Title: What’s the Damage? Medium-term Output Dynamics After Banking Crises
Author/Editor: Abiad, Abdul ; Balakrishnan, Ravi ; Koeva Brooks, Petya ; Leigh, Daniel ; Tytell, Irina
Series: Working Paper No. 09/245
Date: November 1, 2009

Title: Top-Down Budgeting - An Instrument to Strengthen Budget Management
Author/Editor: Ljungman, Gösta
Series: Working Paper No. 09/243
Date: November 1, 2009

Title: The Role of Financial Variables in Predicting Economic Activity in the Euro Area
Author/Editor: Espinoza, Raphael A. ; Fornari, Fabio ; Lombardi, Marco
Series: Working Paper No. 09/241
Date: November 1, 2009
Subject(s): Asset prices | Business cycles | Cross country analysis | Economic forecasting | Economic growth | Economic models | Euro Area | Financial crisis | Financial sector | Global Financial Crisis 2008-2009 | Stock markets
Author's keyword(s): VAR | Financial Variables | International Linkages | Conditional Forecast

Title: Sovereign Wealth Funds and Financial Stability-An Event Study Analysis
Author/Editor: Sun, Tao ; Hesse, Heiko
Series: Working Paper No. 09/239
Date: October 1, 2009
Subject(s): Asset management | Asset prices | Capital markets | Corporate governance | Developed countries | Domestic investment | Emerging markets | Financial institutions | Financial stability | Sovereign wealth funds
Author's keyword(s): Sovereign Wealth Funds | Financial Stability | Event Study | Governance

Title: Fiscal Deficits and Current Account Deficits
Author/Editor: Kumhof, Michael ; Laxton, Douglas
Series: Working Paper No. 09/237
Date: October 1, 2009
Subject(s): Budget deficits | Business cycles | Current account deficits | Economic models | Fiscal policy | Fiscal sustainability | Gross domestic product | Monetary policy | Private sector | Public debt | Savings
Author's keyword(s): Non-Ricardian Households; Government Deficits; Government Debt; Global Current Account Imbalances.

Title: Is the Canadian Housing Market Overvalued? A Post-Crisis Assessment
Author/Editor: Tsounta, Evridiki
Series: Working Paper No. 09/235
Date: October 1, 2009
Subject(s): Asset prices | Banking sector | Business cycles | Canada | Economic models | Fiscal policy | Household credit | Housing prices | Price increases
Author's keyword(s): House prices

Title: Excessive Lending, Leverage, and Risk-Taking in the Presence of Bailout Expectations
Author/Editor: Georgiou, Andréas
Series: Working Paper No. 09/233
Date: October 1, 2009
Subject(s): Banking sector | Borrowing | Economic models | Financial crisis | Financial risk | Fiscal policy | Intervention | Investment | Loans | Nonbank financial sector
Author's keyword(s): financial crisis | bailout | excessive lending | excessive risk | moral hazard

Title: Three Cycles: Housing, Credit, and Real Activity
Author/Editor: Igan, Deniz ; Kabundi, Alain N. ; Nadal-De Simone, Francisco ; Pinheiro, Marcelo ; Tamirisa, Natalia T.
Series: Working Paper No. 09/231
Date: October 1, 2009
Subject(s): Bank credit | Business cycles | Credit demand | Cross country analysis | Developed countries | Economic growth | Economic models | Household credit | Housing prices | Interest rates | Time series
Author's keyword(s): Macro-financial linkages | house prices | credit | business cycle

Title: Macro-Hedging for Commodity Exporters
Author/Editor: Borensztein, Eduardo ; Jeanne, Olivier ; Sandri, Damiano
Series: Working Paper No. 09/229
Date: October 1, 2009
Subject(s): Commodities | Commodity price fluctuations | Cross country analysis | Developing countries | Economic models | Export earnings | Export markets | Financial instruments | Financial risk | Hedge funds | International trade | Risk management
Author's keyword(s): hedging | commodity exports | precautionary savings | international reserves | futures | options | default

Title: Analyzing Fiscal Space Using the MAMS Model: An Application to Burkina Faso
Author/Editor: Gottschalk, Jan ; Manh Le,, Vu ; Lofgren, Hans ; Nouve, Kofi
Series: Working Paper No. 09/227
Date: October 1, 2009
Subject(s): Burkina Faso | Capital inflows | Concessional aid | Economic growth | Economic models | Fiscal policy | Fiscal sector | Government expenditures | Human capital | Infrastructure | Millennium Development Goals | Resource mobilization | Revenue mobilization
Author's keyword(s): Fiscal space | simulation | computable general equilibrium model

