Title: How has the Globalization of Labor Affected the Labor Income Share in Advanced Countries?
Author/Editor: Jaumotte, Florence ; Tytell, Irina
Series: Working Paper No. 07/298
Date: December 1, 2007
Subject(s): Globalization | Labor | Labor markets | International trade | Immigration | Information technology
Author's keyword(s): Globalization | offshoring | outsourcing | international trade | immigration | information technology | labor | labor share | skills | translog revenue function

Title: Equilibrium Exchange Rates: Assessment Methodologies
Author/Editor: Isard, Peter
Series: Working Paper No. 07/296
Date: December 1, 2007
Author's keyword(s): Equilibrium exchange rates

Title: Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets
Author/Editor: Bacha, Edmar L. ; Holland, Márcio ; Gonçalves, Fernando M.
Series: Working Paper No. 07/294
Date: December 1, 2007
Subject(s): Dollarization | Brazil | Interest rates | Emerging markets

Title: Border and Behind-the-Border Trade Barriers and Country Exports
Author/Editor: Sadikov, Azim M.
Series: Working Paper No. 07/292
Date: December 1, 2007
Subject(s): Trade policy | Exports | Tariffs
Author's keyword(s): Trade policy | exports | export signatures | differentiated products

Title: Stochastic Volatilities and Correlations, Extreme Values and Modeling the Macroeconomic Environment, Under Which Brazilian Banks Operate
Author/Editor: Barnhill, Theodore M. ; Souto, Marcos
Series: Working Paper No. 07/290
Date: December 1, 2007
Subject(s): Emerging markets | Brazil | Banks | Interest rates | Credit risk
Author's keyword(s): Forecasting | multivariate stochastic volatility | fat-tail distributions | Monte Carlo estimation

Title: Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic
Author/Editor: Shah, Hemant ; Carvajal, Ana ; Bannister, Geoffrey J. ; Chan-Lau, Jorge A. ; Guerra, Ivan
Series: Working Paper No. 07/288
Date: December 1, 2007
Subject(s): Debt | Costa Rica | Dominican Republic | El Salvador | Guatemala | Honduras | Nicaragua | Panama | Capital markets | Securities regulations
Author's keyword(s): Central America | equity | debt | securitization | financial integration | capital market development | securities regulation | Costa Rica | Dominican Republic | El Salvador | Guatemala | Honduras | Nicaragua | Panama

Title: Buoyant Capital Spending and Worries over Real Appreciation: Cold Facts from Algeria
Author/Editor: Loko, Boileau ; Kpodar, Kangni ; Diallo, Oumar
Series: Working Paper No. 07/286
Date: December 1, 2007
Subject(s): Government expenditures | Algeria | Oil | Real effective exchange rates
Author's keyword(s): Government capital expenditure | real exchange rate | oil

Title: Solving for Country Portfolios in Open Economy Macro Models
Author/Editor: Devereux, Michael B. ; Sutherland, Alan
Series: Working Paper No. 07/284
Date: December 1, 2007
Subject(s): Payments imbalances | Markets | Trade | Bonds
Author's keyword(s): Country portfolios | solution methods

Title: An Estimated DSGE Model for Monetary Policy analysis in Low-Income Countries
Author/Editor: Peiris, Shanaka J. ; Saxegaard, Magnus
Series: Working Paper No. 07/282
Date: December 1, 2007
Subject(s): Monetary policy | Africa | Currency pegs | Inflation targeting | Low-income developing countries
Author's keyword(s): Monetary Policy | DSGE | Bayesian Estimation | Africa

Title: Changing Nature of North-South Linkages: Stylized Facts and Explanations
Author/Editor: Akin, Çigdem ; Kose, M. Ayhan
Series: Working Paper No. 07/280
Date: December 1, 2007
Subject(s): Emerging markets | Globalization | International trade | Capital flows | Economic growth
Author's keyword(s): Business cycles | emerging markets | growth linkages | north | south | globalization | decoupling | divergence | convergence

Title: Empirical Evidence on the New International Aid Architecture
Author/Editor: Claessens, Stijn ; Cassimon, Danny ; Campenhout, Bjorn Van
Series: Working Paper No. 07/277
Date: December 1, 2007
Subject(s): Development assistance | Debt relief | Heavily indebted poor countries | Poverty Reduction Strategy Papers
Author's keyword(s): Development aid | aid allocation | selectivity; debt relief; HIPC; PRSP; aid architecture.

Title: How Well Do Aggregate Bank Ratios Identify Banking Problems?
Author/Editor: Cihák, Martin ; Schaeck, Klaus
Series: Working Paper No. 07/275
Date: December 1, 2007
Subject(s): Banks | Financial crisis | Financial soundness indicators | Economic models
Author's keyword(s): Financial soundness indicators | banking crises | macroprudential analysis

Title: Do Remittances to Latin America Depend on the U.S. Business Cycle?
Author/Editor: Roache, Shaun K. ; Gradzka, Ewa
Series: Working Paper No. 07/273
Date: December 1, 2007
Subject(s): Workers remittances | Latin America | Labor markets
Author's keyword(s): Remittances | business cycles | Latin America

Title: Simple Monetary Rules Under Fiscal Dominance
Author/Editor: Kumhof, Michael ; Nunes, Ricardo ; Yakadina, Irina
Series: Working Paper No. 07/271
Date: December 1, 2007
Subject(s): Monetary policy | Inflation | Interest rates | Debt | Government expenditures
Author's keyword(s): Optimal simple policy rules | fiscal dominance

