IMF Working Papers by Date


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February 2010
 

Title: Constraints on Trade in the MENA region
Author/Editor: Bhattacharya, Rina ; Wolde, Hirut
Series: Working Paper No. 10/31
Date: February 1, 2010

 

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: Systemic Risks and the Macroeconomy
Author/Editor: De Nicoló, Gianni ; Lucchetta, Marcella
Series: Working Paper No. 10/29
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

 
January 2010
 

Title: Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Author/Editor: Koetter, Michael ; Kick, Thomas ; Poghosyan, Tigran
Series: Working Paper No. 10/27
Date: January 1, 2010
Subject(s): Bank regulations | Bank resolution | Bank soundness | Bank supervision | Banking crisis | Banks | Capital | Credit risk | Economic models | Germany | Risk management
Author's keyword(s): Bank distress | capital support | regulation | recovery

 

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: A Model for Full-Fledged Inflation Targeting and Application to Ghana
Author/Editor: Alichi, Ali ; Clinton, Kevin ; Dagher, Jihad ; Kamenik, Ondra ; Laxton, Douglas ; Mills, Marshall
Series: Working Paper No. 10/25
Date: January 1, 2010
Subject(s): Central banks | Disinflation | Economic models | External shocks | Ghana | Inflation rates | Inflation targeting | Low-income developing countries | Monetary policy | Public information | Transparency

 

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: Financial Shocks and TFP Growth
Author/Editor: Estevão, Marcello M. ; Severo, Tiago
Series: Working Paper No. 10/23
Date: January 1, 2010
Subject(s): Bonds | Business cycles | Canada | Corporate sector | External financing | External shocks | Financial crisis | Industrial sector | Production growth | Productivity | United States
Author's keyword(s): Business cycles | total factor productivity | financial shocks

 

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: An Estimated Model with Macrofinancial Linkages for India
Author/Editor: Anand, Rahul ; Peiris, Shanaka J. ; Saxegaard, Magnus
Series: Working Paper No. 10/21
Date: January 1, 2010
Subject(s): Bank credit | Capital flows | Corporate sector | Economic models | Exchange rates | External borrowing | External financing | External shocks | Financial sector | Foreign exchange | India | Monetary policy
Author's keyword(s): monetary policy | financial accelerator | macro-financial linkages | optimal policy | bayesian estimation

 

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: The Outlook for Financing Japan’s Public Debt
Author/Editor: Tokuoka, Kiichi
Series: Working Paper No. 10/19
Date: January 1, 2010
Subject(s): Aging | Bond markets | Bonds | Budget deficits | Cross country analysis | Debt management | Financial sector | Fiscal consolidation | Japan | Private investment | Private savings | Private sector | Public debt
Author's keyword(s): Public debt | fiscal deficits | Japanese government bonds | yields

 

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: Inflation in Tajikistan: Forecasting Analysis and Monetary Policy Challenges
Author/Editor: Alturki, Fahad ; Vtyurina, Svetlana
Series: Working Paper No. 10/17
Date: January 1, 2010
Subject(s): Banking sector | Credit | Demand for money | Dollarization | Economic forecasting | Economic models | Exchange rates | Inflation | Interest rates | Monetary policy | Money supply | Reserve requirements | Tajikistan
Author's keyword(s): monetary policy | money demand | inflation | dollarization | cointegration | error correction model | forecasting | autoregressive moving average model | Tajikistan

 

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: Estimating Poland's Potential Output: A Production Function Approach
Author/Editor: Epstein, Natan P. ; Macchiarelli, Corrado
Series: Working Paper No. 10/15
Date: January 1, 2010
Subject(s): Business cycles | Economic models | Employment | Poland | Production growth | Productivity | Unemployment
Author's keyword(s): Production function | potential growth | output gap | NAIRU.

 

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: Canada's Potential Growth: Another Victim of the Crisis?
Author/Editor: Estevão, Marcello M. ; Tsounta, Evridiki
Series: Working Paper No. 10/13
Date: January 1, 2010
Subject(s): Canada | Capital accumulation | Economic growth | Financial crisis | Global Financial Crisis 2008-2009 | Gross domestic product | Labor productivity | Productivity | Unemployment
Author's keyword(s): Canada | potential growth | TFP | financial crisis | labor productivity

 

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: After the Crisis: Lower Consumption Growth but Narrower Global Imbalances?
Author/Editor: Mody, Ashoka ; Ohnsorge, Franziska
Series: Working Paper No. 10/11
Date: January 1, 2010
Subject(s): Aging | Business cycles | Consumption | Cross country analysis | Current account | Economic growth | Economic models | Economic recovery | Financial crisis | Global Financial Crisis 2008-2009 | Group of seven | Private sector | Savings | Unemployment
Author's keyword(s): consumption | savings | business cycles | current account adjustment

