Title: Constraints on Growth in the MENA Region
Author/Editor: Bhattacharya, Rina ; Wolde, Hirut
Series: Working Paper No. 10/30
Date: February 1, 2010

Title: Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle
Author/Editor: Villafuerte, Mauricio ; Lopez-Murphy, Pablo
Series: Working Paper No. 10/28
Date: February 1, 2010
Subject(s): Business cycles | Commodity price fluctuations | Cross country analysis | Fiscal policy | Fiscal sustainability | Nonoil sector | Oil prices | Oil producing countries | Oil production | Oil revenues
Author's keyword(s): Oil producing countries | fiscal policy

Title: International Pricing of Emerging Market Corporate Debt: Does the Corporate Matter?
Author/Editor: Keller, Sonja ; Mody, Ashoka
Series: Working Paper No. 10/26
Date: January 1, 2010
Subject(s): Asset prices | Bond markets | Bonds | Corporate sector | Credit risk | Emerging markets | External borrowing | International capital markets | Investment | Risk premium
Author's keyword(s): Corporate bonds | bond spreads | Fama-French factors

Title: The Global Financial Crisis and Workers' Remittances to Africa: What's the Damage?
Author/Editor: Barajas, Adolfo ; Chami, Ralph ; Fullenkamp, Connel ; Garg, Anjali
Series: Working Paper No. 10/24
Date: January 1, 2010
Subject(s): Africa | Capital flows | Cross country analysis | Economic forecasting | Economic growth | Financial crisis | Global Financial Crisis 2008-2009 | Migration | Workers remittances
Author's keyword(s): Remittances | economic growth | migration | Africa | global crisis

Title: The Location of Domestic and Foreign Production Affiliates by French Multinational Firms
Author/Editor: Mayer, Thierry ; Méjean, Isabelle ; Nefussi, Benjamin
Series: Working Paper No. 10/22
Date: January 1, 2010
Subject(s): Economic models | Foreign direct investment | France | Industrial investment | Industrial production | Manufacturing sector | Productivity
Author's keyword(s): Location choice | Multinational firms | Conditional logit model

Title: Dissecting Taylor Rules in a Structural VAR
Author/Editor: Choi, Woon Gyu ; Wen, Yi
Series: Working Paper No. 10/20
Date: January 1, 2010
Subject(s): Economic models | Economic stabilization | External shocks | Inflation targeting | Interest rate policy | Monetary policy | Productivity | Stabilization measures
Author's keyword(s): endogenous monetary policy | Taylor rule | structural VAR | spectral decomposition

Title: Responding to Banking Crises: Lessons from Cross-Country Evidence
Author/Editor: Detragiache, Enrica ; Ho, Giang
Series: Working Paper No. 10/18
Date: January 1, 2010
Subject(s): Bank restructuring | Banking crisis | Banking sector | Cross country analysis | Economic growth | Economic models | Economic recovery | Fiscal policy | Governance | Government expenditures | Public finance | Stabilization measures
Author's keyword(s): Banking crises | banking crisis policies | banking crisis cost

Title: China: Does Government Health and Education Spending Boost Consumption?
Author/Editor: Barnett, Steven ; Brooks, Ray
Series: Working Paper No. 10/16
Date: January 1, 2010
Subject(s): China, People's Republic of | Economic growth | Education | Government expenditures | Health care | Income distribution | Private consumption | Private savings | Private sector
Author's keyword(s): China | saving | consumption | health | education

Title: Are Financial Crises Alike?
Author/Editor: Dungey, Mardi ; Fry, Renee ; González-Hermosillo, Brenda ; Martin, Vance ; Tang, Chrismin
Series: Working Paper No. 10/14
Date: January 1, 2010
Subject(s): Banking crisis | Capital markets | Cross country analysis | Developed countries | Economic models | Emerging markets | External shocks | Financial crisis | Spillovers
Author's keyword(s): Financial crises | Contagion | Factor models