Title: Is Inflation in India an Attractor of Inflation in Nepal?
Author/Editor: Ginting, Edimon
Series: Working Paper No. 07/269
Date: November 1, 2007
Subject(s): Inflation | Nepal | India | Currency pegs
Author's keyword(s): Nepal | India | inflation

Title: Estimating Spillover Risk Among Large EU Banks
Author/Editor: Cihák, Martin ; Ong, Li L.
Series: Working Paper No. 07/267
Date: November 1, 2007
Subject(s): Financial stability | European Union | Banking systems
Author's keyword(s): European Union | financial stability | spillovers | contagion | large banks

Title: The Optimal Level of Foreign Reserves in Financially Dollarized Economies: The Case of Uruguay
Author/Editor: Gonçalves, Fernando M.
Series: Working Paper No. 07/265
Date: November 1, 2007
Subject(s): Foreign exchange reserves | Uruguay | Dollarization | Financial crisis | Crisis prevention
Author's keyword(s): Foreign Reserves | Balance of Payments Crises | Sudden Stops | Bank Runs | Financial Dollarization.

Title: Education and Health in G7 Countries: Achieving Better Outcomes with Less Spending
Author/Editor: Verhoeven, Marijn ; Gunnarsson, Victoria ; Carcillo, Stéphane
Series: Working Paper No. 07/263
Date: November 1, 2007
Subject(s): Education | Health care | Wages | Public sector | Government expenditures
Author's keyword(s): Expenditure efficiency | health sector reform | education sector reform | G7

Title: Effect of IMF Structural Adjustment Programs on Expectations: The Case of Transition Economies
Author/Editor: Imam, Patrick A.
Series: Working Paper No. 07/261
Date: November 1, 2007
Subject(s): Structural adjustment | Transition economies | Capital flows
Author's keyword(s): Structural adjustment | transition economies

Title: Strengths and Weaknesses in Securities Market Regulation: A Global Analysis
Author/Editor: Carvajal, Ana ; Elliott, Jennifer A.
Series: Working Paper No. 07/259
Date: November 1, 2007
Subject(s): Securities markets | Securities regulations
Author's keyword(s): Securities markets | securities markets regulation

Title: Can Domestic Policies Influence Inflation?
Author/Editor: Mody, Ashoka ; Ohnsorge, Franziska
Series: Working Paper No. 07/257
Date: November 1, 2007
Subject(s): Inflation | Globalization | Euro | Markets
Author's keyword(s): Inflation | Globalization | Price convergence | Maastricht criterion | Euro adoption.

Title: Mainstreaming Statistics in the Poverty Reduction Strategy Approach to Provide for More Effective Technical Assistance: Some Experience at the IMF
Author/Editor: Kibuka, Robin D.
Series: Working Paper No. 07/255
Date: November 1, 2007
Subject(s): Poverty reduction strategy | Poverty Reduction Strategy Papers | Technical assistance | Fund
Author's keyword(s): PRSP | statistical strategies | evidence-based monitoring | MTEF | technical assistance

Title: Financial Development in Emerging Europe: The Unfinished Agenda
Author/Editor: Zoli, Edda
Series: Working Paper No. 07/245
Date: November 1, 2007
Subject(s): Emerging markets | Europe | Securities markets | Governance
Author's keyword(s): Financial development | emerging economies | Europe

Title: Optimal Taxation in the Forestry Sector in the Congo Basin: The Case of Gabon
Author/Editor: Melhado, Oscar E.
Series: Working Paper No. 07/253
Date: October 1, 2007
Subject(s): Forestry | Gabon | Taxation | Economic models
Author's keyword(s): Forestry sector | optimal taxation | Gabon

Title: Capital Account Liberalization and Risk Management in India
Author/Editor: Sy, Amadou N. R.
Series: Working Paper No. 07/251
Date: October 1, 2007
Subject(s): Capital account convertibility | India | Risk management
Author's keyword(s): India | capital account | convertibility | liberalization | risk management

Title: GCC Monetary Union and the Degree of Macroeconomic Policy Coordination
Author/Editor: Kamar, Bassem ; Naceur, Samy Ben
Series: Working Paper No. 07/249
Date: October 1, 2007
Subject(s): Working Paper | Cooperation Council for the Arab States of the Gulf | Monetary unions | Monetary policy | Financial integration | Foreign exchange | Economic policy | Central bank policy
Author's keyword(s): Models with panel data | central banks and their policies | analysis of fiscal and monetary policy | economic integration | foreign exchange | policy coordination and transmission

Title: Policy Challenges of Population Aging in Ireland
Author/Editor: Botman, Dennis P. J. ; Iakova, Dora M.
Series: Working Paper No. 07/247
Date: October 1, 2007
Subject(s): Pension regulations | Ireland | Aging | Government expenditures | Public debt | Fiscal policy | Tax bases | Economic models
Author's keyword(s): Aging | simulation | taxation | general equilibrium

Title: Implications of Oil Inflows for Savings and Reserve Management in the CEMAC
Author/Editor: Drummond, Paulo Flavio Nacif
Series: Working Paper No. 07/243
Date: October 1, 2007
Subject(s): Central African Economic and Monetary Community | Oil revenues | Fiscal policy | Reserves adequacy | Reserves accumulation | Savings | Central bank policy
Author's keyword(s): Oil inflows | Foreign Reserves | Reserve Management.