Title: Revisiting the Determinants of Productivity Growth: What's new?
Author/Editor: Loko, Boileau ; Diouf, Mame Astou
Series: Working Paper No. 09/225
Date: October 1, 2009
Subject(s): Economic growth | Emerging markets | Foreign direct investment | Government expenditures | Inflation rates | Labor markets | Labor policy | Productivity | Trade liberalization | Women
Author's keyword(s): Productivity growth | female labour participation | principal components analysis | dynamic panel regression | Maghreb

Title: Australian Bank and Corporate Sector Vulnerabilities--An International Perspective
Author/Editor: Takáts, Elöd ; Tumbarello, Patrizia
Series: Working Paper No. 09/223
Date: October 1, 2009
Subject(s): Australia | Banking sector | Banks | Corporate sector | Credit risk | Cross country analysis | Financial assets | Financial soundness indicators | Loans | Private sector | Risk management
Author's keyword(s): Australia | contingent claim analysis | bank asset quality | stress tests

Title: External Balance in Low Income Countries
Author/Editor: Christiansen, Lone Engbo ; Prati, Alessandro ; Ricci, Luca Antonio ; Tressel, Thierry
Series: Working Paper No. 09/221
Date: October 1, 2009
Subject(s): Capital account | Capital flows | Cross country analysis | Current account | External financing | External shocks | Financial assets | Foreign investment | Low-income developing countries | Real effective exchange rates | Terms of trade | Time series
Author's keyword(s): current account | real exchange rate | net foreign assets | developing countries.

Title: The Uncertainty Channel of Contagion
Author/Editor: Kannan, Prakash ; Köhler-Geib, Fritzi
Series: Working Paper No. 09/219
Date: October 1, 2009
Subject(s): Capital markets | Cross country analysis | Currencies | Economic models | Financial crisis | Investment | Sovereign debt | Spillovers | Stock markets

Title: Access to Market Financing for IDA-eligible Countries—the Role of External Debt and IMF-Supported Programs
Author/Editor: Thomas, Alun H.
Series: Working Paper No. 09/217
Date: October 1, 2009
Subject(s): Access to capital markets | Bond markets | Bonds | Credit risk | Debt service ratios | Demand | Economic models | External debt | External financing | Fund facilities | HIPC Initiative | Political economy | Supply
Author's keyword(s): market access | external debt | decision point | enhanced HIPC Initiative | IMF-supported program

Title: São Tomé and Príncipe: Domestic Tax System and Tax Revenue Potential
Author/Editor: Farhan, Nisreen H.
Series: Working Paper No. 09/215
Date: September 1, 2009
Subject(s): Cross country analysis | Fiscal policy | Fiscal reforms | São Tomé and Príncipe | Sub-Saharan Africa | Tax administration | Tax policy | Tax reforms | Tax revenues | Tax systems | Taxation
Author's keyword(s): São Tomé and Príncipe; Tax revenue Potential; Optimal Taxation; Tax Reforms.

Title: What Determines Bond Market Development in sub-Saharan Africa?
Author/Editor: Adelegan, Olatundun Janet ; Radzewicz-Bak, Bozena
Series: Working Paper No. 09/213
Date: September 1, 2009
Subject(s): Access to capital markets | Banking sector | Bond markets | Bonds | Capital markets | Cross country analysis | External debt | Financial institutions | Financial systems | Investment | Nonbank financial sector | Public debt | Savings | Sub-Saharan Africa
Author's keyword(s): Bond market development | government bonds; corporate bonds | macroeconomic factors; sub-Saharan Africa.

Title: Revised System for the Classification of Exchange Rate Arrangements
Author/Editor: Habermeier, Karl Friedrich ; Kokenyne, Annamaria ; Veyrune, Romain ; Anderson, Harald
Series: Working Paper No. 09/211
Date: September 1, 2009
Subject(s): Cross country analysis | Currency boards | Currency pegs | Data collection | Data quality assessment framework | Exchange rate developments | Exchange rates | Floating exchange rates | Foreign exchange | Fund role | Publications | Transparency
Author's keyword(s): exchange rate regime | exchange rate arrangement | classification | taxonomy | de facto | de jure

