IMF Working Papers
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International Monetary Fund. Research Dept.
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The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Abstract

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Working Paper No. 03/125

Modeling Stochastic Volatility with Application to Stock Returns

Krichene, Noureddine

Working Paper No. 03/126

Determinants of Inflation in a Transition Economy: The Case of Ukraine

Lissovolik, Bogdan

Working Paper No. 03/127

Trade Credit and the Effect of Macro-Financial Shocks: Evidence from U.S. Panel Data

Choi, Woon Gyu; Kim, Yungsan

Working Paper No. 03/128

Capital Operating Time and Total Factor Productivity Growth in France

Everaert, Luc D.; De Simone, Francisco Nadal

Working Paper No. 03/129

Does Inflation Targeting Matter?

Ball, Laurence; Sheridan, Niamh

Working Paper No. 03/130

Exchange Rate Pass-Through in Romania

Gueorguiev, Nikolay

Working Paper No. 03/131

Predictive Ability of Asymmetric Volatility Models at Medium-Term Horizons

Kisinbay, Turgut

Working Paper No. 03/132

Is Transparency Good for You, and Can the IMF Help?

Glennerster, Rachel; Shin, Yongseok

Working Paper No. 03/133

The Distributional Consequences of Real Exchange Rate Adjustment

Klyuev, Vladimir

Working Paper No. 03/134

Sovereign Bond Restructuring: Collective Action Clauses and Official Crisis Intervention

Kletzer, Kenneth

Working Paper No. 03/135

Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia

Mandeng, Ousmene-Jacques

Working Paper No. 03/136

Enterprise Restructuring and Transition: Evidence from the Former Yugoslav Republic of Macedonia

Zalduendo, Juan

Working Paper No. 03/137

Exchange Rate Regime Considerations for Jordan and Lebanon

Bhattacharya, Rina

Working Paper No. 03/138

Insurance and Issues in Financial Soundness

Das, Udaibir S.; Davies, Nigel; Podpiera, Richard

Working Paper No. 03/139

Addressing the Natural Resource Curse: An Illustration from Nigeria

Sala-i-Martin, Xavier; Subramanian, Arvind

Working Paper No. 03/140

Trade Elasticities and Market Expectations in Brazil

Paiva, Claudio A.

Working Paper No. 03/141

Exchange Rate Pass-Through in Brazil

Belaisch, Agnes J.

Working Paper No. 03/142

The Efficiency of the Japanese Equity Market

Nagayasu, Jun

Working Paper No. 03/143

The Response of the Current Account to Terms of Trade Shocks: Persistence Matters

Kent, Christopher; Cashin, Paul A.

Working Paper No. 03/144

A Political Agency Theory of Central Bank Independence

Eggertsson, Gauti B; Le Borgne, Eric

Working Paper No. 03/145

Assessing Fiscal Sustainability: A Cross Country Comparison

Croce, Enzo; Juan-Ramon, V. H.

Working Paper No. 03/146

Dollarization of the Banking System: Good or Bad?

De Nicoló, Gianni; Honohan, Patrick; Ize, Alain

Working Paper No. 03/147

Exits from Pegged Regimes: An Empirical Analysis

Duttagupta, Rupa; Otker-Robe, Inci

Working Paper No. 03/148

The Role of Information in Driving FDI Flows: Host-Country Transparency and Source-Country Specialization

Mody, Ashoka; Razin, Assaf; Sadka, Efraim

Working Paper No. 03/149

The Cost Channel of Monetary Policy: Further Evidence for the United States and the Euro Area

Rabanal, Pau

Working Paper No. 03/150

The Performance of Indian Banks During Financial Liberalization

Koeva, Petya

Working Paper No. 03/151

Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization

Celasun, Oya

Working Paper No. 03/152

Official Intervention in the Foreign Exchange Market: Elements of Best Practice

Canales Kriljenko, Jorge I.; Guimaraes, Roberto; Karacadag, Cem

Working Paper No. 03/153

What Would a Development-Friendly WTO Architecture Really Look Like?