Title: Alternative Fiscal Rules for Norway
Author/Editor: Jafarov, Etibar ; Leigh, Daniel
Series: Working Paper No. 07/241
Date: October 1, 2007
Subject(s): Fiscal policy | Norway | Oil revenues | Pensions
Author's keyword(s): Fiscal rules | Norway

Title: How Does Financial Globalization Affect Risk Sharing? Patterns and Channels
Author/Editor: Kose, M. Ayhan ; Prasad, Eswar ; Terrones, Marco
Series: Working Paper No. 07/238
Date: October 1, 2007
Subject(s): Financial integration | Globalization | Developing countries | Financial risk
Author's keyword(s): Financial integration | globalization | developing countries | risk sharing

Title: Vulnerabilities in Emerging Southeastern Europe--How Much Cause for Concern?
Author/Editor: Sorsa, Piritta ; Bakker, Bas Berend ; Duenwald, Christoph ; Maechler, Andrea M. ; Tiffin, Andrew
Series: Working Paper No. 07/236
Date: October 1, 2007
Subject(s): Economic indicators | Europe | Capital inflows | Emerging markets | Adjustment process | Crisis prevention
Author's keyword(s): Vulnerability indicators | balance sheet analysis | sudden stops | capital inflows | emerging markets

Title: Hedonic Imputation versus Time Dummy Hedonic Indexes
Author/Editor: Diewert, W. E. ; Heravi, Saeed ; Silver, Mick
Series: Working Paper No. 07/234
Date: October 1, 2007
Subject(s): Inflation | Consumer price indexes | Economic models
Author's keyword(s): Hedonic regressions | hedonic indexes | consumer price indexes | superlative indexes

Title: Fiscal Reaction Functions in the CFA Zone: An Analytical Perspective
Author/Editor: Adedeji, Olumuyiwa ; Williams, Oral
Series: Working Paper No. 07/232
Date: October 1, 2007
Subject(s): Fiscal policy | Central African Economic and Monetary Community | West African Economic and Monetary Union | Debt sustainability analysis | Economic growth | Economic models
Author's keyword(s): CFA Zone | Debt Sustainability | Convergence | Fiscal Policy | Economic Model

Title: The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality
Author/Editor: Erbas, S. Nuri ; Mirakhor, Abbas
Series: Working Paper No. 07/230
Date: September 1, 2007
Subject(s): Working Paper | Risk premium | Stock prices
Author's keyword(s): Equity premium | Risk and Knightian Uncertainty | ambiguity aversion

Title: The Determinants of Corporate Risk in Emerging Markets: An Option-Adjusted Spread Analysis
Author/Editor: Cavallo, Eduardo A. ; Valenzuela, Patricio
Series: Working Paper No. 07/228
Date: September 1, 2007
Subject(s): Credit risk | Corporate sector | Bonds | Emerging markets | Interest
Author's keyword(s): Corporate bond spreads | sovereign ceiling | default risk | emerging market

Title: The Health Sector in the Slovak Republic: Efficiency and Reform
Author/Editor: Verhoeven, Marijn ; Gunnarsson, Victoria ; Lugaresi, Sergio
Series: Working Paper No. 07/226
Date: September 1, 2007
Subject(s): Health care | Slovak Republic
Author's keyword(s): Expenditure efficiency | health sector reform

Title: Wild or Tamed?: India's Potential Growth
Author/Editor: Oura, Hiroko
Series: Working Paper No. 07/224
Date: September 1, 2007
Subject(s): Economic growth | India | Economic forecasting | Gross domestic product | Economic reforms | Productivity
Author's keyword(s): India | potential growth | economic growth

Title: Fiscal Management of Scaled-Up Aid
Author/Editor: Gupta, Sanjeev ; Schwartz, Gerd ; Tareq, Shamsuddin ; Allen, Richard ; Adenauer, Isabell ; Fletcher, Kevin ; Last, Duncan
Series: Working Paper No. 07/222
Date: September 1, 2007
Subject(s): Development assistance | Fiscal policy | Public finance | Government expenditures | Fund policies
Author's keyword(s): Foreign aid | expenditure policy | public financial management

Title: The Role of Fiscal Transparency in Sustaining Stability and Growth in Latin America
Author/Editor: Parry, Taryn
Series: Working Paper No. 07/220
Date: September 1, 2007
Subject(s): Latin America | Fiscal transparency | Fiscal management | Economic stabilization | Economic growth
Author's keyword(s): Macroeconomic stability | fiscal transparency | fiscal management

Title: Ethnic Diversity, Democracy, and Corruption
Author/Editor: Yehoue, Etienne B.
Series: Working Paper No. 07/218
Date: September 1, 2007
Subject(s): Corruption | Governance | Economic models
Author's keyword(s): Corruption | Ethnic Fractionalization | Democracy

Title: Banking Competition and Capital Ratios
Author/Editor: Schaeck, Klaus ; Cihák, Martin
Series: Working Paper No. 07/216
Date: September 1, 2007
Subject(s): Banks | Capital | Competition | Bank supervision | Industrial structure
Author's keyword(s): Bank capital ratios; competition; market structure; regulation

