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.


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.

Nominal Anchors in the CIS WP/03/179

Keller, Peter M.; Richardson, Thomas J.

Capital Account Liberalization and Corporate Taxes WP/03/180

Lockwood, Ben; Devereux, Michael; Redoano, Michela

Time-Varying Thresholds: An Application to Purchasing Power Parity WP/03/181

Leon, Hyginus L.; Najarian, Serineh

The Fiscal Smile: The Effectiveness and Limits of Fiscal Stabilizers WP/03/182

Silgoner, Maria Antoinette; Reitschuler, Gerhard; Crespo-Cuaresma, Jesus

Monetary Policies for Developing Countries: The Role of Corruption WP/03/183

Huang, Haizhou; Wei, Shang-Jin

On The Determinants of First-Time Sovereign Bond Issues WP/03/184

Grigorian, A. David

The WTO Promotes Trade, Strongly but Unevenly WP/03/185

Subramanian, Arvind; Wei, Shang-Jin

FDI Spillovers, Financial Markets, and Economic Development WP/03/186

Alfaro, Laura; Chanda, Areendam; Kalemli-Ozcan, Sebnem; Sayek, Selin

Fiscal Sustainability in African HIPC Countries: A Policy Dilemma? WP/03/187

Fedelino, Annalisa; Kudina, Alina

Crisis in Competitive Versus Monopolistic Banking Systems WP/03/188

Boyd, John H.; De Nicolo, Gianni; Smith, Bruce D.

Are Immigrant Remittance Flows a Source of Capital for Development WP/03/189

Chami, Ralph; Fullenkamp, Connel; Jahjah, Samir

International Versus Domestic Auditing of Bank Solvency WP/03/190

Feltenstein, Andrew; Lagunoff, Roger

Who’s in Charge? Ownership and Conditionality in IMF-Supported Programs WP/03/191

Boughton, James M.

Reputation, Debt, and Policy Conditionality WP/03/192

Ramcharan, Rodney

Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation WP/03/193

Townsend, Robert M; Ueda, Kenichi

The U.S. Dollar and the Trade Deficit: What Accounts for the Late 1990s? WP/03/194

Hunt, Benjamin L.; Rebucci, Alessandro

Poverty and Social Impact Analysis—A Suggested Framework WP/03/195

Hossain, Shahabuddin M.

Crisis Resolution: Next Steps WP/03/196

Eichengreen, Barry; Kletzer, Kenneth; Mody, Ashoka

Dealing with Increased Risk of Natural Disasters: Challenges and Options WP/03/197

Freeman, Paul; Keen, Michael J.; Mani, Muthukumara

Prudential Issues in Less Diversified Economies WP/03/198

Narain, Aditya; Rabanal, Pau; Byskov, Steen

Promoting Fiscal Transparency: The Complementary Roles of the IMF, Financial Markets, and Civil Society WP/03/199

Petrie, Murray

The Effects of Exchange Rate Fluctuations on Output and Prices: Evidence from Developing Countries WP/03/200

Kandil, Magda E.; Aghdas Mirzaie, Ida

Puttable and Extendible Bonds: Developing Interest Rate Derivatives for Emerging Markets WP/03/201

Neftci, Salih N; Santos, Andre O.

Pricing Debit Card Payment Services: An IO Approach WP/03/202

Bolt, Wilko; Tieman, Alexander F.

Macro Effects of Corporate Restructuring in Japan WP/03/203

Kim, Se-Jik

Real and Distributive Effects of Petroleum Price Liberalization; The Case of Indonesia WP/03/204

Clements, Benedict J.; Jung, Hong-Sang; Gupta, Sanjeev

Financial Development in the CIS-7 Countries: Bridging the Great Divide WP/03/205

De Nicolo, Gianni; Geadah, Sami; Rozhkov, Dmitriy

The United States and the New Regionalism/Bilateralism WP/03/206

Hilaire, Alvin D.; Yang, Yongzheng

Of Openness and Distance: Trade Developments in the Commonwealth of Independent States, 1993–2002 WP/03/207

Elborgh-Woytek, Katrin C.

The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period WP/03/208

Nagayasu, Jun

Priorities for Further Fiscal Reforms in the Commonwealth of Independent States WP/03/209

Lorie, Henri R.

China’s Labor Market Performance and Challenges WP/03/210

Brooks, Ray; Ran, Tao

Mauritius: Unemployment and the Role of Institutions WP/03/211

McDonald, Calvin A.; Yao, James Y.

Modeling Inflation in Georgia WP/03/212

Maliszewski, Wojciech

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans WP/03/213

Cottarelli, Carlo; Dell’Ariccia, Giovanni; Vladkova-Hollar, Ivanna

Dynamics of Corporate Performance in Thailand WP/03/214

Haksar, Vikram; Kongsamut, Piyabha

Understanding the Costs of Deflation in the Japanese Context WT/03/215

Baig, Taimur

Social Incidence of the General Sales Tax in Pakistan WP/03/216

Refaqat, Saadia

Growth and Recovery in Mongolia During Transition WP/03/217

Cheng, Kevin C.

Greater Monetary Policy Transparency for the G3: Lessons from Full-Fledged inflation Targeters WP/03/218

Stone, Mark R.

The Role of Supervisory Tools in Addressing Bank Borrowers’ Currency Mismatches WP/03/219

del Mar Cacha, Maria; Morales, Armando

Fiscal Rules and Countercyclical Policy: Frank Ramsey Meets Gramm-Rudmaji-Hollings WP/03/220

Tanner, Evan C.