 

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: Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds
Author/Editor: Brown, Aaron ; Papaioannou, Michael G. ; Petrova, Iva
Series: Working Paper No. 10/9
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 | Sovereign wealth funds | Asset management | Budgets | Central banks | Commodities | Commodity prices | Economic models | Exchange rate regimes | Investment policy | Monetary policy | Resource allocation
Author's keyword(s): Sovereign Wealth Funds | Strategic Asset Allocation | Macrofinancial Linkages

 

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: What Level of Public Debt Could India Target?
Author/Editor: Topalova, Petia ; Nyberg, Dan
Series: Working Paper No. 10/7
Date: January 1, 2010
Subject(s): Cross country analysis | Debt management | Debt sustainability | Fiscal consolidation | Fiscal policy | India | Public debt | Risk management
Author's keyword(s): Fiscal rules | debt target | fiscal consolidation

 

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: The Impact Of The Global Crisis on Canada: What Do Macro-Financial Linkages Tell Us?
Author/Editor: Duttagupta, Rupa ; Barrera, Natalia
Series: Working Paper No. 10/5
Date: January 1, 2010
Subject(s): Bank credit | Canada | Credit controls | Economic forecasting | Economic growth | Economic models | External sector | Financial crisis | Global Financial Crisis 2008-2009 | Gross domestic product | Monetary policy | Spillovers
Author's keyword(s): Macro-financial linkages; Bayesian VAR estimation; lending standards

 

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: Investment by Large Firms in Argentina
Author/Editor: Piris, Alvaro
Series: Working Paper No. 10/3
Date: January 1, 2010
Subject(s): Argentina | Bank credit | Capital | Corporate sector | Economic models | Economic recovery | Financial crisis | Fiscal policy | Interest rates | Investment | Real effective exchange rates
Author's keyword(s): Argentina | investment

 

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: Post-Crisis Bank Behavior: Lessons from Mercosur
Author/Editor: Sanya, Sarah O. ; Mlachila, Montfort
Series: Working Paper No. 10/1
Date: January 1, 2010
Subject(s): Argentina | Bank credit | Banking crisis | Brazil | Commercial banks | Credit restraint | Credit risk | Economic models | Excess liquidity | Paraguay | Private sector | Profits | Uruguay
Author's keyword(s): Bank behavior | bank crisis | convergence | Mercosur |

 
December 2009
 

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: A Fistful of Dollars: Lobbying and the Financial Crisis
Author/Editor: Igan, Deniz ; Mishra, Prachi ; Tressel, Thierry
Series: Working Paper No. 09/287
Date: December 1, 2009
Subject(s): Corporate sector | Economic models | Financial crisis | Financial institutions | Financial sector | Global Financial Crisis 2008-2009 | Governance | Housing | Legislation | Loans | Political economy
Author's keyword(s): Lobbying; financial crises; mortgage lending

 

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: On the Sources of Oil Price Fluctuations
Author/Editor: Unalmis, Deren ; Unalmis, Ibrahim ; Unsal, D. Filiz
Series: Working Paper No. 09/285
Date: December 1, 2009

 

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: Trade and Thy Neighbor's War
Author/Editor: Qureshi, Mahvash Saeed
Series: Working Paper No. 09/283
Date: December 1, 2009
Subject(s): Economic models | International trade | Political economy | Regional shocks
Author's keyword(s): international trade | conflict | contiguous states

 

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: Exchange Rate Assessments: Methodologies for Oil Exporting Countries
Author/Editor: Bems, Rudolfs ; Carvalho Filho, Irineu E.
Series: Working Paper No. 09/281
Date: December 1, 2009
Subject(s): Commodity price fluctuations | Current account | Economic models | Exchange rates | Fiscal policy | Oil exporting countries | Oil prices | Oil revenues | Real effective exchange rates
Author's keyword(s): Oil exporting countries | current account | real exchange rates | misalignment

 

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: Elasticity Optimism
Author/Editor: Imbs, Jean ; Mejean, Isabelle
Series: Working Paper No. 09/279
Date: December 1, 2009
Subject(s): Consumer goods | Data analysis | Economic models | Exports | Imports | International trade | Monetary policy | United States
Author's keyword(s): Trade Elasticities | Heterogeneity | Calibration | Global Imbalances | International Portfolio | Monetary Policy

 