Title: Exchange Rate Choices of Microstates
Author/Editor: Imam, Patrick A.
Series: Working Paper No. 10/12
Date: January 1, 2010
Subject(s): Cross country analysis | Currency boards | Currency pegs | Dollarization | Economic models | Exchange rate determination | Exchange rate policy | Exchange rate regimes | Governance | Monetary policy | Small states
Author's keyword(s): Micro-states | Dollarization | Currency board | Fixed exchange rate | Geweke-Hajivassiliou-Keane Multivariate Simulator

Title: Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets
Author/Editor: Das, Udaibir S. ; Papaioannou, Michael G. ; Trebesch, Christoph
Series: Working Paper No. 10/10
Date: January 1, 2010
Subject(s): Access to capital markets | Capital flows | Corporate sector | Credit risk | Cross country analysis | Emerging markets | External financing | International capital markets | Private sector | Risk management | Sovereign debt
Author's keyword(s): Sovereign default | Private sector access | Capital flows | Emerging Markets

Title: The Spillover Effects of the Global Crisis on Economic Activity in MENA Emerging Market Countries-An Analysis Using the Financial Stress Index
Author/Editor: Moriyama, Kenji
Series: Working Paper No. 10/8
Date: January 1, 2010
Subject(s): Cross country analysis | Economic growth | Economic models | Emerging markets | Financial crisis | Fiscal policy | Global Financial Crisis 2008-2009 | Middle East | Monetary policy | North Africa | Regional shocks | Spillovers
Author's keyword(s): Spillover | financial stress | emerging market.

Title: Correlations in Emerging Market Bonds: The Role of Local and Global Factors
Author/Editor: Bunda, Irina ; Hamann, A. Javier ; Lall, Subir
Series: Working Paper No. 10/6
Date: January 1, 2010
Subject(s): Asset prices | Bond markets | Cross country analysis | Economic models | Emerging markets | Financial crisis
Author's keyword(s): Emerging markets | bond markets | financial crises | comovement | contagion

Title: Inherited or Earned? Performance of Foreign Banks in Central and Eastern Europe
Author/Editor: Havrylchyk, Olena ; Jurzyk, Emilia Magdalena
Series: Working Paper No. 10/4
Date: January 1, 2010
Subject(s): Bank restructuring | Banking sector | Central and Eastern Europe | Economic models | Foreign investment | Profits | Risk management
Author's keyword(s): foreign banks | foreign acquisition | propensity score matching

Title: Public Debt Sustainability and Management in a Compound Option Framework
Author/Editor: Chan-Lau, Jorge A. ; Santos, Andre
Series: Working Paper No. 10/2
Date: January 1, 2010
Subject(s): Asset management | Australia | Credit risk | Debt management | Debt sustainability | Economic models | Group of Twenty | Public debt | Public sector | Risk management
Author's keyword(s): Asset-liability management | debt management | default risk | Australia

Title: The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications
Author/Editor: Beidas-Strom, Samya ; Lian, Weicheng ; Maseeh, Ashwaq
Series: Working Paper No. 09/288
Date: December 1, 2009
Subject(s): Business cycles | Consumption | Cross country analysis | Economic models | Emerging markets | Household credit | Housing | Housing prices | Middle East and Central Asia | North Africa | Price increases | Real estate prices
Author's keyword(s): Housing finance | mortgage market | housing and rental price dynamics and bubbles | Middle East | North Africa | panel data analysis

Title: Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
Author/Editor: Bi, Huixin ; Kumhof, Michael
Series: Working Paper No. 09/286
Date: December 1, 2009
Subject(s): Borrowing | Economic models | External shocks | Fiscal policy | Monetary policy | Welfare
Author's keyword(s): Optimal simple rules; monetary policy rules; fiscal policy rules; welfare analysis; borrowing constraints.

