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IMF Working Papers

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International Monetary Fund. Research Dept.
Published Date:
March 2006
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2005

No. 05/198

“International Reserves: Precautionary vs. Mercantilist Views, Theory, and Evidence”

Aizenman, Joshua; Lee, Jaewoo

No. 05/199

“Robbing the Riches: Capital Flight, Institutions, and Instability”

Cerra, Valerie; Rishi, Meenakshi; Saxena, Sweta Chaman

No. 05/200

“Boom-Bust Cycles in Housing: The Changing Role of Financial Structure”

Schnure, Calvin

No. 05/201

“Debt Maturity, Risk, and Asymmetric Information”

Espinosa-Vega, Marco; Miller, Nathan H.; Frame, W. Scott; Berger, Allen N.

No. 05/202

“Estimating China’s ‘Equilibrium’ Real Exchange Rate”

Li, Xiangming; Dunaway, Steven Vincent

No. 05/203

“Revenue Administration Reform in Middle Eastern Countries, 1994–2004”

Crandall, William; Bodin, Jean-Paul

No. 05/204

“Can the Standard International Business Cycle Model Explain the Relation Between Trade and Comovement?”

Kose, M. Ayhan; Yi, Kei-Mu

No. 05/205

“The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks”

Botman, Dennis P. J.; Diks, Cees G. H.

No. 05/206

“Strengthening IMF Crisis Prevention”

Ostry, Jonathan David; Zettelmeyer, Jeromin

No. 05/207

“The Perils of Tax Smoothing: Sustainable Fiscal Policy with Random Shocks to Permanent Output”

Tanner, Evan; Carey, Kevin Joseph

No. 05/208

“Macroeconomic Effects of Social Security and Tax Reform in the United States”

Bayoumi, Tamim A.; Botman, Dennis P. J.; Kumar, Manmohan S.

No. 05/209

“The Domestic and Global Impact of Japan’s Policies for Growth”

Batini, Nicoletta; Rebucci, Alessandro; N’Diaye, Papa

No. 05/210

“Does Performance Budgeting Work? An Analytical Review of the Empirical Literature”

Robinson, Marc; Brumby, Jim

No. 05/211

“Understanding the Evolution of World Business Cycles”

Kose, M. Ayhan; Otrok, Christopher; Whiteman, Charles H.

No. 05/212

“Financial Globalization and Fiscal Performance in Emerging Markets”

Hauner, David; Kumar, Manmohan S.

No. 05/213

“Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU’s New Member States”

Arvai, Zsofia

No. 05/214

“The Impact on India of Trade Liberalization in the Textiles and Clothing Sector”

Jain-Chandra, Sonali; Prasad, A.

No. 05/215

“Oil Price Shocks: Can They Account for the Stagflation in the 1970s?”

Hunt, Ben

No. 05/216

“Pricing Growth-Indexed Bonds”

Chamon, Marcos; Mauro, Paolo

No. 05/217

“How Important Is Sovereign Risk in Determining Corporate Default Premia? The Case of South Africa”

Peter, Marcel; Grandes, Martin

No. 05/218

“VAT Refunds: A Review of Country Experience”

Harrison, Graham; Krelove, Russell

No. 05/219

“Estimating Markov Transition Matrices Using Proportions Data: An Application to Credit Risk”

Jones, Matthew T.

No. 05/220

“Barriers to Capital Accumulation and the Incidence of Child Labor”

Barnett, Richard C.; Espinosa-Vega, Marco

No. 05/221

“Fiscal Dominance and Inflation in the Democratic Republic of the Congo”

Nachega, Jean-Claude

No. 05/222

“Monitoring and Commitment in Bank Lending Behavior”

Blavy, Rodolphe

No. 05/223

“Debt Overhang or Debt Irrelevance? Revisiting the Debt Growth Link”

Cordella, Tito; Ricci, Luca Antonio; Ruiz-Arranz, Marta

No. 05/224

“Macroeconomic Determinants of Remittances: Evidence from India”

Gupta, Poonam

No. 05/225

“Fiscal Transparency and Economic Outcomes”

Hameed, Farhan

No. 05/226

“Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods”

Hostland, Doug; Karam, Philippe D.

No. 05/227

“Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform?”

Berger, Helge; Danninger, Stephan

No. 05/228

“Long-Run Productivity Shifts and Cyclical Fluctuations: Evidence for Italy”

Sgherri, Silvia

No. 05/229

“A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates”

Bayoumi, Tamim A.; Faruqee, Hamid; Lee, Jaewoo

No. 05/230

“Financial Sector Conditionality: Is Tougher Better?”

Giustiniani, Alessandro; Kronenberg, Roger P.

No. 05/231

“The END: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability”

Chan-Lau, Jorge A.; Gravelle, Toni

No. 05/232

“FIRST: A Market-Based Approach to Evaluate Financial System Risk and Stability”

Avesani, Renzo

No. 05/233

“Real Exchange Rates in Growing Economies: How Strong Is the Role of the Nontradables Sector?”