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: How Russia Affects the Neighborhood: Trade, Financial, and Remittance Channels
Author/Editor: Alturki, Fahad ; Espinosa-Bowen, Jaime ; Ilahi, Nadeem
Series: Working Paper No. 09/277
Date: December 1, 2009
Subject(s): Banking crisis | Business cycles | Capital flows | Economic growth | Economic models | Emerging markets | Exports | Regional shocks | Russian Federation | Spillovers | Trade integration | Workers remittances
Author's keyword(s): Spillovers | business cycle | emerging markets | growth linkages | Russia | Commonwealth of Independent States (CIS) | regional linkages | decoupling | divergence | convergence | remittances | capital flows | and trade

 

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: The Valuation Channel of External Adjustment
Author/Editor: Ghironi, Fabio ; Lee, Jaewoo ; Rebucci, Alessandro
Series: Working Paper No. 09/275
Date: December 1, 2009
Subject(s): Asset prices | Capital transactions | Current account | Economic models | External shocks | Financial sector | Foreign exchange | Government expenditures | International capital markets | Productivity
Author's keyword(s): Current account; Net foreign assets; Risk sharing; Valuation

 

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: Being a Foreigner Among Domestic Banks: Asset or Liability?
Author/Editor: Claessens, Stijn ; van Horen, Neeltje
Series: Working Paper No. 09/273
Date: December 1, 2009
Subject(s): Bank soundness | Banking sector | Commercial banks | Cross country analysis | Foreign direct investment | International banking | Profit margins | Time series
Author's keyword(s): Foreign direct investment; international banking; performance; distance

 

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: The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations
Author/Editor: Silver, Mick
Series: Working Paper No. 09/271
Date: December 1, 2009
Subject(s): Consumer price indexes | Cross country analysis | Economic models | Price structures | Prices | Purchasing power parity
Author's keyword(s): Purchasing Power Parity; Country-Product-Dummy Method; Hedonic Regression; International Comparisons Program; PPP; CPD.

 

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: A Framework to Assess the Effectiveness of IMF Technical Assistance in National Accounts
Author/Editor: Pastor, Gonzalo C.
Series: Working Paper No. 09/269
Date: December 1, 2009
Subject(s): Cross country analysis | Data quality assessment framework | Emerging markets | Government finance statistics | National accounts | Regional Technical Assistance Centers | Reports on the Observance of Standards and Codes | Technical assistance | West Africa
Author's keyword(s): National accounts data & methodology | technical assistance effectiveness | technical assistance evaluation

 

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: Oil Rents, Corruption, and State Stability: Evidence From Panel Data Regressions
Author/Editor: Arezki, Rabah ; Brückner, Markus
Series: Working Paper No. 09/267
Date: December 1, 2009
Subject(s): Corruption | Economic models | Fiscal policy | Fiscal transparency | Governance | Oil exporting countries | Oil production | Oil revenues | Political economy | Public enterprises
Author's keyword(s): Oil rents; corruption; state stability; state participation

 

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: Emerging Economy Responses to the Global Financial Crisis of 2007-09: An Empirical Analysis of the Liquidity Easing Measures
Author/Editor: Yehoue, Etienne B.
Series: Working Paper No. 09/265
Date: December 1, 2009
Subject(s): Capital markets | Central bank policy | Cross country analysis | Currency swaps | Emerging markets | Financial crisis | Foreign exchange reserves | Global Financial Crisis 2008-2009 | Interest rate policy | Monetary measures | Monetary policy
Author's keyword(s): Financial Markets | Monetary Policy | Central Banking.

 

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: Estimating Demand for IMF Financing by Low-Income Countries in Response to Shocks
Author/Editor: Bal Gunduz, Yasemin
Series: Working Paper No. 09/263
Date: December 1, 2009
Subject(s): Access to Fund general resources | Balance of payments need | Business cycles | Compensatory and Contingency Financing Facility | Cooperation with Fund | Economic growth | External shocks | Foreign direct investment | Fund approval | Fund arrangements | Low-income developing countries | Members | Poverty Reduction and Growth Facility | Stand-by arrangement requests
Author's keyword(s): Low-income countries | IMF financing | exogenous shocks | balance of payments

 

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: Systemic Liquidity Management in the U.A.E.: Issues and Options
Author/Editor: Chailloux, Alexandre ; Hakura, Dalia
Series: Working Paper No. 09/261
Date: December 1, 2009
Subject(s): Banking sector | Central bank policy | Exchange rate regimes | Financial crisis | Financial instruments | Global Financial Crisis 2008-2009 | Liquidity management | Monetary measures | Monetary policy | Monetary unions | United Arab Emirates
Author's keyword(s): Liquidity management | U.A.E.

