Journal Issue

IMF Working Papers

Antonio Spilimbergo
Published Date:
March 2007
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No. 06/167

“Ukraine: The Cost of Weak Institutions”

Tiffin, Andrew

No. 06/168

“Mr. Ricardo’s Great Adventure: Estimating Fiscal Multipliers in a Truly Intertemporal Model”

Bayoumi, Tamim; Sgherri, Silvia

No. 06/169

“Institutions versus Geography: Subnational Evidence from the United States”

Clifton, Eric V.; Romero-Barrutieta, Alma

No. 06/170

“How Might a Disorderly Resolution of Global Imbalances Affect Global Wealth?”

Warnock, Francis E.

No. 06/171

“Weathering the Storm So Far: The Impact of the 2003–05 Oil Shock on Low-Income Countries”

Dudine, Paolo; John, James; Lewis, Mark; Monasi, Luzmaria; Tadesse, Helaway; Zeuner, Joerg

No. 06/172

“Output Drops and the Shocks That Matter”

Becker, Törbjörn I.; Mauro, Paolo

No. 06/173

“Analyzing Balance Sheet Vulnerabilities in a Dollarized Economy: The Case of Georgia”

Billmeier, Andreas; Mathisen, Johan

No. 06/174

“Why Elementary Price Index Number Formulas Differ: Price Dispersion and Product Heterogeneity”

Silver, Mick; Heravi, Saeed

No. 06/175

“The Role of Seasonality and Monetary Policy in Inflation Forecasting”

Kumah, Francis Y.

No. 06/176

“Lending Resumption After Default: Lessons from Capital Markets During the 19th Century”

Solé, Juan

No. 06/177

“Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model: What Is Important and What Is Not”

Rabanal, Pau; Tuesta, Vicente

No. 06/178

“A Solution to Two Paradoxes of International Capital Flows”

Ju, Jiandong; Wei, Shang-Jin

No. 06/179

“Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis”

Erbas, S. Nuri; Sayers, Chera L.

No. 06/180

“Do Debt-Service Savings and Grants Boost Social Expenditures?”

Thomas, Alun H.

No. 06/181

“The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes”

Silver, Mick; Heravi, Saeed

No. 06/182

“On the Properties of Various Estimators for Fiscal Reaction Functions”

Celasun, Oya; Kang, Joong Shik

No. 06/183

“Management of Oil Wealth Under the Permanent Income Hypothesis: The Case of São Tomé and Príncipe”

Segura, Alonso

No. 06/184

“Fiscal and Monetary Nexus in Emerging Market Economies: How Does Debt Matter?”

Baig, Taimur; Kumar, Manmohan S.; Vasishtha, Garima; Zoli, Edda

No. 06/185

“Oil and Growth in the Republic of Congo”

Bhattacharya, Rina; Ghura, Dhaneshwar

No. 06/186

“The Level and Composition of Public Sector Debt in Emerging Market Crises”

de Bolle, Monica; Rother, Björn; Hakobyan, Ivetta

No. 06/187

“The Jordanian Stock Market—Should You Invest in It for Risk Diversification or Performance?”

Saadi-Sedik, Tahsin; Petri, Martin

No. 06/188

“Capital Flows to Central and Eastern Europe”

Milesi-Ferretti, Gian Maria; Lane, Philip R.

No. 06/189

“Financial Globalization: A Reappraisal”

Kose, M. Ayhan; Prasad, Eswar; Wei, Shang-Jin; Rogoff, Kenneth

No. 06/190

“What’s Driving Private Investment in Malaysia? Aggregate Trends and Firm-Level Evidence”

Guimarães, Roberto Pereira; Unteroberdoerster, Olaf

No. 06/191

“What Explains Private Saving in Mexico?”

Bulíř, Aleš; Swiston, Andrew

No. 06/192

“Money Isn’t Everything: The Challenge of Scaling Up Aid to Achieve the Millennium Development Goals in Ethiopia”

Mattina, Todd D.

No. 06/193

“Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon”

Leigh, Daniel; Olters, Jan-Peter

No. 06/194

“Currency Risk Premia in Global Stock Markets”

Roache, Shaun K.; Merritt, Matthew D.

No. 06/195

“A Primer for Risk Measurement of Bonded Debt from the Perspective of a Sovereign Debt Manager”

Papaioannou, Michael G.