Title: The Shifting Structure of China's Trade and Production
Author/Editor: Cui, Li ; Syed, Murtaza H.
Series: Working Paper No. 07/214
Date: September 1, 2007
Subject(s): Working Paper | Balance of trade | China | Production | Exchange rates | Imports | Exports | Exchange rate instability | Industrial structure | China, People's Republic of
Author's keyword(s): Value added | processing trade

Title: Competitiveness in the CFA Franc Zone
Author/Editor: Ramirez, Gustavo ; Tsangarides, Charalambos G.
Series: Working Paper No. 07/212
Date: August 1, 2007
Subject(s): Export competitiveness | CFA franc | Exports | West African Economic and Monetary Union | Central African Economic and Monetary Community
Author's keyword(s): Competitiveness | CFA franc | WAEMU | CEMAC

Title: Why has Unemployment in Algeria been higher than in MENA and Transition Countries
Author/Editor: Kpodar, Kangni
Series: Working Paper No. 07/210
Date: August 1, 2007
Subject(s): Unemployment | Algeria | Labor markets | Taxation
Author's keyword(s): Unemployment | Labor market institutions | Macroeconomic shocks

Title: U.K. Inflation and Relative Prices Over the Last Decade: How Important was Globalization?
Author/Editor: Hunt, Ben
Series: Working Paper No. 07/208
Date: August 1, 2007
Subject(s): Inflation | United Kingdom | Prices | Globalization | Economic models

Title: Debt Stabilization Bias and the Taylor Principle: Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence
Author/Editor: Stehn, Sven Jari ; Vines, David
Series: Working Paper No. 07/206
Date: August 1, 2007
Subject(s): Working Paper | Public debt | Monetary policy | Fiscal policy | Inflation | Economic stabilization
Author's keyword(s): Monetary Policy | Fiscal Policy | Government Debt | Stabilization Bias

Title: The Effects of Dividend Taxes on Equity Prices: A Re-examination of the 1997 U.K. Tax Reform
Author/Editor: Bond, Stephen ; Klemm, Alexander ; Devereux, Michael B.
Series: Working Paper No. 07/204
Date: August 1, 2007
Subject(s): United Kingdom | Tax reforms | Stock prices | Pensions | Investment | Economic models
Author's keyword(s): Tax reform | dividends | stock market.

Title: A Party without a Hangover? On the Effects of U.S. Government Deficits
Author/Editor: Kumhof, Michael ; Laxton, Douglas
Series: Working Paper No. 07/202
Date: August 1, 2007
Subject(s): Budget deficits | United States | Working Paper | Taxes | Public debt | Economic models
Author's keyword(s): Finite lives | distortionary taxes | government debt

Title: DSGE Modeling at the Fund: Applications and Further Developments
Author/Editor: Botman, Dennis P. J. ; Karam, Philippe D ; Laxton, Douglas ; Rose, David
Series: Working Paper No. 07/200
Date: August 1, 2007
Subject(s): Fiscal policy | Economic models | Monetary policy
Author's keyword(s): Model construction | open-economy macroeconomics | international policy transmission | monetary and fiscal policies

Title: Economic Growth in Croatia: Potential and Constraints
Author/Editor: Moore, David ; Vamvakidis, Athanasios
Series: Working Paper No. 07/198
Date: August 1, 2007
Subject(s): Economic growth | Croatia | Privatization | Foreign direct investment | Economic reforms
Author's keyword(s): Economic growth | economic reform | potential growth

Title: Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms
Author/Editor: Botman, Dennis P. J. ; Kumar, Manmohan S.
Series: Working Paper No. 07/196
Date: August 1, 2007
Subject(s): Fiscal policy | Aging | Economic models | Labor markets | Direct taxation
Author's keyword(s): Global aging | fiscal adjustment | fiscal cooperation | Lisbon Agenda | IMF's Global Fiscal Mode

Title: Estimation of Equilibrium Exchange Rates in the WAEMU: A Robustness Approach
Author/Editor: Roudet, Stéphane ; Saxegaard, Magnus ; Tsangarides, Charalambos G.
Series: Working Paper No. 07/194
Date: August 1, 2007
Subject(s): West African Economic and Monetary Union | Exchange rates | Real effective exchange rates
Author's keyword(s): Equilibrium real exghange rate | FEER | cointegration | panel | WAEMU.

Title: Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime
Author/Editor: Bolton, Patrick ; Jeanne, Olivier
Series: Working Paper No. 07/192
Date: August 1, 2007
Subject(s): Sovereign debt | Debt restructuring | Bankruptcy | Sovereign Debt Restructuring Mechanism
Author's keyword(s): Sovereign debt | Debt restructuring | Bankruptcy | Sovereign Debt Restructuring Mechanism (SDRM) Mechanism (SDRM)

Title: What Do We Know About Namibia's Competitiveness
Author/Editor: Miyajima, Ken
Series: Working Paper No. 07/191
Date: July 1, 2007
Subject(s): Export competitiveness | Namibia | Economic models | Governance
Author's keyword(s): Autoregressive distributed lag model | business environment | competitiveness | equilibrium real exchange rate | governance

Title: What Explains Persistent Inflation Differentials Across Transition Economies?
Author/Editor: Hammermann, Felix ; Flanagan, Mark J
Series: Working Paper No. 07/189
Date: July 1, 2007
Subject(s): Working Paper | Inflation | Transition economies
Author's keyword(s): Inflation | transition economies | panel data

