF Survey Magazine, August 2007.
“Surviving the Great Capital Flood,” with Simon Johnson, Die Welt and South China Morning Post, November 2007.
“Instability from Rigidity: Dealing with the risks to global growth,” with Simon Johnson, Japan Times, February 2008.
“What Makes Growth Sustained?,” with Andy Berg and Jeromin Zettelmeyer, IMF Working Paper 08/59, 2008
“Exchange Rate Assessments: CGER Methodologies,” with Gian Maria Milesi-Ferretti, Jaewoo Lee, and others, IMF Occasional Paper 261, 2008.
“International Evidence on Fiscal Solvency or the Lack Thereof: Is Fiscal Policy Responsible?,” with Enrique Mendoza, Journal of Monetary Economics, Vol.55, 2008.
“Crisis Lending, Moral Hazard, and IMF Conditionality,” with Olivier Jeanne and Jeromin Zettelmeyer, IMF Working Paper, WP/08/236, 2008.
“Reaping the Benefits of Financial Globalization,” with Paolo Mauro, Giovanni Dell’Arriccia, and others, IMF Occasional Paper 264, 2008.
“Africa’s Growth Prospects: Benchmarking the Constraints,” with Simon Johnson and Arvind Subramanian, NBER Working Paper 13120, forthcoming, IMF Staff Papers, 2009.
“Structural Reform and Economic Performance in Advanced and Developing Countries,” with Alessandro Prati and Antonio Spilimbergo, IMF Occasional Paper 268, 2009.
"Anticipating the Next Crisis," with Atish Ghosh and Natalia Tamirisa, Finance and Development, September 2009.