Title: Growth and Structural Reforms: A New Assessment
Author/Editor: Christiansen, Lone Engbo ; Schindler, Martin ; Tressel, Thierry
Series: Working Paper No. 09/284
Date: December 1, 2009
Subject(s): Capital account | Cross country analysis | Economic growth | Economic models | Economic reforms | Fiscal policy | Globalization | Governance | International financial system | International trade | Trade liberalization
Author's keyword(s): Economic Growth; Liberalization; Domestic Finance; Trade: Capital Account

Title: “Lost Decade” in Translation:What Japan’s Crisis could Portend about Recovery from the Great Recession
Author/Editor: Syed, Murtaza H. ; Kang, Kenneth ; Tokuoka, Kiichi
Series: Working Paper No. 09/282
Date: December 1, 2009
Subject(s): Banking crisis | Banking sector | Central bank policy | Demand | Economic recovery | Financial crisis | Fiscal policy | Global Financial Crisis 2008-2009 | International financial system | Japan | Liquidity management | Monetary policy | Private sector | Public investment
Author's keyword(s): Japan | Lost Decade | Financial Crisis | Great Recession | Green Shoots | Exit

Title: The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact
Author/Editor: Berkmen, Pelin ; Gelos, Gaston ; Rennhack, Robert ; Walsh, James P
Series: Working Paper No. 09/280
Date: December 1, 2009
Subject(s): Credit expansion | Cross country analysis | Developing countries | Economic forecasting | Economic growth | Emerging markets | Financial crisis | Financial systems | Fiscal policy | Flexible exchange rates | Global Financial Crisis 2008-2009 | Trade
Author's keyword(s): Global crisis | transmission of shocks | emerging markets | cross-country linkages

Title: The General Data Dissemination System (GDDS)-A Reflection on its First 12 Years and Plans for Taking it Forward
Author/Editor: Enoch, Charles ; Kibuka, Robin D.
Series: Working Paper No. 09/278
Date: December 1, 2009
Subject(s): Access to capital markets | Data quality assessment framework | Emerging markets | Financial crisis | Fund role | General Data Dissemination System | Special Data Dissemination Standard | Standards and codes | Statistics | Technical assistance
Author's keyword(s): Statistics | GDDS | technical assistance | economic and financial crises | macroeconomic data | data dissemination.

Title: Accounting for Global Dispersion of Current Accounts
Author/Editor: Chang, Yongsung ; Kim, Sun-Bin ; Lee, Jaewoo
Series: Working Paper No. 09/276
Date: December 1, 2009
Subject(s): Capital transactions | Consumer goods | Cross country analysis | Current account | Economic integration | Economic models | External shocks | International capital markets | International financial system | International trade
Author's keyword(s): Distribution of Current Account | Incomplete Markets | Frictions

Title: Cyclical Patterns of Government Expenditures in Sub-Saharan Africa: Facts and Factors
Author/Editor: Lledo, Victor Duarte ; Yackovlev, Irene ; Gadenne, Lucie
Series: Working Paper No. 09/274
Date: December 1, 2009
Subject(s): Aid flows | Business cycles | Capital flows | Cross country analysis | Developing countries | Economic models | External debt | Fiscal policy | Government expenditures | Political economy | Sub-Saharan Africa
Author's keyword(s): Fiscal policy | government expenditures | business cycles | and sub-Saharan Africa

Title: Who Disciplines Bank Managers?
Author/Editor: Cihák, Martin ; Maechler, Andrea M. ; Schaeck, Klaus ; Stolz, Stéphanie Marie
Series: Working Paper No. 09/272
Date: December 1, 2009
Subject(s): Bank soundness | Bank supervision | Banks | Capital markets | Corporate governance | Data analysis | Economic models | Performance indicators | Personnel | Risk management | United States
Author's keyword(s): Market discipline | executive turnover | financial soundness | corporate governance

Title: Foreign Bank Entry and Credit Allocation in Emerging Markets
Author/Editor: Degryse, Hans ; Havrylchyk, Olena ; Jurzyk, Emilia Magdalena ; Kozak, Sylwester
Series: Working Paper No. 09/270
Date: December 1, 2009
Subject(s): Bank credit | Banks | Borrowing | Economic models | Emerging markets | Foreign exchange | Loans
Author's keyword(s): banks | ownership | credit allocation

Title: Growth Determinants Revisited
Author/Editor: Mirestean, Alin ; Tsangarides, Charalambos G.
Series: Working Paper No. 09/268
Date: December 1, 2009
Subject(s): Cross country analysis | Economic conditions | Economic growth | Economic models | Human capital
Author's keyword(s): Economic growth | growth regressions | Bayesian Model Averaging | dynamic panel estimation | limited information estimation.