Mattoo, Aaditya; Subramanian, Arvind

Working Paper No. 03/154

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?

Lee, Jaewoo; Tang, Man-Keung

Working Paper No. 03/155

Fiscal Policy in Nigeria: Any Role for Rules?

Baunsgaard, Thomas

Working Paper No. 03/156

Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?

Ramirez, Carlos D; Tan, Ling H.

Working Paper No. 03/157

Hierarchy and Authority in a Dynamic Perspective: A Model Applied to Donor Financing of NGO Proposals

Yontcheva, Boriana

Working Paper No. 03/158

Bank Consolidation, Internationalization and Conglomeration: Trends and Implications for Financial Risk

De Nicolo, Gianni; Bartholomew, Philip; Zaman, Jahanara; Zephirin, Mary G.

Working Paper No. 03/159

Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates

Leon, Hyginus L.; Najarian, Serineh

Working Paper No. 03/160

Exchange Rate Regime Choice in Historical Perspective

Bordo, Michael D.

Working Paper No. 03/161

Recovery Rates from Distressed Debt—Empirical Evidence from Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings

Singh, Manmohan

Working Paper No. 03/162

Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union

Kufa, Phebby; Pellechio, Anthony J.; Rizavi, Saqib

Working Paper No. 03/163

Fiscal Transparency in EU Accession Countries: Progress and Future Challenges

Allan, William A.; Parry, Taryn R.

Working Paper No. 03/164

The Wage-Price Spiral: Industrial Country Evidence and Implications

Kandil, Magda E.

Working Paper No. 03/165

Social Returns to Education: Evidence from Italian Local Labor Market Areas

Dalmazzo, Alberto; de Blasio, Guido

Working Paper No. 03/166

Does Trade Credit Substitute Bank Credit? Evidence from Firm-Level Data

de Blasio, Guido

Working Paper No. 03/167

Diamond Smuggling and Taxation in Sub-Saharan Africa

Oomes, Nienke; Vocke, Matthias

Working Paper No. 03/168

Economic Resilience with an Exchange Rate Peg: The Barbados Experience, 1985–2000

Worrell, DeLisle; Codrington, Harold; Craigwell, Roland; Greenidge, Kevin

Working Paper No. 03/169

From Program to Performance Budgeting: The Challenge for Emerging Economies

Diamond, jack

Working Paper No. 03/170

Estimating Indexes of Coincident and Leading Indicators: An Application to Jordan

Mongardini, Joannes F.; Saadi-Sedik, Tahsin

Working Paper No. 03/171

Measuring Contagion with a Bayesian Time-Varying Coefficient Model

Ciccarelli, Matteo; Rebucci, Alessandro

Working Paper No. 03/172

The Persistence of Corruption and Regulatory Compliance Failures: Theory and Evidence

Damania, Richard; Fredriksson, Per G.; Mani, Muthukumara

Working Paper No. 03/173

Reforming Tax Systems: Experience of the Baltics, Russia, and Other Countries of the Former Soviet Union

Stepanyan, Vahram

Working Paper No. 03/174

Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Beetsma, Roel; Debrun, Xavier

Working Paper No. 03/175

Debt Relief, Additionality, and Aid Allocation in Low Income Countries

Powell, Robert K.

Working Paper No. 03/176

Foreign Aid and Revenue Response: Does the Composition of Aid Matter?

Gupta, Sanjeev; Clements, Benedict J.; Pivovarsky, Alexander; Tiongson, Erwin R

Working Paper No. 03/177

Why Do Emerging Economics Borrow in Foreign Currency?

Jeanne, Olivier D.

Working Paper No. 03/178

Potential Output and Total Factor Productivity Growth in Post-Apartheid South Africa

Arora, Vivek B.; Bhundia, Ashok J.

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IMF Research Bulletin, December 2003
Author:
International Monetary Fund. Research Dept.