Working Paper 13/235
Cross-Border Activity of Japanese Banks
Raphael W. Lam
Working Paper 13/236
Drivers of Growth: Evidence from Sub-Saharan African Countries
Manuk Ghazanchyan; Janet Gale Stotsky
Working Paper 13/237
The Investment-Financing-Growth Nexus: The Case of Liberia
Will Clark; Manuel Rosales
Working Paper 13/238
Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies
Emanuele Baldacci; Sanjeev Gupta; Carlos Mulas-Granados
Working Paper 13/239
Money Targeting in a Modern Forecasting and Policy Analysis System: An Application to Kenya
Michal Andrle; Andrew Berg; Enrico Berkes; Rafael A. Portillo; Jan Vlcek; R. Armando Morales
Working Paper 13/240
Sector-Level Productivity, Structural Change, and Rebalancing in China
Malhar Nabar; Kai Yan
Working Paper 13/241
Aggregate Uncertainty and the Supply of Credit
Fabian Valencia
Working Paper 13/242
Baltic and Icelandic Experiences of Capital Flows and Capital Flow Measures
Audun Groenn; Maria Wallin Fredholm
Working Paper 13/243
Local Government Financing Platforms in China: A Fortune or Misfortune?
Yinqiu Lu; Tao Sun
Working Paper 13/244
Understanding Countries’ Tax Effort
Ricardo Fenochietto; Carola Pessino
Working Paper 13/245
Labor Force Participation and Monetary Policy in the Wake of the Great Recession
Christopher J. Erceg; Andrew Levin
Working Paper 13/246
Credit Constraints, Political Instability, and Capital Accumulation
Risto Herrala; Rima Turk Ariss
Working Paper 13/247
The Redistributive Effects of Financial Deregulation
Anton Korinek; Jonathan Kreamer
Working Paper 13/248
This Time They Are Different: Heterogeneity and Nonlinearity in the Relationship Between Debt and Growth
Markus Eberhardt; Andrea Presbitero
Working Paper 13/249
Inequality, Leverage, and Crises: The Case of Endogenous Default
Michael Kumhof; Romain Ranciere; Pablo Winant
Working Paper 13/250
Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade?
Paulo Drummond; Estelle X. Liu
Working Paper 13/251
Monetary Transmission in Brazil: Has the Credit Channel Changed?
Mercedes Garcia-Escribano
Working Paper 13/252
A Financial Conditions Index for Poland
Giang Ho; Yinqiu Lu
Working Paper 13/253
Policy Analysis and Forecasting in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
Francis Vitek
Working Paper 13/254
Real Money Investors and Sovereign Bond Yields
Laura Jaramillo; Yuanyan Sophia Zhang
Working Paper 13/255
Securitization: Lessons Learned and the Road Ahead
Miguel A. Segoviano Basurto; Bradley Jones; Peter Lindner; Johannes Blankenheim
Working Paper 13/256
Adding China to the Global Projection Model
Patrick Blagrave; Peter Elliott; Roberto Garcia-Saltos; Douglas Hostland; Douglas Laxton; Fan Zhang
Working Paper 13/257
System Priors: Formulating Priors about DSGE Models’ Properties
Michal Andrle; Jaromir Benes
Working Paper 13/258
Procyclicality and the Search for Early Warning Indicators
Hyun Song Shin
Working Paper 13/259
Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies
Jose De Gregorio
Working Paper 13/260
External Imbalances and Financial Crises
Alan Taylor
Working Paper 13/261
Natural Gas, Public Investment, and Debt Sustainability in Mozambique
Giovanni Melina; Yi Xiong
Working Paper 13/262
The Benefits of International Policy Coordination Revisited
Jaromir Benes; Michael Kumhof; Douglas Laxton; Dirk Muir; Susanna Mursula
Working Paper 13/263
Financial Soundness Indicators and Banking Crises
Matias Costa Navajas; Aaron Thegeya
Working Paper 13/264
Global Spillovers into Domestic Bond Markets in Emerging Market Economies
Laura Jaramillo; Anke Weber
Working Paper 13/265
Consumption Based Estimates of Urban Chinese Growth
Marcos Chamon; Irineu E. Carvalho Filho
Working Paper 13/266
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten
Carmen Reinhart; Kenneth Rogoff
Working Paper 13/267
Does Financial Connectedness Predict Crises?