Title: International Risk Sharing During the Globalization Era
Author/Editor: Flood, Robert P. ; Marion, Nancy P. ; Matsumoto, Akito
Series: Working Paper No. 09/209
Date: September 1, 2009
Subject(s): Business cycles | Consumption | Cross country analysis | Economic growth | Economic integration | Economic models | Globalization | International trade | Risk management | Welfare
Author's keyword(s): International risk sharing; incomplete market | globalization

Title: Accounting Discretion of Banks During a Financial Crisis
Author/Editor: Huizinga, Harry ; Laeven, Luc
Series: Working Paper No. 09/207
Date: September 1, 2009
Subject(s): Accounting | Asset management | Asset prices | Bank accounting | Bank regulations | Banks | Financial crisis | Housing prices | Investment | Liquidity management | Real estate prices
Author's keyword(s): Key bank regulation | accounting standards | fair value accounting | corporate disclosure | financial crisis

Title: Commodity Terms of Trade: The History of Booms and Busts
Author/Editor: Spatafora, Nikola ; Tytell, Irina
Series: Working Paper No. 09/205
Date: September 1, 2009
Subject(s): Business cycles | Commodities | Commodity price fluctuations | Commodity prices | Cross country analysis | Data analysis | Data collection | Terms of trade | Time series
Author's keyword(s): Commodity prices; commodity booms; commodity busts

Title: The Drivers of Housing Cycles in Spain
Author/Editor: Aspachs-Bracons, Oriol ; Rabanal, Pau
Series: Working Paper No. 09/203
Date: September 1, 2009
Subject(s): Cross country analysis | Demand | Economic models | European Union | Household credit | Housing | Housing prices | Labor markets | Monetary policy | Private consumption | Private investment | Private savings | Private sector | Spain
Author's keyword(s): Housing | Monetary Policy | Financial Constraints

Title: French Banks Amid the Global Financial Crisis
Author/Editor: Xiao, Yingbin
Series: Working Paper No. 09/201
Date: September 1, 2009
Subject(s): Asset management | Bank restructuring | Bank soundness | Bank supervision | Banking sector | Business cycles | Corporate sector | Credit risk | Financial crisis | Financial instruments | France | Liquidity management | Profits | Risk management
Author's keyword(s): French banks | financial crisis | recapitalization | debt guarantee | government support | refinancing

Title: Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay
Author/Editor: Adler, Gustavo ; Mansilla, Mario ; Wezel, Torsten
Series: Working Paper No. 09/199
Date: September 1, 2009
Subject(s): Bank reforms | Bank regulations | Bank supervision | Banking sector | Basel Core Principles | Business cycles | Credit expansion | Credit risk | Financial crisis | Financial soundness indicators | Liquidity management | Loans | Risk management | Uruguay
Author's keyword(s): Credit growth | credit risk | loan classification | loan provisioning | bank liquidity | regulatory reform

Title: Frugality: Are We Fretting Too Much? Household Saving and Assets in the United States
Author/Editor: Abdih, Yasser ; Tanner, Evan
Series: Working Paper No. 09/197
Date: September 1, 2009
Subject(s): Asset prices | Economic models | Financial crisis | Household credit | Income | Investment | Private investment | Private savings | Private sector | Savings | Time series | United States
Author's keyword(s): Saving | net worth | cointegration | transversality | paradox of thrift

Title: Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center
Author/Editor: Finger, Harald ; Hesse, Heiko
Series: Working Paper No. 09/195
Date: September 1, 2009
Subject(s): Bank soundness | Banking sector | Commercial banks | Demand for money | Depositories | Economic models | Financial systems | Lebanon | Liquidity | Profits
Author's keyword(s): Deposits | deposit demand | Lebanon | money demand | panel regressions | regional financial center | VECM

Title: Institutional Inertia
Author/Editor: Valderrama, Laura
Series: Working Paper No. 09/193
Date: September 1, 2009
Subject(s): Corporate governance | Corporate sector | Economic models | Political economy | Productivity | Technology transfer | Voting power
Author's keyword(s): Private Information; Property Rights; Dynamic Voting; Inertia.