Title: How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?
Author/Editor: Agca, Senay ; Celasun, Oya
Series: Working Paper No. 09/266
Date: December 1, 2009
Subject(s): Access to capital markets | Corporate sector | Credit | Debt management | Economic models | Emerging markets | External borrowing | External debt | Governance | Public debt | Sovereign debt
Author's keyword(s): Sovereign risk | corporate debt | syndicated loans | yield spreads | creditor rights

Title: Investment-Specific Productivity Growth: Chile in a Global Perspective
Author/Editor: Di Bella, Gabriel ; Cerisola, Martin
Series: Working Paper No. 09/264
Date: December 1, 2009
Subject(s): Capital | Chile | Cross country analysis | Economic growth | Economic models | Investment | Labor productivity | Productivity
Author's keyword(s): Productivity | Investment | General Equilibrium Model | Chile.

Title: Inflation Targeting Pillars: Transparency and Accountability
Author/Editor: Freedman, Charles ; Laxton, Douglas
Series: Working Paper No. 09/262
Date: December 1, 2009
Subject(s): Central bank policy | Central banks | Inflation | Inflation targeting | Monetary policy | Transparency
Author's keyword(s): Inflation Targeting | Monetary Policy

Title: Improving Surveillance Across the CEMAC Region
Author/Editor: Iossifov, Plamen ; Kinoshita, Noriaki ; Takebe, Misa ; York, Robert C. ; Zhan, Zaijin
Series: Working Paper No. 09/260
Date: November 1, 2009
Subject(s): Budget deficits | Business cycles | Central African Economic and Monetary Community | External shocks | Fiscal policy | Monetary policy | Monetary unions | Multilateral surveillance | Nonoil sector
Author's keyword(s): monetary policy | fiscal policy | non-oil primary deficit | sustainability | economic cycles and shocks | foreign reserves

Title: Institutional Factors and Financial Sector Development: Evidence from Sub-Saharan Africa
Author/Editor: Anayiotos, George C. ; Toroyan, Hovhannes
Series: Working Paper No. 09/258
Date: November 1, 2009
Subject(s): Access to capital markets | Cross country analysis | Data analysis | Data quality assessment framework | Development | Economic models | Financial institutions | Financial sector | Governance | Political economy | Sub-Saharan Africa
Author's keyword(s): Institutions | Financial sector development | data envelopment analysis | Sub-Saharan Africa

Title: Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy
Author/Editor: N'Diaye, Papa M'B. P.
Series: Working Paper No. 09/256
Date: November 1, 2009
Subject(s): Asset prices | Business cycles | Credit expansion | Economic models | Exchange systems | Fiscal policy | Hong Kong Special Administrative Region of China | Monetary policy | Monetary transmission mechanism | United States
Author's keyword(s): Monetary policy | financial accelerator | asset prices | GIMF.

Title: Credit Derivatives: Systemic Risks and Policy Options?
Author/Editor: Kiff, John ; Elliott, Jennifer A. ; Kazarian, Elias G. ; Scarlata, Jodi G. ; Spackman, Carolyne
Series: Working Paper No. 09/254
Date: November 1, 2009
Subject(s): Asset management | Credit risk | Financial instruments | Financial stability | Fiscal policy | Securities markets | Securities regulations | Transparency
Author's keyword(s): Financial Derivatives | Financial Stability

Title: Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts
Author/Editor: Kannan, Prakash ; Rabanal, Pau ; Scott, Alasdair
Series: Working Paper No. 09/252
Date: November 1, 2009
Subject(s): Asset prices | Credit expansion | Housing prices | Monetary policy | Price increases | Stock prices
Author's keyword(s): Asset Prices; Credit; Monetary Policy

Title: The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities
Author/Editor: Belhocine, Nazim
Series: Working Paper No. 09/250
Date: November 1, 2009
Subject(s): Accounting | Canada | Capital | Capital goods | Corporate sector | Economic models | Investment | National income accounts | Stock markets | Stock prices
Author's keyword(s): q-Theory | Unrecorded Capital | Intangible Capital.