Title: Ensuring Fiscal Sustainability in G-7 Countries
Author/Editor: Hauner, David ; Leigh, Daniel ; Skaarup, Michael
Series: Working Paper No. 07/187
Date: July 1, 2007
Subject(s): Fiscal policy | Group of seven | Aging | Government expenditures | Economic models
Author's keyword(s): Fiscal sustainability | aging | genenral equilibrium models

Title: Where Have the Monetary Surprises Gone? The Effects of FOMC Statements
Author/Editor: Swiston, Andrew
Series: Working Paper No. 07/185
Date: July 1, 2007
Subject(s): United States | Monetary policy | Interest rates | Central banks
Author's keyword(s): Monetary policy | interest rates

Title: The Value-Added Tax: Its Causes and Consequences
Author/Editor: Keen, Michael ; Lockwood, Ben
Series: Working Paper No. 07/183
Date: July 1, 2007
Subject(s): Value added tax | Economic models
Author's keyword(s): Value-added tax | tax reform

Title: Explaining China's Low Consumption: The Neglected Role of Household Income
Author/Editor: Aziz, Jahangir ; Cui, Li
Series: Working Paper No. 07/181
Date: July 1, 2007
Subject(s): Consumption | Income | Economic growth | China | China, People's Republic of
Author's keyword(s): China | consumption | financing constraints | rebalancing growth

Title: Go Long or Short in Pyramids? News from the Egyptian Stock Market
Author/Editor: Billmeier, Andreas ; Massa, Isabella
Series: Working Paper No. 07/179
Date: July 1, 2007
Subject(s): Stock markets | Egypt | Financial integration | Stock prices
Author's keyword(s): Egypt | stock market | CASE | integration | cointegration | market capitalization

Title: Financing of Global Imbalances
Author/Editor: Walker, W. Christopher ; Punzi, Maria Teresa
Series: Working Paper No. 07/177
Date: July 1, 2007
Subject(s): United States | Bond issues | Capital flows | Interest rate differential
Author's keyword(s): Home bias | panel VAR | US bond inflows

Title: Introducing Islamic Banks into Coventional Banking Systems
Author/Editor: Sole, Juan
Series: Working Paper No. 07/175
Date: July 1, 2007
Subject(s): Working Paper | Islamic banking | Bank supervision | Financial systems | Financial institutions
Author's keyword(s): Islamic Banking and Finance | Supervision

Title: The Case for a European Banking Charter
Author/Editor: Cihák, Martin ; Decressin, Jörg
Series: Working Paper No. 07/173
Date: July 1, 2007
Subject(s): Banking | Europe | Financial systems | European Union | Financial stability
Author's keyword(s): European Union | Financial System | Financial Stability | Banking Charter

Title: The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence
Author/Editor: Debrun, Xavier ; Kumar, Manmohan S.
Series: Working Paper No. 07/171
Date: July 1, 2007
Subject(s): Fiscal policy | Fiscal transparency | Budget deficits | Budgetary policy
Author's keyword(s): Deficit bias | fiscal rules | credibility | accountablility | transparency

Title: Globalization and Income Inequality: A European Perspective
Author/Editor: Harjes, Thomas
Series: Working Paper No. 07/169
Date: July 1, 2007
Subject(s): Globalization | Europe | Income distribution | National income accounts
Author's keyword(s): Globlization | income inequality

Title: Growth and Inflation Dispersions in EMU: Reasons, the Role of Adjustment Channels, and Policy Implications
Author/Editor: Stavrev, Emil
Series: Working Paper No. 07/167
Date: July 1, 2007
Subject(s): Economic growth | Inflation | Production | European Economic and Monetary Union | Interest rates | Financial integration | Risk management | Consumption
Author's keyword(s): Common and country-specific shocks | output and inflation dispersions | convergence | risks sharing

Title: On the Buyability of Voting Bodies
Author/Editor: Morgan, John ; Vardy, Felix J. J.
Series: Working Paper No. 07/165
Date: July 1, 2007
Subject(s): Corruption | Competition | Public sector
Author's keyword(s): Vote buying | lobbying | corruption | elections

Title: The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice
Author/Editor: Matsumoto, Akito
Series: Working Paper No. 07/163
Date: July 1, 2007
Subject(s): Asset management | Business cycles | Financial integration | Investment | Risk management | Economic models
Author's keyword(s): International business cycle | international portfolio choice | nonseparability in utility | nontraded goods | nontraded factors

Title: Firm Heterogeneity and Weak Intellectual Property Rights
Author/Editor: Watt, Stanley
Series: Working Paper No. 07/161
Date: July 1, 2007
Subject(s): Corporate sector | Foreign direct investment | Technology transfer | Economic models
Author's keyword(s): Firm heterogeneity | intellectual property rights | foreign direct investment

Title: Cooperative Banks in Europe--Policy Issues
Author/Editor: Fonteyne, Wim
Series: Working Paper No. 07/159
Date: July 1, 2007
Subject(s): Banks | Europe | European Union | Bank supervision | Profits | Financial stability | Financial systems | Governance
Author's keyword(s): bank efficiency | bank profitability | bank supervision | banks | EU | European Union | financial services | financial stability | financial system | governance.