Camelia Minoiu; Chanhyun Kang; V.S. Subrahmanian; Anamaria Berea
Working Paper 13/268
Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration
R. Sean Craig; Changchun Hua; Philip Ng; Raymond Yuen
Working Paper 13/269
Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-Based Approach
Lorenzo Forni; Massimiliano Pisani
Working Paper 13/270
Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out
Fernando Broner; Aitor Erce; Alberto Martin; Jaume Ventura
Working Paper 13/271
Macrofinancial Linkages in Egypt: A Panel Analysis of Economic Shocks and Loan Portfolio Quality
Inessa Love; Rima Turk Ariss
Working Paper 13/272
The External Balance Assessment (EBA) Methodology
Steven Phillips; Luis Catão; Luca Antonio Ricci; Rudolfs Bems; Mitali Das; Julian di Giovanni; D. Filiz Unsal; Marola Castillo; Jungjin Lee; Jair Rodriguez; Mauricio Vargas
Working Paper 13/273
IMF-Supported Programs in Low Income Countries: Economic Impact over the Short and Longer Term
Christian Mumssen; Yasemin Bal-Gunduz; Christian Ebeke; Linda Kaltani
Working Paper 14/1
Real Exchange Rate Appreciation in Emerging Markets: Can Fiscal Policy Help?
Marialuz Moreno Badia; Alex Segura-Ubiergo
Working Paper 14/2
Potential Growth in Emerging Asia
Rahul Anand; Kevin C. Cheng; Sidra Rehman; Longmei Zhang
Working Paper 14/3
Economic Growth and Government Spending in Saudi Arabia: An Empirical Investigation
Saad A. Alshahrani; Ali J. Alsadiq
Working Paper 14/5
Resource Blessing, Revenue Curse? Domestic Revenue Effort in Resource-Rich Countries
Ernesto Crivelli; Sanjeev Gupta
Working Paper 14/6
Reforming Capital Taxation in Italy
Luc Eyraud
Working Paper 14/7
Reforming Tax Expenditures in Italy: What, Why, and How?
Justin Tyson
Working Paper 14/8
Effectiveness of Capital Outflow Restrictions
Christian Saborowski; Sarah Sanya; Hans Weisfeld; Juan Yepez
Working Paper 14/9
Global Liquidity Through the Lens of Monetary Aggregates
Kyuil Chung; Jong-Eun Lee; Elena Loukoianova; Hail Park; Hyun Song Shin
Working Paper 14/10
Mapping the Shadow Banking System Through a Global Flow of Funds Analysis
Luca Errico; Artak Harutyunyan; Elena Loukoianova; Richard Walton; Yevgeniya Korniyenko; Goran Amidžic; Hanan AbuShanab; Hyun Song Shin
Working Paper 14/11
Exchange Rate Management and Crisis Susceptibility: A Reassessment
Atish R. Ghosh; Jonathan David Ostry; Mahvash Saeed Qureshi
Working Paper 14/12
Thin Capitalization Rules and Multinational Firm Capital Structure
Jennifer Blouin; Harry Huizinga; Luc Laeven; Gaetan Nicodeme
Working Paper 14/13
Remittances and Vulnerability in Developing Countries
Giulia Bettin; Andrea Presbitero; Nicola Spatafora
Working Paper 14/14
Financial Soundness Indicators and the Characteristics of Financial Cycles
Natasha Xingyuan Che; Yoko Shinagawa
Working Paper 14/15
The Quest for Non-Resource-Based FDI: Do Taxes Matter?
Tidiane Kinda
Working Paper 14/16
Boosting Job Growth in the Western Balkans
Dmitriy Kovtun; Alexis Mayer Cirkel; Zuzana Murgasova;
Dustin Smith; Suchanan Tambunlertchai
Working Paper 14/17
Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
Frigyes F. Heinz; Yan Sun
Working Paper 14/18
Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime
Andrew Berg; Rafael A. Portillo; Luis-Felipe Zanna
Working Paper 14/19
A Hybrid Approach to Estimating the Efficiency of Public Spending on Education in Emerging and Developing Economies
Francesco Grigoli
Working Paper 14/20
Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?
E. Jenkner; Zhongjin Lu
Working Paper 14/21
Bulgaria’s EU Funds Absorption: Maximizing the Potential!
Iana Paliova; Tonny Lybek
Working Paper 14/22
Leaning Against the Wind: Macroprudential Policy in Asia
Longmei Zhang; Edda Zoli
IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: www.imf.org/research.