Title: Today versus Tomorrow: The Sensitivity of the Non-Oil Current Account Balance to Permanent and Current Income
Author/Editor: Thomas, Alun H. ; Bayoumi, Tamim
Series: Working Paper No. 09/248
Date: November 1, 2009
Subject(s): Africa | Consumption | Current account balances | Economic models | National income | Nonoil sector | Oil exporting countries | Oil prices | Oil revenues | Private sector | Public sector
Author's keyword(s): Permanent Income Model | non-oil current account | oil wealth | rate of return

Title: Governance and Fund Management in the Chinese Pension System
Author/Editor: Impavido, Gregorio ; Hu, Yu-Wei ; Li, Xiaohong
Series: Working Paper No. 09/246
Date: November 1, 2009
Subject(s): Banking crisis | Capital | Cross country analysis | Demand | Economic growth | External sector | Fiscal policy | Labor | Monetary policy | Productivity | China, People's Republic of
Author's keyword(s): Public pensions | Fund Management | and Governance.

Title: A Rule-Based Medium-Term Fiscal Policy Framework for Tanzania
Author/Editor: Kim, Daehaeng ; Saito, Mika
Series: Working Paper No. 09/244
Date: November 1, 2009
Subject(s): Budgetary policy | Budgeting | Cross country analysis | Debt sustainability | External borrowing | External debt | Fiscal policy | Fiscal sustainability | Government expenditures | Public investment | Revenues | Tanzania
Author's keyword(s): Fiscal sustainability | fiscal rules | medium-term fiscal framework

Title: Valuation of Unlisted Direct Investment Equity
Author/Editor: Kumah, Emmanuel ; Damgaard, Jannick ; Elkjaer, Thomas
Series: Working Paper No. 09/242
Date: November 1, 2009
Subject(s): Corporate sector | Economic models | Foreign direct investment | Pricing policy | Stock markets | Stock prices
Author's keyword(s): Valuation methods | FDI | international investment position | macroeconomic statistical methodology | estimation techniques

Title: Treating Intangible Inputs as Investment Goods: the Impact on Canadian GDP
Author/Editor: Belhocine, Nazim
Series: Working Paper No. 09/240
Date: November 1, 2009
Subject(s): Canada | Capital goods | Capital transactions | Cross country analysis | Data collection | Economic growth | Gross domestic product | Investment | Labor productivity | National income accounts
Author's keyword(s): Intangible Capital Goods | Intangible Investment | Growth

Title: Monetary Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach
Author/Editor: Vitek, Francis
Series: Working Paper No. 09/238
Date: October 1, 2009
Subject(s): Business cycles | Cross country analysis | Developed countries | Economic forecasting | Economic models | Emerging markets | Financial sector | Inflation | International financial system | Monetary policy | Monetary transmission mechanism | Real sector
Author's keyword(s): Monetary policy analysis; forecasting; world economy; panel unobserved components model; Bayesian conditioning on judgment.

Title: Inflation Targeting at 20: Achievements and Challenges
Author/Editor: Roger, Scott
Series: Working Paper No. 09/236
Date: October 1, 2009
Subject(s): Central bank policy | Cross country analysis | Developing countries | Disinflation | Emerging markets | Financial sector | Financial stability | Inflation targeting | Monetary policy | Price stabilization | Transparency
Author's keyword(s): inflation targeting | monetary policy

Title: Hybrid Inflation Targeting Regimes
Author/Editor: Roger, Scott ; Restrepo, Jorge ; Garcia, Carlos
Series: Working Paper No. 09/234
Date: October 1, 2009
Subject(s): Central bank policy | Demand | Developing countries | Economic models | Exchange rates | External shocks | Inflation targeting | Monetary policy | Risk premium
Author's keyword(s): Inflation targeting | monetary policy | exchange rate