Title: What Drives Stock Market Development in the Middle East and Central Asia--Institutions, Remittances, or Natural Resources?
Author/Editor: Billmeier, Andreas ; Massa, Isabella
Series: Working Paper No. 07/157
Date: July 1, 2007
Subject(s): Working Paper | Stock markets | Middle East and Central Asia | Natural resources | Oil prices | Workers remittances | Economic models
Author's keyword(s): Stock market capitalization | panel | institutions | remittances

Title: Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana
Author/Editor: Iossifov, Plamen ; Loukoianova, Elena
Series: Working Paper No. 07/155
Date: July 1, 2007
Subject(s): Ghana | Export prices | Commodity prices | External competitiveness | Economic models
Author's keyword(s): Real Effective Exchange Rate | Competitiveness | Ghana | BEER

Title: Distributional Implications of the VAT Reform in the Philippines
Author/Editor: Newhouse, David Locke ; Zakharova, Daria
Series: Working Paper No. 07/153
Date: July 1, 2007
Subject(s): Working Paper | Philippines
Author's keyword(s): VAT Poverty and Social Impact Analysis | Social Safety Net | Targeted Transfers

Title: Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies
Author/Editor: Choi, Woon Gyu ; Sharma, Sunil ; Strömqvist, Maria
Series: Working Paper No. 07/151
Date: July 1, 2007
Subject(s): Capital flows | Financial integration | Reserves | Liquidity
Author's keyword(s): International reserves | capital flows | financial integration | sovereign liquidity | stockpiling motive | panel data

Title: IPO Behavior in GCC Countries: Goody-Two Shoes or Bad-to-the-Bone?
Author/Editor: Al-Hassan, Abdullah ; Omran, Mohammed ; Delgado-Fernández, Fernando-Luciano
Series: Working Paper No. 07/149
Date: July 1, 2007
Subject(s): Stock prices | Stock markets | Middle East
Author's keyword(s): IPO | Underpricing | Stock performance | GCC

Title: Public Debt Markets in Central America, Panama, and the Dominican Republic
Author/Editor: Shah, Hemant ; Jobst, Andreas ; Valderrama, Laura ; Guerra, Ivan
Series: Working Paper No. 07/147
Date: June 1, 2007
Subject(s): Public debt | Central America | Costa Rica | El Salvador | Honduras | Guatemala | Dominican Republic | Nicaragua | Panama | Capital markets | Debt management | Financial integration
Author's keyword(s): Public debt management | public debt markets | sovereign debt | Central America | financial integration | and capital market development

Title: Measuring the Effect of Foreign Aid on Growth and Poverty Reduction or The Pitfalls of Interaction Variables
Author/Editor: Pattillo, Catherine A. ; Polak, J. J. ; Roy, Joydeep
Series: Working Paper No. 07/145
Date: June 1, 2007
Subject(s): Development assistance | Economic growth | Poverty
Author's keyword(s): Foreign aid | interaction variables | growth | and poverty reduction

Title: U.S. Revenue Surprises: Are Happy Days Here to Stay?
Author/Editor: Swiston, Andrew ; Mühleisen, Martin ; Mathai, Koshy
Series: Working Paper No. 07/143
Date: June 1, 2007
Subject(s): United States | Revenues | Tax revenues | Tax elasticity | Income
Author's keyword(s): Tax revenue | tax buoyancy | tax elasticity | capital income | revenue forecasting

Title: Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated
Author/Editor: Hjalmarsson, Erik ; Österholm, Pär
Series: Working Paper No. 07/141
Date: June 1, 2007
Subject(s): Financial integration | Economic models
Author's keyword(s): Cointegration | Near-unit-roots | Spurious rejection | Monte Carlo simulations

Title: Relative Price Stability, Creditor Rights, and Financial Deepening
Author/Editor: Dehesa, Mario ; Druck, Pablo ; Plekhanov, Alexander
Series: Working Paper No. 07/139
Date: June 1, 2007
Subject(s): Working Paper | Credit | Inflation | Debt management
Author's keyword(s): Private credit | creditor rights | inflation | volatility

Title: Trade Reform in the CEMAC: Developments and Opportunities
Author/Editor: Martijn, Jan Kees ; Tsangarides, Charalambos G.
Series: Working Paper No. 07/137
Date: June 1, 2007
Subject(s): Trade policy | Central African Economic and Monetary Community | Tariffs | Trade liberalization | Revenue mobilization

Title: An Oil and Gas Model
Author/Editor: Krichene, Noureddine
Series: Working Paper No. 07/135
Date: June 1, 2007
Subject(s): Oil | Natural gas | Demand | Interest rates | Monetary policy | Exchange rates | Oil prices | Economic models
Author's keyword(s): Crude oil | demand | elasticity | exchange rate | impulse response | interest rate | monetary policy | multiplier | natural gas | oil shock | supply

Title: Modalities of Moving to Inflation Targeting in Armenia and Georgia
Author/Editor: Dabla-Norris, Era ; Kim, Daehaeng ; Zermeno Livas, Mayra Rebecca ; Billmeier, Andreas ; Kramarenko, V.
Series: Working Paper No. 07/133
Date: June 1, 2007
Subject(s): Armenia | Georgia | Monetary policy | Inflation targeting
Author's keyword(s): Armenia | Georgia | monetary policy | inflation targeting