Title: Monetary Policy and the Central Bank in Jordan
Author/Editor: Maziad, Samar
Series: Working Paper No. 09/191
Date: September 1, 2009
Subject(s): Central bank autonomy | Central bank role | Central banks | Economic models | Exchange rate regimes | Jordan | Monetary policy | Monetary policy instruments
Author's keyword(s): Jordan | Monetary policy | Central bank independence

Title: What Drives China's Interbank Market?
Author/Editor: Porter, Nathaniel John ; Xu, TengTeng
Series: Working Paper No. 09/189
Date: September 1, 2009
Subject(s): Asset prices | Bank regulations | Banking sector | Bond markets | Capital markets | Central bank policy | China, People's Republic of | Economic models | Interest rates | Interest rates on deposits | Interest rates on loans | Liquidity | Monetary policy | Pricing policy
Author's keyword(s): Interbank market; monetary policy; GARCH; China

Title: How Good Are Ex Ante Program Evaluation Techniques? The Case of School Enrollment in PROGRESA
Author/Editor: Bornhorst, Fabian
Series: Working Paper No. 09/187
Date: September 1, 2009
Subject(s): Economic models | Education | Human capital | Income | Labor markets | Labor productivity | Labor supply | Mexico | Payment systems | Poverty reduction | Private sector | Social policy
Author's keyword(s): Keywords: microsimulation | conditional transfers | demand for schooling | child labor | PROGRESA

Title: Euro Area Monetary Policy in Uncharted Waters
Author/Editor: Cihák, Martin ; Harjes, Thomas ; Stavrev, Emil
Series: Working Paper No. 09/185
Date: August 1, 2009
Subject(s): Central bank policy | Deflation | Economic models | European Monetary System | European Union | Financial crisis | Inflation | Liquidity controls | Monetary policy | Monetary transmission mechanism
Author's keyword(s): Monetary policy transmission | liquidity trap | European Central Bank

Title: International Evidence on Recovery from Recessions
Author/Editor: Cerra, Valerie ; Panizza, Ugo ; Saxena, Sweta Chaman
Series: Working Paper No. 09/183
Date: August 1, 2009
Subject(s): Banking crisis | Business cycles | Concessional aid | Developed countries | Economic growth | Economic recession | Economic recovery | Emerging markets | Exchange rate regimes | External shocks | Fiscal policy | Monetary policy | Real effective exchange rates | Trade policy
Author's keyword(s): Economic recovery; Growth; Recession; Business cycles; Rebound; Output loss

Title: Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement
Author/Editor: di Giovanni, Julian ; Levchenko, Andrei A.
Series: Working Paper No. 09/181
Date: August 1, 2009
Subject(s): Bilateral trade | Business cycles | Cross country analysis | Economic models | Globalization | Industrial production | Industrial sector | Industrial trade | International trade | Manufacturing sector | Trade relations
Author's keyword(s): Business cycle comovement; vertical linkages; international trade

Title: Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations
Author/Editor: Das, Udaibir S. ; Mulder, Christian B. ; Sy, Amadou N. R. ; Lu, Y.
Series: Working Paper No. 09/179
Date: August 1, 2009
Subject(s): Financial assets | Fiscal management | Fiscal policy | Fiscal stability | Investment | Investment policy | Public investment | Public sector savings | Reserves | Reserves adequacy | Sovereign wealth funds | Stabilization funds
Author's keyword(s): Sovereign wealth fund | SWF's policy objective | investment policy

Title: Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships
Author/Editor: de Palma, André ; Leruth, Luc ; Prunier, Guillaume
Series: Working Paper No. 09/177
Date: August 1, 2009
Subject(s): Burden sharing | Financial risk | Fiscal management | Fiscal transparency | Infrastructure | Private sector | Public enterprises | Public finance | Public sector | Transport
Author's keyword(s): infrastructure financing | public-private partnerships | principal-agent framework | risk classification | transportation infrastructure | value for money

Title: India’s Experience with Fiscal Rules: An Evaluation and The Way Forward
Author/Editor: Simone, Alejandro ; Topalova, Petia
Series: Working Paper No. 09/175
Date: August 1, 2009
Subject(s): Debt sustainability | Fiscal management | Fiscal policy | Fiscal reforms | Fiscal sustainability | India | Public debt
Author's keyword(s): Fiscal rules | fiscal sustainability | public debt

Title: Counterparty Risk, Impact on Collateral Flows and Role for Central Counterparties
Author/Editor: Singh, Manmohan ; Aitken, James
Series: Working Paper No. 09/173
Date: August 1, 2009
Subject(s): Banking sector | Bankruptcy | Banks | Bonds | Capital markets | Financial institutions | Financial instruments | Financial risk | Nonbank financial sector | Securities markets
Author's keyword(s): Counterparty Risk | Large Complex Financial Institutions | OTC derivatives | Collateral Flow | Central Counterparties

