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IMF Working Papers

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International Monetary Fund. Research Dept.
Published Date:
December 2009
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IMF Working Papers

No. 09/142

Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors

Masciandaro, Donato; Nieto, María; Quintyn, Marc

No. 09/143

Bank Competition, Risk and Asset Allocations

Boyd, John H.; De Nicoló, Gianni; Jalal, Abu M.

No. 09/144

The Effects of the Financial Crisis on Public-Private Partnerships

Burger, Philippe; Tyson, Justin; Karpowicz, I.; Delgado Coelho, Maria

No. 09/145

Anatomy of Regional Disparities in the Slovak Republic

Banerjee, Biswajit; Jarmuzek, Mariusz

No. 09/146

Introducing the Euro as Legal Tender - Benefits and Costs of Eurorization for Cape Verde

Imam, Patrick A.

No. 09/147

Macroeconomic Fundamentals, Price Discovery and Volatility Dynamics in Emerging Markets

Nowak, Sylwia; Andritzky, Jochen R.; Jobst, Andreas; Tamirisa, Natalia T.

No. 09/148

In Search of Successful Inflation Targeting: Evidence from an Inflation Targeting Index

Miao, Yanliang

No. 09/149

Requirements for Using Interest Rates as an Operating Target for Monetary Policy: The Case of Tunisia

Chailloux, Alexandre; Durré, Alain; Laurens, Bernard

No. 09/150

Development of the Commercial Banking System in Afghanistan: Risks and Rewards

Pavlovic, Jelena; Charap, Joshua

No. 09/151

How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter

Impavido, Gregorio; Tower, Ian

No. 09/152

Why Are Canadian Banks More Resilient?

Ratnovski, Lev; Huang, Rocco

No. 09/153

Do Workers' Remittances Promote Economic Growth?

Barajas, Adolfo; Chami, Ralph; Fullenkamp, Connel; Gapen, Michael T.; Montiel, Peter

No. 09/154

The Quality of Public Investment

Chakraborty, Shankha; Dabla-Norris, Era

No. 09/155

Spillovers from the Rest of the World into Sub-Saharan African Countries

Drummond, Paulo Flavio Nacif; Ramirez, Gustavo

No. 09/156

A Framework for Financial Market Development

Chami, Ralph; Fullenkamp, Connel; Sharma, Sunil

No. 09/157

Revenue Mobilization in Sub-Saharan Africa: Challenges from Globalization

Keen, Michael; Mansour, Mario

No. 09/158

Fiscal Cycles in the Caribbean

Araujo, Juliana Dutra

No. 09/159

Macroeconomic Fluctuations in the Caribbean: The Role of Climatic and External Shocks

Sosa, Sebastian; Cashin, Paul

No. 09/160

How Effective is Fiscal Policy Response in Systemic Banking Crises?

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos

No. 09/161

Country Experiences with the Introduction and Implementation of Inflation Targeting

Freedman, Charles; Ötker, Inci

No. 09/162

Recent Advances in Credit Risk Modeling

Capuano, Christian; Chan-Lau, Jorge A.; Gasha, Jose Giancarlo; Medeiros, Carlos I.; Santos, Andre; Souto, Marcos

No. 09/163

Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

Meier, André

No. 09/164

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis

Tong, Hui; Wei, Shang-Jin

No. 09/165

An Assessment of External Price Competitiveness for Mozambique

Vitek, Francis

No. 09/166

Spillovers of the U.S. Subprime Financial Turmoil to Mainland China and Hong Kong SAR: Evidence from Stock Markets

Sun, Tao; Zhang, Xiaojing

No. 09/167

Measures of Underlying Inflation in Sri Lanka

Gupta, Souvik; Saxegaard, Magnus

No. 09/168

The Challenge of Enforcement in Securities Markets: Mission Impossible?

Carvajal, Ana; Elliott, Jennifer A.

No. 09/169

Employment Effects of Growth Rebalancing in China

Guo, Kai; N'Diaye, Papa

No. 09/170

Does Good Financial Performance Mean Good Financial Intermediation in China?

Feyzioglu, Tarhan

No. 09/171

Interest Rate Liberalization in China

Feyzioglu, Tarhan; Porter, Nathaniel John; Takáts, Elöd

No. 09/172

Is China's Export-Oriented Growth Sustainable?

Guo, Kai; N'Diaye, Papa

No. 09/173

Counterparty Risk, Impact on Collateral Flows and Role for Central Counterparties

Singh, Manmohan; Aitken, James

No. 09/174

Fiscal Vulnerability and Sustainability in Oil-Producing Sub-Saharan African Countries

York, Robert C.; Zhan, Zaijin

No. 09/175

India's Experience with Fiscal Rules: An Evaluation and The Way Forward

Simone, Alejandro; Topalova, Petia

No. 09/176

Tourism Specialization and Economic Development : Evidence from the UNESCO World Heritage List

Arezki, Rabah; Cherif, Reda; Piotrowski, John

No. 09/177

Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships

de Palma, André; Leruth, Luc; Prunier, Guillaume

No. 09/178

Incorporating Market Information into the Construction of the Fan Chart

Elekdag, Selim; Kannan, Prakash

No. 09/179

Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations

Das, Udaibir S.; Mulder, Christian B.; Sy, Amadou N.R.; Lu, Y.