Miyajima, Ken

No. 05/234

“Remittances, Financial Development, and Growth”

Giuliano, Paola; Ruiz-Arranz, Marta

No. 05/235

“Emergence of the Gulf of Guinea in the Global Economy: Prospects and Challenges”

Ondo Mañe, Damian

No. 05/236

“Money Demand and Inflation in Madagascar”

Nassar, Koffie

No. 05/237

Fiscal Policy and Business Cycles in an Oil-Producing Economy: The Case of Venezuela

Baldini, Alfredo

No. 05/238

Service Offshoring, Productivity, and Employment: Evidence from the United States

Amiti, Mary; Wei, Shang-Jin

No. 05/239

“How Tight Is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan”

Gemayel, Edward R.; Grigorian, David A.

No. 05/240

“Bank Efficiency and Competition in Low-Income Countries: The Case of Uganda”

Hauner, David; Peiris, Shanaka J.

No. 05/241

“Measuring the Performance of Fiscal Policy in Russia”

Spilimbergo, Antonio

Safeguarding Financial Stability: Theory and Practice

By Garry J. Schinasi

How is finance related to economic processes, and why should it be viewed as a public good requiring policy action? This book provides an answer and also: i) develops a practical framework for safeguarding financial stability, which encompasses both prevention and resolution of problems, and ii) examines on-going and future challenges to financial stability posed by “globalization,” a growing reliance on OTC derivatives and their markets, the capital-market activities of insurers and reinsurers, and others.

$28.00 2005 Paperback. ISBN 1-58906-440–2 Stock# SFSTEA

…represents a brilliant attempt to provide solid and updated foundations to policies aiming at financial stability. The book can already be considered as required reading for anyone interested in the subject of financial stability. Its clarity makes it accessible to practitioners as well as policymakers.”

— Tommaso Padoa-Schioppa, Executive Board Member, European Central Bank, 1998–2005

“…explicates why financial stability matters, what it means, and the challenges in securing it. [It is] a thoughtful and thought-provoking volume that is a must read not just for central bankers but for all concerned with financial stability—and if you are not concerned about the latter, you soon will be!”

— Gerard Caprio, Jr., World Bank

International Monetary Fund

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CODE: P0603SFS-RB

2006

No. 06/1

“Are Donor Countries Giving More or Less Aid?”

Gupta, Sanjeev; Pattillo, Catherine A.; Wagh, Smita

No. 06/2

“The Macroeconomics of Remittances: The Case of Tajikistan”

Kireyev, Alexei

No. 06/3

“How Does Trade Openness Influence Budget Deficits in Developing Countries?”

Combes, Jean-Louis; Saadi-Sedik, Tahsin

No. 06/04

“Seasonalities in China’s Stock Markets: Cultural or Structural?”

Mitchell, Jason D.; Ong, Li L.

No. 06/5

“Sectoral Balance Mismatches and Macroeconomic Vulnerabilities in Colombia, 1996–2003”

Lima, Juan Manuel; Montes, Enrique; Varela, Carlos; Wiegand, Johannes

No. 06/6

“American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund”

Boughton, James M.

No. 06/7

“Financial Dollarization in Latin America”

Rennhack, Robert; Nozaki, Masahiro

No. 06/8

“Harmonization of Domestic Consumption Taxes in Central and Western African Countries”

Doe, Lubin Kobla

No. 06/9

“The Global Impact of Demographic Change”

Batini, Nicoletta; Callen, Tim; McKibbin, Warwick J.

IMF Working Papers and other IMF publications can be downloaded in full-text format from the “Research at the IMF” website at http://www.imf.org/research.

Visiting Scholars, October 2005–February 2006

Steve Bond; Oxford College; 10/11/05–10/12/05

Santanu Chatterjee; University of Georgia; 11/7/05–11/11/05

Marvin Goodfriend; Federal Reserve Bank of Richmond; 10/3/05–10/21/05

Marvin Goodfriend; Federal Reserve Bank of Richmond; 12/14/05–12/20/05

Hideaki Hirata; Hosei University, Japan; 12/27/05–1/4/06

Jiandong Ju; University of Oklahoma; 10/24/05–10/28/05

Michael Kremer; Harvard University; 12/12/05–12/16/05

Michael Kremer; Harvard University; 12/27/05–12/30/05

Douglas Russell Nelson; Tulane University; 9/28/05–12/23/05

Pedro Oviedo; Iowa State University; 11/7/05–11/11/05

Hashem Pesaran; Cambridge University; 11/28/05–2/28/06

Sergio Santoro; Bank of Italy; 11/7/05–12/2/05

Guido Tabellini; IGIER-Universita Bocconi, Italy; 10/31/05–11/2/05

Mathias Thoenig; University of Geneva; 10/31/05–11/11/05

Longyue Zhao; Georgetown University; 10/24/05–12/2/05

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