Title: Interest Rate Liberalization in China
Author/Editor: Feyzioglu, Tarhan ; Porter, Nathaniel John ; Takáts, Elöd
Series: Working Paper No. 09/171
Date: August 1, 2009
Subject(s): Banking | Banking sector | Banks | Capital markets | China, People's Republic of | Credit controls | Credit demand | Cross country analysis | Economic models | Financial intermediation | Interest rates | Loans | Monetary policy
Author's keyword(s): Financial liberalization | financial deregulation | interest rate liberalization | China

Title: Employment Effects of Growth Rebalancing in China
Author/Editor: Guo, Kai ; N’Diaye, Papa
Series: Working Paper No. 09/169
Date: August 1, 2009
Subject(s): Agricultural sector | China, People's Republic of | Cross country analysis | Demand | Economic growth | Economic models | Employment | Labor market policy | Manufacturing sector | Private consumption | Services sector
Author's keyword(s): Employment | growth rebalancing | GIMF model

Title: Measures of Underlying Inflation in Sri Lanka
Author/Editor: Gupta, Souvik ; Saxegaard, Magnus
Series: Working Paper No. 09/167
Date: August 1, 2009
Subject(s): Central bank policy | Consumer price indexes | Economic models | Inflation | Monetary policy | Performance indicators | Price structures | Sri Lanka
Author's keyword(s): Core Inflation | Sri Lanka | Monetary Policy

Title: An Assessment of External Price Competitiveness for Mozambique
Author/Editor: Vitek, Francis
Series: Working Paper No. 09/165
Date: August 1, 2009
Subject(s): Competition | Exchange rate assessments | Exchange rates | External sector | Mozambique | Price structures | Real effective exchange rates | Terms of trade
Author's keyword(s): External price competitiveness; exchange rate assessment; macroeconomic balance approach; equilibrium real exchange rate approach; external sustainability approach

Title: Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom
Author/Editor: Meier, André
Series: Working Paper No. 09/163
Date: August 1, 2009
Subject(s): Asset management | Bonds | Capital markets | Central bank policy | Credit controls | Credit risk | Cross country analysis | Financial risk | Inflation | Interest rate policy | Liquidity management | Monetary policy | Risk management | United Kingdom
Author's keyword(s): Unconventional monetary policy; liquidity trap; zero bound; quantitative easing

Title: Country Experiences with the Introduction and Implementation of Inflation Targeting
Author/Editor: Freedman, Charles ; Ötker, Inci
Series: Working Paper No. 09/161
Date: July 1, 2009
Subject(s): Cross country analysis | Economic policy | Economic reforms | Inflation | Inflation targeting | Monetary policy
Author's keyword(s): Inflation targeting | country experiences | monetary policy implementation

Title: Macroeconomic Fluctuations in the Caribbean: the Role of Climatic and External Shocks
Author/Editor: Sosa, Sebastian ; Cashin, Paul
Series: Working Paper No. 09/159
Date: July 1, 2009
Subject(s): Business cycles | Caribbean | Climatic changes | Cross country analysis | Economic models | External shocks | Regional shocks
Author's keyword(s): Business cycle; external shocks; VAR; block exogeneity; Eastern Caribbean

Title: Revenue Mobilization in Sub-Saharan Africa: Challenges from Globalization
Author/Editor: Keen, Michael ; Mansour, Mario
Series: Working Paper No. 09/157
Date: July 1, 2009
Subject(s): Corporate taxes | Cross country analysis | Globalization | International trade | Revenue mobilization | Sub-Saharan Africa | Tax incentives | Tax reforms | Tax revenues | Trade liberalization | Trade policy
Author's keyword(s): Trade Reform; Tax Reform; Tax Competition

Title: Spillovers from the Rest of the World into Sub-Saharan African Countries
Author/Editor: Drummond, Paulo Flavio Nacif ; Ramirez, Gustavo
Series: Working Paper No. 09/155
Date: July 1, 2009
Subject(s): Commodity price fluctuations | Commodity prices | Cross country analysis | Demand | Economic growth | Economic models | Exports | External shocks | Oil prices | Spillovers | Sub-Saharan Africa | Terms of trade
Author's keyword(s): Growth spillovers; financial linkages; commodity prices; panel estimate | Africa

Title: Do Workers' Remittances Promote Economic Growth?
Author/Editor: Barajas, Adolfo ; Chami, Ralph ; Fullenkamp, Connel ; Gapen, Michael T. ; Montiel, Peter
Series: Working Paper No. 09/153
Date: July 1, 2009
Subject(s): Capital accumulation | Capital flows | Developing countries | Economic growth | Foreign labor | Labor markets | Migration | Poverty reduction | Private capital flows | Transfers of foreigners income | Welfare | Workers remittances
Author's keyword(s): Remittances | economic growth | private flows | poverty | welfare