 
November 2009
 

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: From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09
Author/Editor: Stone, Mark R. ; Walker, W. Christopher ; Yasui, Yosuke
Series: Working Paper No. 09/259
Date: November 1, 2009
Subject(s): Brazil | Capital markets | Central bank policy | Currency swaps | Domestic liquidity | Emerging markets | Exchange rate policy | Financial crisis | Foreign exchange operations | Global Financial Crisis 2008-2009 | Liquidity management
Author's keyword(s): Brazil | exchange rate intervention | futures | swaps | implied volatility

 

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: Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy
Author/Editor: N'Diaye, Papa M'B. P.
Series: Working Paper No. 09/257
Date: November 1, 2009
Subject(s): Asset prices | Capital | Economic models | Financial stability | Inflation | Market interest rates | Monetary policy
Author's keyword(s): Monetary policy | asset prices | macro prudentials | contingent claim analysis.

 

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: Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Author/Editor: Freedman, Charles ; Kumhof, Michael ; Laxton, Douglas ; Muir, Dirk ; Mursula, Susanna
Series: Working Paper No. 09/255
Date: November 1, 2009
Subject(s): Budget deficits | Economic models | External shocks | Financial crisis | Financial sector | Fiscal policy | Global Financial Crisis 2008-2009 | Government expenditures | International financial system | Monetary policy | Productivity | Public debt
Author's keyword(s): Fiscal Stimulus; Crowding-Out; Financial Crisis; Non-Ricardian Households; Government Deficits; Government Debt; Macro-Financial Linkages

 

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: Adding Indonesia to the Global Projection Model
Author/Editor: Andrle, Michal ; Freedman, Charles ; Garcia-Saltos, Roberto ; Hermawan, Danny ; Laxton, Douglas ; Munandar, Haris
Series: Working Paper No. 09/253
Date: November 1, 2009
Subject(s): Economic growth | Economic models | Emerging markets | External shocks | Indonesia | Inflation targeting | Monetary policy
Author's keyword(s): Macroeconomic Modeling; Bayesian Estimation | Monetary Policy

 

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: Monetary and Macroprudential Policy Rules in a Model with House Price Booms
Author/Editor: Kannan, Prakash ; Rabanal, Pau ; Scott, Alasdair
Series: Working Paper No. 09/251
Date: November 1, 2009
Subject(s): Asset prices | Capital markets | Central banks | Credit controls | Credit demand | Credit risk | Economic models | External shocks | Household credit | Housing prices | Monetary policy | Price increases
Author's keyword(s): house prices | monetary policy | macroprudential

 

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: Countering the Cycle - The Effectiveness of Fiscal Policy in Korea
Author/Editor: Eskesen, Leif Lybecker
Series: Working Paper No. 09/249
Date: November 1, 2009
Subject(s): Business cycles | Consumption | Cross country analysis | Economic models | Financial crisis | Fiscal policy | Global Financial Crisis 2008-2009 | Government expenditures | Korea, Republic of | Monetary policy | National income | Public investment
Author's keyword(s): Fiscal policy | macroeconomic models

 

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: Financial Sector Surveillance and the IMF
Author/Editor: Gola, Carlo ; Spadafora, Francesco
Series: Working Paper No. 09/247
Date: November 1, 2009
Subject(s): Article IV consultations | Asia | Exchange rate policy surveillance | Financial crisis | Financial sector | Financial Sector Assessment Program | Financial soundness indicators | Fund role | Global Financial Crisis 2008-2009 | International financial system | Mexico | Multilateral surveillance | Reports on the Observance of Standards and Codes
Author's keyword(s): IMF | surveillance | macro-financial linkages

 

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: 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
Subject(s): Asset management | China, People's Republic of | Governance | Investment policy | Pension funds | Pension supervision | Savings promotion
Author's keyword(s): Financial crises | output growth | macroeconomic policy

 

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: Top-Down Budgeting - An Instrument to Strengthen Budget Management
Author/Editor: Ljungman, Gösta
Series: Working Paper No. 09/243
Date: November 1, 2009
Subject(s): Budgetary policy | Budgeting | Budgets | Cross country analysis | Fiscal sustainability | Governance | Government expenditures
Author's keyword(s): Top-down | budget preparation | budget approval | budget institutions | fiscal sustainability | policy prioritization

 

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: 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: 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

 
October 2009
 

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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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

 
September 2009
 

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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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

 
August 2009
 

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: 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 |