Title: Monetary Policy and the Lost Decade: Lessons from Japan
Author/Editor: Leigh, Daniel
Series: Working Paper No. 09/232
Date: October 1, 2009
Subject(s): Deflation | Economic stabilization | Economic models | External shocks | Inflation targeting | Interest rate policy | Monetary policy | Japan
Author's keyword(s): liquidity trap | deflation | monetary policy | Bayesian econometrics

Title: Global Market Conditions and Systemic Risk
Author/Editor: González-Hermosillo, Brenda ; Hesse, Heiko
Series: Working Paper No. 09/230
Date: October 1, 2009
Subject(s): Banking sector | Central bank policy | Currency swaps | Developing countries | Economic models | Financial crisis | Financial risk | Financial systems | Fiscal policy | International capital markets | Nonbank financial sector | Risk management
Author's keyword(s): Systemic Risk | Global Financial Crises | Emerging Markets | Subprime Crisis | Volatility | Solvency | Markov-Switching

Title: The Liquidity and Liquidity Distribution Effects in Emerging Markets: The Case of Jordan
Author/Editor: Vandenbussche, Jérôme ; Blazsek, Szabolcs ; Watt, Stanley
Series: Working Paper No. 09/228
Date: October 1, 2009
Subject(s): Banking systems | Central banks | Demand for money | Excess liquidity | Jordan | Liquidity management | Monetary operations | Monetary policy | Money markets | Money supply | Reserve requirements
Author's keyword(s): interbank market; liquidity effect; liquidity distribution; monetary operations

Title: Unconventional Central Bank Measures for Emerging Economies
Author/Editor: Ishi, Kotaro ; Stone, Mark R. ; Yehoue, Etienne B.
Series: Working Paper No. 09/226
Date: October 1, 2009
Subject(s): Central bank policy | Currency swaps | Emerging markets | Financial crisis | Foreign exchange | Liquidity management | Monetary policy | Reserve requirements | Risk management
Author's keyword(s): monetary policy | unconventional measures | emerging economies

Title: New Zealand Bank Vulnerabilities in International Perspective
Author/Editor: Brooks, Ray ; Cubero, Rodrigo
Series: Working Paper No. 09/224
Date: October 1, 2009
Subject(s): Banking sector | Banks | Corporate sector | Credit risk | Cross country analysis | Financial assets | Financial crisis | Financial soundness indicators | Household credit | Housing prices | New Zealand | Private sector | Risk management
Author's keyword(s): New Zealand | bank funding | bank asset quality | stress tests

Title: Euro Area Sovereign Risk During the Crisis
Author/Editor: Sgherri, Silvia ; Zoli, Edda
Series: Working Paper No. 09/222
Date: October 1, 2009
Subject(s): Bond markets | Capital markets | European Union | External debt | Financial crisis | Financial sector | Fiscal management | Fiscal policy | Fiscal sector | Investment | Pricing policy | Public finance | Risk premium | Sovereign debt
Author's keyword(s): Euro Area; Fiscal Policy; Sovereign Spreads; Global Risk Repricing

Title: Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa
Author/Editor: Poghosyan, Tigran ; Hesse, Heiko
Series: Working Paper No. 09/220
Date: October 1, 2009
Subject(s): Banks | Commodity price fluctuations | External shocks | Middle East | North Africa | Oil exporting countries | Oil exports | Oil prices | Oil sector | Profit margins | Profits
Author's keyword(s): bank profitability | oil price shocks | system GMM

Title: Do Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debate on Decoupling and Spillovers
Author/Editor: Obiora, Kingsley I.
Series: Working Paper No. 09/218
Date: October 1, 2009
Subject(s): Brazil | Cross country analysis | Direction of trade | Economic growth | Economic models | European Union | Financial crisis | Global competitiveness | International trade | Nigeria | Spillovers | Trade policy | United States
Author's keyword(s): Trading Partners | Decoupling | Spillovers | Vector Autoregression