Title: How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter
Author/Editor: Impavido, Gregorio ; Tower, Ian
Series: Working Paper No. 09/151
Date: July 1, 2009
Subject(s): Asset management | Asset prices | Cross country analysis | External shocks | Financial crisis | Financial institutions | Financial risk | Insurance | Insurance regulations | Insurance supervision | Latin America | OECD | Pensions | Private investment
Author's keyword(s): Pensions | insurance | financial crisis

Title: Requirements for Using Interest Rates as an Operating Target for Monetary Policy:The Case of Tunisia
Author/Editor: Chailloux, Alexandre ; Durré, Alain ; Laurens, Bernard
Series: Working Paper No. 09/149
Date: July 1, 2009
Subject(s): Economic models | Economic reforms | Financial sector | Inflation targeting | Interest rates | Liquidity management | Monetary operations | Monetary policy | Money markets | Tunisia
Author's keyword(s): Monetary policy; monetary operations; monetary frameworks

Title: Macroeconomic Fundamentals, Price Discovery and Volatility Dynamics in Emerging Markets
Author/Editor: Nowak, Sylwia ; Andritzky, Jochen R. ; Jobst, Andreas ; Tamirisa, Natalia T.
Series: Working Paper No. 09/147
Date: July 1, 2009
Subject(s): Asset prices | Bond markets | Bonds | Economic models | Emerging markets | Private investment | Public information | Sovereign debt
Author's keyword(s): emerging markets; bond pricing; macroeconomic news; announcements; survey data; news spillovers; high-frequency data

Title: Anatomy of Regional Disparities in the Slovak Republic
Author/Editor: Banerjee, Biswajit ; Jarmuzek, Mariusz
Series: Working Paper No. 09/145
Date: July 1, 2009
Subject(s): Cross country analysis | Economic growth | Economic models | European Union | Labor market policy | Labor productivity | Slovak Republic
Author's keyword(s): Regional disparities; -convergence;
1-convergence; growth accounting

Title: Bank Competition, Risk and Asset Allocations
Author/Editor: Boyd, John H. ; De Nicoló, Gianni ; Jalal, Abu M.
Series: Working Paper No. 09/143
Date: July 1, 2009
Subject(s): Asset management | Banking | Bankruptcy | Banks | Competition | Credit risk | Cross country analysis | Depositories | Economic models | Financial crisis | Time series | United States
Author's keyword(s): Bank competition | concentration | risk | asset

Title: Banking Crises and Crisis Dating: Theory and Evidence
Author/Editor: Boyd, John H. ; De Nicoló, Gianni ; Loukoianova, Elena
Series: Working Paper No. 09/141
Date: July 1, 2009
Subject(s): Banking crisis | Banking sector | Banks | Cross country analysis | Deposit insurance | Economic models | External shocks | Financial crisis
Author's keyword(s): Banking crises | systemic bank shocks

Title: Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data
Author/Editor: Espinoza, Raphael ; Kwon, Goohoon
Series: Working Paper No. 09/139
Date: July 1, 2009
Subject(s): Bond markets | Capital flows | Caribbean | Cross country analysis | Economic integration | Economic models | Stock markets | Trade integration
Author's keyword(s): CARICOM | cross-market premium | cross-listed stock | Threshold Auto-Regressive model | current account dynamics

Title: Optimal Monetary and Fiscal Policy with Limited Asset Market Participation
Author/Editor: Stehn, Sven Jari
Series: Working Paper No. 09/137
Date: July 1, 2009
Subject(s): Capital markets | Economic models | Financial assets | Fiscal policy | Government expenditures | Monetary policy | Stabilization measures
Author's keyword(s): Limited asset market participation | rule of thumb consumers | government expenditure | optimal monetary policy | optimal fiscal policy.