Title: Budget Rigidity and Expenditure Efficiency in Slovenia
Author/Editor: Mattina, Todd D. ; Gunnarsson, Victoria
Series: Working Paper No. 07/131
Date: June 1, 2007
Subject(s): Government expenditures | Slovenia | Budgetary policy | Public investment
Author's keyword(s): Public expenditure efficiency | flexibility of spending

Title: France in the Global Economy: A Structural Approximate Dynamic Factor Model Analysis
Author/Editor: Kabundi, Alain N. ; Nadal-De Simone, Francisco
Series: Working Paper No. 07/129
Date: June 1, 2007
Subject(s): Economic models | Business cycles | France
Author's keyword(s): Dynamic factor models | international business cycles | sign restrictions

Title: The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets
Author/Editor: Abbas, S. M. Ali ; Christensen, Jakob
Series: Working Paper No. 07/127
Date: June 1, 2007
Subject(s): Public debt | Domestic debt | Africa | Economic growth | Fiscal policy | Capital markets | Savings | Low-income developing countries | Emerging markets
Author's keyword(s): Domestic Debt; Growth; Fiscal Policy; Sterilization; Institutions; Financial Development; Saving; Crowding out; Panel Estimations; Low Income Countries | Emerging Markets | Africa.

Title: Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries
Author/Editor: Tahari, Amor ; Brenner, Patricia D ; De Vrijer, J. E. J. ; Moretti, Marina ; Senhadji Semlali, A. ; Sensenbrenner, Gabriel ; Sole, Juan
Series: Working Paper No. 07/125
Date: May 1, 2007
Subject(s): Financial sector | Maghreb | Financial systems | Economic reforms | Globalization
Author's keyword(s): Financial sector reform | financial integration | Maghreb countries

Title: Monetary Policy Transparency and Financial Market Forecasts in South Africa
Author/Editor: Arora, Vivek B.
Series: Working Paper No. 07/123
Date: May 1, 2007
Subject(s): Economic forecasting | South Africa | Transparency | Monetary policy | Capital markets
Author's keyword(s): Monetary policy | transparency | financial markets | South Africa

Title: Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?
Author/Editor: Silver, Mick
Series: Working Paper No. 07/121
Date: May 1, 2007
Subject(s): Export prices | Imports | Terms of trade | Consumer price indexes | Producer price indexes
Author's keyword(s): Unit Value Index; Export Import Price Index; International Trade Price Indices; Terms of Trade.

Title: Money and Inflation in the Islamic Republic of Iran
Author/Editor: Bonato, Leo
Series: Working Paper No. 07/119
Date: May 1, 2007
Subject(s): Inflation | Iran, Islamic Republic of | Money | Money supply | Monetary policy | Economic models
Author's keyword(s): Money | inflation | monetary policy

Title: The Economics of Islamic Finance and Securitization
Author/Editor: Jobst, Andreas
Series: Working Paper No. 07/117
Date: May 1, 2007
Subject(s): Islamic banking | Bank credit | Loan guarantees | Financial institutions
Author's keyword(s): Securitization | ABS | MBS | structured finance | Islamic banking | Islamic finance | Islamic securitization | sovereign securitization | shariah compliance | sukuk | mudharaba | ijara | murabaha

Title: Macroeconomic and Financial Soundness Indicators: An Empirical Investigation
Author/Editor: Babihuga, Rita
Series: Working Paper No. 07/115
Date: May 1, 2007
Subject(s): Financial soundness indicators | Economic indicators
Author's keyword(s): Financial soundness indicators | macroprudential analysis

Title: Exchange Rate Fluctuations and Output in Oil-Producing Countries: The Case of Iran
Author/Editor: Bahmani-Oskooee, Mohsen ; Kandil, Magda E.
Series: Working Paper No. 07/113
Date: May 1, 2007
Subject(s): Exchange rate instability | Iran, Islamic Republic of | Oil exporting countries | Exports | Imports | Exchange rate policy
Author's keyword(s): Currency depreciation | non-oil exports | imported inputs

Title: Global Imbalances and Financial Stability
Author/Editor: Xafa, Miranda
Series: Working Paper No. 07/111
Date: May 1, 2007
Subject(s): Balance of payments | Current account balances | Adjustment process | United States | Globalization
Author's keyword(s): Global imbalances | portfolio balance | asset shortages | financial globalization

Title: Pension Reform in China: The Need for a New Approach
Author/Editor: Dunaway, Steven Vincent ; Arora, Vivek B.
Series: Working Paper No. 07/109
Date: May 1, 2007
Subject(s): Pension funds | China
Author's keyword(s): Public pensions | China

Title: Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa
Author/Editor: Olters, Jan-Peter
Series: Working Paper No. 07/107
Date: May 1, 2007
Subject(s): Oil revenues | Sub-Saharan Africa | Oil exports | Fiscal policy
Author's keyword(s): Oil reserves | fiscal policy | sustainability

Title: Wage Gaps and Development: Lessons from U.S. History
Author/Editor: Mourmouras, Alex ; Rangazas, Peter
Series: Working Paper No. 07/105
Date: May 1, 2007

Title: Jordan's International Reserve Position: Justifiably Strong
Author/Editor: Chami, Saade ; McGettigan, Donal ; Watt, Stanley
Series: Working Paper No. 07/103
Date: May 1, 2007
Subject(s): Reserves accumulation | Jordan | Capital flows | Exchange rate stability | External shocks
Author's keyword(s): Foreign reserves | sudden steps | capital flow