Title: Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa
Author/Editor: Singh, Raju ; Haacker, Markus ; Lee, Kyung-woo
Series: Working Paper No. 09/216
Date: October 1, 2009
Subject(s): Cross country analysis | Developing countries | Economic growth | Economic models | Sub-Saharan Africa | Workers remittances
Author's keyword(s): remittances | economic growth | Africa

Title: Constructing Forecast Confidence Bands During the Financial Crisis
Author/Editor: Chen, Huigang ; Clinton, Kevin ; Johnson, Marianne ; Kamenik, Ondra ; Laxton, Douglas
Series: Working Paper No. 09/214
Date: September 1, 2009
Subject(s): Bank credit | Credit restraint | Economic forecasting | Economic models | European Union | Inflation targeting | Interest rates | Japan | Monetary policy | Oil prices | United States
Author's keyword(s): forecasting and simulation; forecast confidence bands

Title: Cointegrated TFP Processes and International Business Cycles
Author/Editor: Rabanal, Pau ; Rubio-Ramirez, Juan F. ; Tuesta, Vicente
Series: Working Paper No. 09/212
Date: September 1, 2009
Subject(s): Business cycles | Consumer goods | Demand | Economic models | Exchange rates | External shocks | Industrial production | International trade | Price elasticity | Prices | Private consumption | Productivity | Real effective exchange rates | Spillovers
Author's keyword(s): International Business Cycles | Real Exchange Rates | Cointegration

Title: Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data
Author/Editor: Prati, Alessandro ; Schindler, Martin ; Valenzuela, Patricio
Series: Working Paper No. 09/210
Date: September 1, 2009
Subject(s): Access to capital markets | Asset management | Capital account liberalization | Capital controls | Corporate sector | Credit | Debt | Economic models | Foreign exchange transactions | Foreign investment | Time series
Author's keyword(s): Capital account liberalization; capital controls; credit access; credit ratings

Title: Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows
Author/Editor: Binici, Mahir ; Hutchison, Michael ; Schindler, Martin
Series: Working Paper No. 09/208
Date: September 1, 2009
Subject(s): Asset management | Capital account | Capital controls | Capital flows | Cross country analysis | Economic integration | Globalization | Time series
Author's keyword(s): Capital controls; capital flows; financial integration

Title: The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis
Author/Editor: Frank, Nathaniel ; Hesse, Heiko
Series: Working Paper No. 09/206
Date: September 1, 2009
Subject(s): Bank credit | Banking sector | Central bank policy | Central banks | Credit risk | Economic models | Financial crisis | Liquidity management | Loans | Monetary policy | Risk management
Author's keyword(s): Interbank markets | Financial Crisis | Markov-Switching | GARCH

Title: How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis
Author/Editor: Aït-Sahalia, Yacine ; Andritzky, Jochen R. ; Jobst, Andreas ; Nowak, Sylwia Barbara ; Tamirisa, Natalia T.
Series: Working Paper No. 09/204
Date: September 1, 2009
Subject(s): Banks | Capital markets | Central banks | Data analysis | Databases | Financial crisis | Financial sector | Monetary policy | Spillovers | Statistics
Author's keyword(s): Crisis | policy | announcement | event | financial | liquidity | monetary | fiscal | bank

Title: Benchmark Priors Revisited: On Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging
Author/Editor: Feldkircher, Martin ; Zeugner, Stefan
Series: Working Paper No. 09/202
Date: September 1, 2009
Subject(s): Data analysis | Economic growth | Economic models
Author's keyword(s): Bayesian model averaging | hyper-g prior | shrinkage factor | Zellner's g prior | model uncertainty | growth econometrics

Title: The Need for Special Resolution Regimes for Financial Institutions—The Case of theEuropean Union
Author/Editor: Cihák, Martin ; Nier, Erlend
Series: Working Paper No. 09/200
Date: September 1, 2009
Subject(s): Bank resolution | Bank supervision | Bankruptcy | Banks | Credit risk | European Union | Financial institutions | Financial risk | Financial sector | Financial stability | Nonbank financial sector | Risk management
Author's keyword(s): Financial Institutions | Resolution Regime | European Union