Title: Governance Practices at Financial Regulatory and Supervisory Agencies
Author/Editor: Seelig, Steven A. ; Novoa, Alicia
Series: Working Paper No. 09/135
Date: July 1, 2009
Subject(s): Bank regulations | Bank supervision | Banks | Central banks | Financial sector | Governance | Monetary authorities | Transparency
Author's keyword(s): Regulatory governance | financial sector supervisors

Title: The Transmission of Financial Stress from Advanced to Emerging Economies
Author/Editor: Balakrishnan, Ravi ; Danninger, Stephan ; Elekdag, Selim ; Tytell, Irina
Series: Working Paper No. 09/133
Notes: Updated stress index from September 2009
Date: June 1, 2009
Subject(s): Banking crisis | Banking sector | Capital flows | Developed countries | Developing countries | Economic models | Emerging markets | Financial crisis | Financial risk | Spillovers | Transition economies
Author's keyword(s): financial crises | financial stress index | emerging economies

Title: Broad Money Demand and Asset Substitution in China
Author/Editor: Wu, Ge
Series: Working Paper No. 09/131
Date: June 1, 2009
Subject(s): Capital markets | Central bank policy | China, People's Republic of | Demand for money | Economic models | Exchange rate regimes | Exchange rates | Financial assets | Financial systems | Interest rates | Monetary policy | Private investment
Author's keyword(s): Money demand | asset substitution | exchange rate | interest rate | China

Title: The Systemic Regulation of Credit Rating Agencies and Rated Markets
Author/Editor: Sy, Amadou N. R.
Series: Working Paper No. 09/129
Date: June 1, 2009
Subject(s): Bank supervision | Banking sector | Bonds | Capital markets | Credit | Credit risk | Financial crisis | Financial risk | Financial systems | Governance | Nonbank financial sector | Risk management | Securities markets | Securities regulations
Author's keyword(s): Rating agencies | financial crises | structured credit products | macro-prudential | micro-prudential | regulation | systemic risk | procylicality

Title: Current Accounts in a Currency Union
Author/Editor: Decressin, Jörg ; Stavrev, Emil
Series: Working Paper No. 09/127
Date: June 1, 2009
Subject(s): Cross country analysis | Current account | Economic models | European Economic and Monetary Union | External shocks | Monetary unions | Real effective exchange rates | Regional shocks
Author's keyword(s): current account | currency union | EMU | real exchange rate

Title: Decoupling from the East Toward the West? Analyses of Spillovers to the Baltic Countries
Author/Editor: Obiora, Kingsley I
Series: Working Paper No. 09/125
Date: June 1, 2009
Subject(s): Commodity prices | Cross country analysis | Economic models | Estonia | European Union | External shocks | Financial crisis | Latvia | Lithuania | Real effective exchange rates | Regional shocks | Russian Federation | Spillovers | Trade integration
Author's keyword(s): Spillovers | Baltics | Vector Autoregression

Title: Modeling with Macro-Financial Linkages: Credit and Policy Shocks in Emerging Markets
Author/Editor: Benes, Jaromir ; Ötker, Inci ; Vávra, David
Series: Working Paper No. 09/123
Date: June 1, 2009
Subject(s): Banks | Central banks | Credit controls | Credit expansion | Credit risk | Dollarization | Economic models | Emerging markets | External borrowing | External shocks | Financial intermediation | Financial sector | Loans | Monetary policy
Author's keyword(s): macro-financial linkages | modeling | policy analysis | financial frictions | financial intermediation | dollarization | credit growth | credit crunch | credit controls

Title: Competitiveness in Central-Europe: What Has Happened Since EU Accession?
Author/Editor: Allard, Céline
Series: Working Paper No. 09/121
Date: June 1, 2009
Subject(s): Central and Eastern Europe | Cross country analysis | Economic models | European Union | Exchange rate appreciation | Exports | Foreign direct investment | Global competitiveness | Imports | Trade
Author's keyword(s): Competitiveness | exchange rate | trade | transition economies | EU accession

Title: A Multi-industry Model of Growth with Financing Constraints
Author/Editor: Ilyina, Anna ; Samaniego, Roberto M.
Series: Working Paper No. 09/119
Date: May 1, 2009
Subject(s): Economic growth | Economic models | External financing | External sector | Industrial sector | Production | Productivity
Author's keyword(s): Financial development | industry growth | R&D intensity | external finance dependence | convergence dynamics | structural change.

