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
Working Paper No. 03/126
Determinants of Inflation in a Transition Economy: The Case of Ukraine
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
Working Paper No. 03/131
Predictive Ability of Asymmetric Volatility Models at Medium-Term Horizons
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
Working Paper No. 03/134
Sovereign Bond Restructuring: Collective Action Clauses and Official Crisis Intervention
Working Paper No. 03/135
Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia
Working Paper No. 03/136
Enterprise Restructuring and Transition: Evidence from the Former Yugoslav Republic of Macedonia
Working Paper No. 03/137
Exchange Rate Regime Considerations for Jordan and Lebanon
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
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
Working Paper No. 03/150
The Performance of Indian Banks During Financial Liberalization
Working Paper No. 03/151
Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization
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?
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
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
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
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
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.