Title: The Real Effects of Financial Sector Risk
Author/Editor: Tieman, Alexander F. ; Maechler, Andrea M.
Series: Working Paper No. 09/198
Date: September 1, 2009
Subject(s): Banks | Credit expansion | Economic models | European Union | Financial risk | Financial sector | Financial stability
Author's keyword(s): financial sector risk | feedback effects | second-round effects | credit growth

Title: The Derivatives Market in South Africa: Lessons for sub-Saharan African Countries
Author/Editor: Adelegan, Olatundun Janet
Series: Working Paper No. 09/196
Date: September 1, 2009
Subject(s): Bond markets | Capital flows | Capital markets | Financial instruments | Financial risk | Investment | Liquidity management | Risk management | Securities markets | Securities regulations | South Africa | Stock markets | Sub-Saharan Africa
Author's keyword(s): derivatives | South Africa | options | futures

Title: Political Risk Aversion
Author/Editor: Valderrama, Laura
Series: Working Paper No. 09/194
Date: September 1, 2009
Subject(s): Corporate governance | Corporate sector | Economic models | Labor mobility | Political economy | Productivity | Technology transfer | Voting power
Author's keyword(s): Individual uncertainty; Innovation; Dynamic voting; Institutional reform.

Title: The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct
Author/Editor: Sriram, Subramanian S.
Series: Working Paper No. 09/192
Date: September 1, 2009
Subject(s): Central bank policy | Commercial banks | Demand for money | Economic growth | Economic models | Financial sector | Gambia, The | Inflation targeting | Interest rates on deposits | Liquidity | Monetary policy | Price stabilization | Sub-Saharan Africa | Time series
Author's keyword(s): Broad money | cointegration | error-correction | inflation targeter lite | inflation tergeting | M2 | monetary policy | money demand | sub-Saharan Africa | The Gambia

Title: Fiscal Sustainability in Remittance-Dependent Economies
Author/Editor: Abdih, Yasser ; Chami, Ralph ; Gapen, Michael T. ; Mati, Amine
Series: Working Paper No. 09/190
Date: September 1, 2009
Subject(s): Capital inflows | Debt burden | Debt sustainability | Demand for money | Developing countries | Economic models | Fiscal management | Fiscal sustainability | Gross domestic product | Lebanon | Private savings | Public debt | Workers remittances
Author's keyword(s): Remittances | fiscal sustainability | remittance-dependent economies

Title: Search in the Labor Market Under Imperfectly Insurable Income Risk
Author/Editor: Roca, Mauro
Series: Working Paper No. 09/188
Date: September 1, 2009
Subject(s): Consumption | Economic models | Employment | Financial risk | Income | Income distribution | Insurance | Labor markets | Private savings | Private sector | Unemployment | Wage bargaining | Wages
Author's keyword(s): Unemployment | incomplete markets | unemployment insurance | heterogeneous agents

Title: One Money, One Market - A Revised Benchmark
Author/Editor: Eicher, Theo S. ; Henn, Christian
Series: Working Paper No. 09/186
Date: September 1, 2009
Subject(s): Bilateral trade | Economic models | Markets | Monetary systems | Monetary unions | Trade integration | Trade relations
Author's keyword(s): Currency Unions | Preferencial Trade Agreements | Gravity Equation | Multilateral Resistance

Title: Establishing Conversion Values for New Currency Unions: Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union
Author/Editor: Krueger, Russell C. ; Kamar, Bassem ; Carlotti, Jean-Etienne
Series: Working Paper No. 09/184
Date: August 1, 2009
Subject(s): Convertibility | Convertible currencies | Currencies | East Africa | Economic models | Exchange rate determination | Exchange rates | Monetary unions | Real effective exchange rates | West Africa
Author's keyword(s): Currency union | conversion rates | EAC | East African Community | ECOWAS |