Title: Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy
Author/Editor: Berkmen, Pelin
Series: Working Paper No. 09/117
Date: May 1, 2009
Subject(s): Argentina | Commodity prices | Demand | Economic models | External shocks | Fiscal policy | Inflation | International trade | Monetary policy | Price increases | Revenues | Terms of trade | Time series
Author's keyword(s): Monetary Policy | Fiscal Policy

Title: The Macroeconomics of Scaling Up Aid: The Gleneagles Initiative for Benin
Author/Editor: Mongardini, Joannes ; Samaké, Issouf
Series: Working Paper No. 09/115
Date: May 1, 2009
Subject(s): Absorptive capacity | Aid flows | Benin | Concessional aid | Debt sustainability | Domestic investment | Financial assistance | Financial risk | Fiscal sustainability | Infrastructure | Millennium Development Goals
Author's keyword(s): Benin; Scaling Up; Aid; Absorptive Capacity; Dutch Disease

Title: Financial Deepening in the CFA Franc Zone:The Role of Institutions
Author/Editor: Singh, Raju ; Kpodar, Kangni ; Ghura, Dhaneshwar
Series: Working Paper No. 09/113
Date: May 1, 2009
Subject(s): Credit policy | Cross country analysis | Currencies | Economic models | Financial sector | Governance | Private sector | Sub-Saharan Africa
Author's keyword(s): Financial deepening CFA Franc zone.

Title: Spillovers to Emerging Equity Markets: An Econometric Assessment
Author/Editor: Psalida, L. Effie ; Sun, Tao
Series: Working Paper No. 09/111
Date: May 1, 2009
Subject(s): Asset prices | Capital inflows | Capital markets | Economic models | Emerging markets | Spillovers | Stock prices
Author's keyword(s): Emerging markets | equity markets | spillovers

Title: Estimating Default Frequencies and Macrofinancial Linkages in the Mexican Banking Sector
Author/Editor: Blavy, Rodolphe ; Souto, Marcos
Series: Working Paper No. 09/109
Date: May 1, 2009
Subject(s): Bank soundness | Banking sector | Banks | Credit risk | Data analysis | Economic models | Mexico
Author's keyword(s): banking sector | credit risk | macrofinancial links | Mexico | banking sector soundness

Title: Madagascar: A Competitiveness and Exchange Rate Assessment
Author/Editor: Eyraud, Luc
Series: Working Paper No. 09/107
Date: May 1, 2009
Subject(s): Cross country analysis | Exchange rate assessments | Export markets | Global competitiveness | International trade | Madagascar | Price structures | Real effective exchange rates
Author's keyword(s): Equilibrium exchange rate | competitiveness | Madagascar.

Title: Financial Intermediation, Competition, and Risk: A General Equilibrium Exposition
Author/Editor: De Nicoló, Gianni ; Lucchetta, Marcella
Series: Working Paper No. 09/105
Date: May 1, 2009
Subject(s): Banking sector | Banks | Borrowing | Capital | Competition | Corporate sector | Economic models | Financial intermediation | Financial risk | Investment | Risk management
Author's keyword(s): General Equilibrium | Bank Competition | Market Power Rents | Risk

Title: The Persistence of Capital Account Crises
Author/Editor: Mecagni, Mauro ; Atoyan, Ruben ; Hofman, David
Series: Working Paper No. 09/103
Date: May 1, 2009
Subject(s): Capital account | Capital controls | Capital markets | Capital outflows | Data analysis | Economic models | Exchange rate regimes | External sector | Financial crisis | Fiscal policy | Monetary policy
Author's keyword(s): Capital account crises | persistence | balance sheets

Title: "What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?"
Author/Editor: Batini, Nicoletta ; Tereanu, Eugen
Series: Working Paper No. 09/101
Date: May 1, 2009
Subject(s): Agricultural commodities | Agricultural prices | Central banks | Commodity price fluctuations | Consumer prices | Demand | Economic models | External shocks | Inflation | Inflation targeting | Monetary policy | Oil prices | Price stabilization
Author's keyword(s): Inflation targeting | oil prices | food prices | supply shock | optimal horizon | monetary policy rules.

Title: The impact of the regional cross-listing of stocks on firm value in sub-Saharan Africa
Author/Editor: Adelegan, Olatundun Janet
Series: Working Paper No. 09/99
Date: May 1, 2009
Subject(s): Capital markets | Sub-Saharan Africa | Stock markets | Stock prices | Nonbank financial sector | Corporate sector | Economic integration | Cross country analysis
Author's keyword(s): Regional cross-listing; stock markets; event study

Title: Why Are Japanese Wages So Sluggish?
Author/Editor: Sommer, Martin
Series: Working Paper No. 09/97
Date: May 1, 2009
Subject(s): Wages | Japan | Developed countries | Productivity | Labor markets | Employment | Aging | Labor market reforms | Economic models | Cross country analysis
Author's keyword(s): Japan | wages | labor share | productivity | dualities