No. 09/180

Credit Growth in Sub-Saharan Africa - Sources, Risks, and Policy Responses

Iossifov, Plamen; Khamis, May Y.

No. 09/181

Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement

di Giovanni, Julian; Levchenko, Andrei A.

No. 09/182

Understanding the Growth of African Financial Markets

Yartey, Charles Amo; Andrianaivo, Mihasonirina

No. 09/183

International Evidence on Recovery from Recessions

Cerra, Valerie; Panizza, Ugo; Saxena, Sweta Chaman

No. 09/184

Establishing Conversion Values for New Currency Unions: Method and Application to the Planned Gulf Cooperation Council (GCC) Currency Union

Krueger, Russell C.; Kamar, Bassem; Carlotti, Jean-Etienne

No. 09/185

Euro Area Monetary Policy in Uncharted Waters

Cihák, Martin; Harjes, Thomas; Stavrev, Emil

No. 09/186

One Money, One Market - A Revised Benchmark

Eicher, Theo S.; Henn, Christian

No. 09/187

How Good Are Ex Ante Program Evaluation Techniques? The Case of School Enrollment in PROGRESA

Bornhorst, Fabian

No. 09/188

Search in the Labor Market Under Imperfectly Insurable Income Risk

Roca, Mauro

No. 09/189

What Drives China's Interbank Market?

Porter, Nathaniel John; Xu, TengTeng

No. 09/190

Fiscal Sustainability in Remittance-Dependent Economies

Abdih, Yasser; Chami, Ralph; Gapen, Michael T.; Mati, Amine

No. 09/191

Monetary Policy and the Central Bank in Jordan

Maziad, Samar

No. 09/192

The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct

Sriram, Subramanian S.

No. 09/193

Institutional Inertia

Valderrama, Laura

No. 09/194

Political Risk Aversion

Valderrama, Laura

No. 09/195

Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center

Finger, Harald; Hesse, Heiko

No. 09/196

The Derivatives Market in South Africa: Lessons for Sub-Saharan African Countries

Adelegan, Olatundun Janet

No. 09/197

Frugality: Are We Fretting Too Much? Household Saving and Assets in the United States

Abdih, Yasser; Tanner, Evan

No. 09/198

The Real Effects of Financial Sector Risk

Tieman, Alexander F.; Maechler, Andrea M.

No. 09/199

Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay

Adler, Gustavo; Mansilla, Mario; Wezel, Torsten

No. 09/200

The Need for Special Resolution Regimes for Financial Institutions—The Case of the European Union

Cihák, Martin; Nier, Erlend

No. 09/201

French Banks Amid the Global Financial Crisis

Xiao, Yingbin

No. 09/202

Benchmark Priors Revisited: On Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging

Feldkircher, Martin; Zeugner, Stefan

No. 09/203

The Drivers of Housing Cycles in Spain

Aspachs-Bracons, Oriol; Rabanal, Pau

No. 09/204

How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis

Aït-Sahalia, Yacine; Andritzky, Jochen R.; Jobst, Andreas; Nowak, Sylwia Barbara; Tamirisa, Natalia T.

No. 09/205

Commodity Terms of Trade: The History of Booms and Busts

Spatafora, Nikola; Tytell, Irina

No. 09/206

The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis

Frank, Nathaniel; Hesse, Heiko

No. 09/207

Accounting Discretion of Banks During a Financial Crisis

Huizinga, Harry; Laeven, Luc

No. 09/208

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows

Binici, Mahir; Hutchison, Michael; Schindler, Martin

No. 09/209

International Risk Sharing During the Globalization Era

Flood, Robert P. ; Marion, Nancy P.; Matsumoto, Akito

No. 09/210

Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data

Prati, Alessandro; Schindler, Martin; Valenzuela, Patricio

No. 09/211

Revised System for the Classification of Exchange Rate Arrangements

Habermeier, Karl Friedrich; Kokenyne, Annamaria; Veyrune, Romain; Anderson, Harald

No. 09/212

Cointegrated TFP Processes and International Business Cycles

Rabanal, Pau; Rubio-Ramirez, Juan F.; Tuesta, Vicente

No. 09/213

What Determines Bond Market Development in Sub-Saharan Africa?

Adelegan, Olatundun Janet; Radzewicz-Bak, Bozena

No. 09/214

Constructing Forecast Confidence Bands during the Financial Crisis

Chen, Huigang; Clinton, Kevin; Johnson, Marianne; Kamenik, Ondra; Laxton, Douglas

No. 09/215

São Tomé and Príncipe: Domestic Tax System and Tax Revenue Potential

Farhan, Nisreen H.

No. 09/216

Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa

Singh, Raju; Haacker, Markus; Lee, Kyung-woo

No. 09/217

Access to Market Financing for IDA-Eligible Countries—The Role of External Debt and IMF-Supported Programs

Thomas, Alun H.

No. 09/218

Do Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debate on Decoupling and Spillovers

Obiora, Kingsley I.