Title: Interest Rate Spreads in English-Speaking African Countries
Author/Editor: Crowley, Joe
Series: Working Paper No. 07/101
Date: April 1, 2007
Subject(s): Interest rates | Africa
Author's keyword(s): Interest rate spreads

Title: Lessons from High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe
Author/Editor: Coorey, Sharmini ; Clausen, Jens R. ; Funke, Norbert ; Ould-Abdallah, Bakar ; Muñoz, Sònia
Series: Working Paper No. 07/99
Date: April 1, 2007
Subject(s): Inflation | Zimbabwe | Economic stabilization | International cooperation | Technical assistance | Financial assistance
Author's keyword(s): High inflation | macroeconomic stabilization | international experience

Title: The Dynamics of Product Quality and International Competitiveness
Author/Editor: Igan, Deniz ; Fabrizio, Stefania ; Mody, Ashoka
Series: Working Paper No. 07/97
Date: April 1, 2007
Subject(s): Export competitiveness | Europe | European Union | International trade | Consumer goods
Author's keyword(s): International competitiveness | technological change | product quality

Title: Implications of More Precise Information for Technological Development and Welfare
Author/Editor: Drees, Burkhard ; Eckwert, Bernhard
Series: Working Paper No. 07/95
Date: April 1, 2007
Subject(s): Economic growth | Development | Financial systems | Risk management | Economic models
Author's keyword(s): Information | technological development | growth | welfare

Title: Government Size and Intersectoral Income Fluctuation: An International Panel Analysis
Author/Editor: Kim, Daehaeng ; Lee, Chul-In
Series: Working Paper No. 07/93
Date: April 1, 2007
Subject(s): Income | Economic stabilization | Government expenditures | Trade policy | Economic models
Author's keyword(s): Economic uncertainty | government size | openness to trade | stabilization | intersectoral income fluctuation

Title: Dynamic Incentives and the Optimal Delegation of Political Power
Author/Editor: Eggertsson, Gauti B. ; Le Borgne, Eric
Series: Working Paper No. 07/91
Date: April 1, 2007
Subject(s): Central banks | Governance
Author's keyword(s): Delegation | elections | career concerns | learning-by-doing | insulation | Central Bank Independence

Title: Financial Market Risk and U.S. Money Demand
Author/Editor: Choi, Woon Gyu ; Cook, David
Series: Working Paper No. 07/89
Date: April 1, 2007
Subject(s): Demand for money | United States | Capital markets | Credit risk | Liquidity | Money markets | Investment
Author's keyword(s): Money demand | financial market risk | stock market liquidity | money market mutual funds

Title: Concept of Offshore Financial Centers: In Search of an Operational Definition
Author/Editor: Zoromé, Ahmed
Series: Working Paper No. 07/87
Date: April 1, 2007
Subject(s): Offshore financial centers | Financial stability | Investment | International financial system
Author's keyword(s): Offshore financial centers | financial stability | financial services | CPIS | international investment position

Title: Financial Market Implications of India's Pension Reform
Author/Editor: Poirson, Hélène
Series: Working Paper No. 07/85
Date: April 1, 2007
Subject(s): Pension regulations | India | Emerging markets | Capital markets | Economic reforms | Investment policy | Asset prices
Author's keyword(s): Asset prices | emerging markets | pension reforms

Title: Land Distribution and Financial System Development
Author/Editor: Vollrath, Dietrich ; Erickson, Lennart
Series: Working Paper No. 07/83
Date: April 1, 2007
Subject(s): Land tenure | Financial systems | Development | Financial institutions
Author's keyword(s): Land distribution | land inequality | financial development | financial institutions

Title: A Theory of "Crying Wolf": The Economics of Money Laundering Enforcement
Author/Editor: Takáts, Elöd
Series: Working Paper No. 07/81
Date: April 1, 2007
Subject(s): Anti-money laundering | United States | Bank supervision | Transparency | Economic models
Author's keyword(s): Money laundering | USA Patriot Act | disclosure | auditing

Title: The Effect of Capital Controls on Foreign Direct Investment Decisions Under Country Risk with Intangible Assets
Author/Editor: Elo, Kinga Z.
Series: Working Paper No. 07/79
Date: April 1, 2007
Subject(s): Foreign investment | Capital controls | Credit risk
Author's keyword(s): Foreign direct investments | capital controls | decisions under uncertainty

Title: Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States
Author/Editor: Rosenberg, Christoph B. ; Sierhej, Robert
Series: Working Paper No. 07/77
Date: April 1, 2007
Subject(s): European Union | Economic assistance | Fiscal policy | Demand
Author's keyword(s): EU transfers | new member states; EU funds data

Title: Sovereign Ceilings "Lite"? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies
Author/Editor: Borensztein, Eduardo ; Cowan, Kevin ; Valenzuela, Patricio
Series: Working Paper No. 07/75
Date: April 1, 2007
Subject(s): Credit risk | Emerging markets | Public debt | Private sector
Author's keyword(s): Credit risk | sovereign risk | credit ratings

Title: Audit Committees in Central Banks
Author/Editor: Camilleri Gilson, Marie-Thérèse ; Lybek, Tonny ; Sullivan, Kenneth
Series: Working Paper No. 07/73
Date: April 1, 2007
Subject(s): Central bank legislation | Central banks | Governance
Author's keyword(s): Central Bank governance | audit commi