No. 06/196

“Financial Integration in Asia: Recent Developments and Next Steps”

Cowen, David; Salgado, Ranil; Shah, Hemant; Teo, Leslie; Zanello, Alessandro

No. 06/197

“Measures of Underlying Inflation in the Euro Area: Assessment and Role for Informing Monetary Policy”

Stavrev, Emil

No. 06/198

“Corruption and Technology-Induced Private Sector Development”

Ruhashyankiko, Jean-Francois; Yehoue, Etienne B.

No. 06/199

“Insuring Public Finances Against Natural Disasters—A Survey of Options and Recent Initiatives”

Hofman, David; Brukoff, Patricia

No. 06/200

“Asset Market Participation, Monetary Policy Rules, and the Great Inflation”

Bilbiie, Florin; Straub, Roland

No. 06/201

“The Stock Market and the Financing of Corporate Growth in Africa: The Case of Ghana”

Yartey, Charles Amo

No. 06/202

“Do Some Forms of Financial Flows Help Protect from Sudden Stops?”

Levchenko, Andrei A.; Mauro, Paolo

No. 06/203

“Fiscal Implications of Multilateral Tariff Cuts”

Elborgh-Woytek, Katrin; Hallaert, Jean-Jacques; Lankes, Hans P.; Sadikov, Azim M.; Smith, Dustin

No. 06/204

“A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries”

Leruth, Luc; Paul, Elisabeth

No. 06/205

“The External Financing of Emerging Market Countries: Evidence from Two Waves of Financial Globalization”

Faria, André; Mauro, Paolo; Minnoni, Martín; Zaklan, Aleksandar

No. 06/206

“Common Volatility Trends in the Central and Eastern European Currencies and the Euro”

Pramor, Marcus; Tamirisa, Natalia T.

No. 06/207

“Money Market Integration”

Bartolini, Leonardo; Hilton, Spence; Prati, Alessandro

No. 06/208

“Economic Growth and Total Factor Productivity in Niger”

Nachega, Jean-Claude; Fontaine, Thomson

No. 06/209

“Measuring Competitiveness”

Neary, J. Peter

No. 06/210

“Growth and Reforms in Latin America: A Survey of Facts and Arguments”

Zettelmeyer, Jeronimo

No. 06/211

“The Monetary Policy Regime and Banking Spreads in Barbados”

Samuel, Wendell; Valderrama, Laura

No. 06/212

“Political Instability and Inflation Volatility”

Aisen, Ari; Veiga, Francisco José

No. 06/213

“The Incidence and Effectiveness of Prior Actions in IMF-Supported Programs”

Thomas, Alun H.; Ramakrishnan, Uma

No. 06/214

“Financial Integration in the West African Economic and Monetary Union”

Sy, Amadou N. R.

No. 06/215

“Distance-to-Default in Banking: A Bridge Too Far?”

Chan-Lau, Jorge A.; Sy, Amadou N. R.

No. 06/216

“Fiscal Determinants of Inflation: A Primer for the Middle East and North Africa”

Fanizza, Domenico; Söderling, Ludvig

No. 06/217

“The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks”

Groome, Todd; Blancher, Nicolas R.; Haas, Francois; Kiff, John; Lee, William; Mills, Paul S.; Nakagawa, Shinobu; Ramlogan, Parmeshwar; Khadarina, Oksana; Kim, Yoon Sook

No. 06/218

“The ‘Flat Tax(es)’: Principles and Evidence”

Keen, Michael; Kim, Kevin; Varsano, Ricardo

No. 06/219

“Post-Crisis Recovery: When Does Increased Fiscal Discipline Work?”

Mitra, Pritha

No. 06/220

“How Robust Are Estimates of Equilibrium Real Exchange Rates: The Case of China”

Dunaway, Steven; Leigh, Lamin; Li, Xiangming

No. 06/221

“External Adjustment and Equilibrium Exchange Rate in Brazil”

Paiva, Claudio

IMF Working Papers and other IMF publications can be downloaded in full-text format from the “Research at the IMF” website at

Visiting Scholars, September 2006–April 2007

Charles Engel; University of Wisconsin; 3/12/07–3/16/07

Robert Feenstra; University of California, Davis; 12/21/06–1/18/07

Gerhard Illing; University of Munich, Germany; 2/1/07–3/30/07

Jean Imbs; University of Lausanne, Switzerland; 1/2/07–1/5/07

Simon Johnson; Massachusetts Institute of Technology; 9/1/06–4/30/07

Christopher Otrok; University of Virginia; 12/1/06–1/12/07

Assaf Razin; Tel Aviv University, Israel; 1/8/07–1/19/07

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