No. 09/219

The Uncertainty Channel of Contagion

Kannan, Prakash; Köhler-Geib, Fritzi

No. 09/220

Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa

Poghosyan, Tigran; Hesse, Heiko

No. 09/221

External Balance in Low Income Countries

Christiansen, Lone Engbo; Prati, Alessandro; Ricci, Luca Antonio; Tressel, Thierry

No. 09/222

Euro Area Sovereign Risk During the Crisis

Sgherri, Silvia; Zoli, Edda

No. 09/223

Australian Bank and Corporate Sector Vulnerabilities—An International Perspective

Takáts, Elöd; Tumbarello, Patrizia

No. 09/224

New Zealand Bank Vulnerabilities in International Perspective

Brooks, Ray; Cubero, Rodrigo

No. 09/225

Revisiting the Determinants of Productivity Growth: What's New?

Loko, Boileau; Diouf, Mame Astou

No. 09/226

Unconventional Central Bank Measures for Emerging Economies

Ishi, Kotaro; Stone, Mark R.; Yehoue, Etienne B.

No. 09/227

Analyzing Fiscal Space Using the MAMS Model: An Application to Burkina Faso

Gottschalk, Jan; Manh Le,, Vu; Lofgren, Hans; Nouve, Kofi

No. 09/228

The Liquidity and Liquidity Distribution Effects in Emerging Markets: The Case of Jordan

Vandenbussche, Jérôme; Blazsek, Szabolcs; Watt, Stanley

No. 09/229

Macro-Hedging for Commodity Exporters

Borensztein, Eduardo; Jeanne, Olivier; Sandri, Damiano

No. 09/230

Global Market Conditions and Systemic Risk

González-Hermosillo, Brenda; Hesse, Heiko

No. 09/231

Three Cycles: Housing, Credit, and Real Activity

Igan, Deniz; Kabundi, Alain N.; Nadal-De Simone, Francisco; Pinheiro, Marcelo; Tamirisa, Natalia T.

No. 09/232

Monetary Policy and the Lost Decade: Lessons from Japan

Leigh, Daniel

No. 09/233

Excessive Lending, Leverage, and Risk-Taking in the Presence of Bailout Expectations

Georgiou, Andréas

No. 09/234

Hybrid Inflation Targeting Regimes

Roger, Scott; Restrepo, Jorge; Garcia, Carlos

No. 09/235

Is the Canadian Housing Market Overvalued? A Post-Crisis Assessment

Tsounta, Evridiki

No. 09/236

Inflation Targeting at 20: Achievements and Challenges

Roger, Scott

No. 09/237

Fiscal Deficits and Current Account Deficits

Kumhof, Michael; Laxton, Douglas

No. 09/238

Monetary Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach

Vitek, Francis

No. 09/239

Sovereign Wealth Funds and Financial Stability - An Event Study Analysis

Sun, Tao; Hesse, Heiko

No. 09/240

Treating Intangible Inputs as Investment Goods: The Impact on Canadian GDP

Belhocine, Nazim

No. 09/241

The Role of Financial Variables in Predicting Economic Activity in the Euro Area

Espinoza, Raphael A.; Fornari, Fabio; Lombardi, Marco

No. 09/242

Valuation of Unlisted Direct Investment Equity

Kumah, Emmanuel; Damgaard, Jannick; Elkjaer, Thomas

No. 09/243

Top-Down Budgeting - An Instrument to Strengthen Budget Management

Ljungman, Gösta

No. 09/244

A Rule-Based Medium-Term Fiscal Policy Framework for Tanzania

Kim, Daehaeng; Saito, Mika

No. 09/245

What's the Damage? Medium-Term Output Dynamics After Banking Crises

Abiad, Abdul; Balakrishnan, Ravi; Koeva Brooks, Petya; Leigh, Daniel; Tytell, Irina

No. 09/246

Governance and Fund Management in the Chinese Pension System

Impavido, Gregorio; Hu, Yu-Wei; Li, Xiaohong

No. 09/247

Financial Sector Surveillance and the IMF

Gola, Carlo; Spadafora, Francesco

No. 09/248

Today versus Tomorrow: The Sensitivity of the Non-Oil Current Account Balance to Permanent and Current Income

Thomas, Alun H.; Bayoumi, Tamim

No. 09/249

Countering the Cycle - The Effectiveness of Fiscal Policy in Korea

Eskesen, Leif Lybecker

No. 09/250

The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities

Belhocine, Nazim

No. 09/251

Monetary and Macroprudential Policy Rules in a Model with House Price Booms

Kannan, Prakash; Rabanal, Pau; Scott, Alasdair

No. 09/252

Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts

Kannan, Prakash; Rabanal, Pau; Scott, Alasdair

No. 09/253

Adding Indonesia to the Global Projection Model

Andrle, Michal; Freedman, Charles; Garcia-Saltos, Roberto; Hermawan, Danny; Laxton, Douglas; Munandar, Haris

No. 09/254

Credit Derivatives: Systemic Risks and Policy Options?

Kiff, John; Elliott, Jennifer A.; Kazarian, Elias G.; Scarlata, Jodi G.; Spackman, Carolyne

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

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