Predicting Sovereign Debt Crises WP/03/221

Manasse, Paolo; Roubini, Nouriel; Schimmelpfennig, Axel

Company Pension Plans, Stock Market Returns, and Labor Demand WP/03/222

Detragiache, Enrica

Are Pegged and Intermediate Regimes More Crisis Prone? WP/03/223

Bubula, Andrea; Otker-Robe, Inci

What Sustains Fiscal Consolidations in Emerging Market Countries? WP/03/224

Gupta, Sanjeev; Baldacci, Emanuele; Clements, Benedict J.; Tiongson, Erwin R.

Optimal Fiscal and Monetary Policy with Nominal and Indexed Debt WP/03/225

Cosimano, Thomas; Gapen, Michael T.

Dynamic Depositor Discipline in U.S. Banks WP/03/226

Maechler, Andrea; McDill, Kathleen M.

How Useful Are Benefit Incidence Analyses of Public Education and Health Spending WP/03/227

Davoodi, Hamid R.; Tiongson, Erwin H.; Asawanuchit, Sawitree S.

Why Does FDI Go Where it Goes? New Evidence from the Transition Economies WP/03/228

Campos, Nauro F.; Kinoshita, Yuko

Free Trade Areas and Rules of Origin: Economics and Politics WP/03/229

Duttagupta, Rupa; Panagariya, Arvind

Output Response to Currency Crises WP/03/230

Gupta, Poonam; Mishra, Deepak; Sahay, Ratna

Do IMF-Supported Programs Boost Private Capital Inflows? The Role of Program Size and Policy Adjustment WP/03/231

Benelli, Roberto

Social Impact of a Tax Reform: The Case of Ethiopia WP/03/232

Munoz, Soma; Sang-Wook Cho, Stanley

Financial Globalization, Portfolio Diversification, and the Pattern of International Trade WP/03/233

Koren, Miklos

Do Active Labor Market Policies Increase Employment? WP/03/234

Estevao, Marcello

From the Front lines at Seoul Bank: Restructuring and Reprivatization WP/03/235

Kang, Chungwon

Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets WP/03/236

Edison, Hali; Warnock, Francis E.

Growth, Governance, and Fiscal Policy Transmission Channels in Low-Income Countries WP/03/237

Baldacci, Emanuele; Hillman, Arye L.; Kojo, Naoko C.

U.S. Investors’ Emerging Market Equity Portfolios: A Security-Level Analysis WP/03/238

Edison, Hali; Warnock, Francis E.

Trade Liberalization Strategies: What Could South Eastern Europe Learn From CEFTA and BFTA? WP/03/239

Adam, Antonis; Kosma, Theodora; McHugh, Jimmy

Patterns of Shocks and Regional Monetary Cooperation in South Asia WP/03/240

Matangi Maskay, Nephil

IMF and the Baltics: A Decade of Cooperation WP/03/241

Knobl, Adalbert; Haas, Richard D.

Are Credit Default Swaps Spreads High in Emerging Markets—An Alternative Methodology for Proxying Recovery Value WP/03/242

Singh, Manmohan

Evolution and Performance of Exchange Rate Regimes WP/03/243

Rogoff, Kenneth; Husain, Aasim M.; Mody, Ashoka; Brooks, Robin J.; Oomes, Nienke

The Effects of Fiscal Policies on the Economic Development of Women in the Middle East and North Africa WP/03/244

Laffamboise, Nicole L.; Trumbic, Tea

China’s Integration into the World Economy: Implications for Developing Countries WP/03/245

Yang, Yongzheng

Volatility and Comovement in a Globalized World Economy: An Empirical Exploration WP/03/246

Kose, Ayhan; Prasad, Eswar S.; Terrones Silva, Marco E.

Budget System Reform in Transitional Economies: The Case of the Former Yugoslav Republics WP/03/247

Diamond, Jack; Last, Duncan

Multinational Enterprises, International Trade, and Productivity Growth: Firm-Level Evidence from the United States WP/03/248

Keller, Wolfgang; Yeaple, Stephen R.

External Debt, Public Investment, and Growth in Low-Income Countries WP/03/249

Clements, Benedict J.; Bhattacharya, Rina; Nguyen, Toan Quoc

Determinants of Deflation in Hong Kong SAR WP/03/250

N’Diaye, Papa

Characterizing Global Investors’ Risk Appetite for Emerging Market Debt During Financial Crises WP/03/251

Dungey, Mardi; Fry, Renee; Gonzalez-Hermosillo, Brenda; Martin, Vance

Sources of Nominal Exchange Rate Fluctuations in South Africa WP/03/252

Bhundia, Ashok J.; Gottschalk, Jan

The Gains from International Monetary Cooperation Revisited WP/04/1

Tchakarov, Ivan

Exchange Rates in Central Europe: A Blessing or a Curse? WP/04/2

Borghijs, Alain; Kuijs, Louis

Do Macroeconomic Effects of Capital Controls Vary by Their Type? Evidence from Malaysia WP/04/3

Tamirisa, Natalia T.

Foreign Exchange Market Organization in Selected Developing and Transition Economies: Evidence from a Survey WP/04/4

Canales Kriljenko, Jorge I.

International Dividend Repatriations WP/04/5

Lehmann, Alexander C.; Mody, Ashoka

A Puzzle of Microstructure Market Maker Models WP/04/6

Romeu, Rafael

Fiscal Sustainability: The Case of Eritrea WP/04/7

Yamauchi, Ayumu

Fiscal Surveillance in a Petro Zone: The Case of the CEMAC WP/04/8

Wiegand, Johannes

Timing of International Bailouts WP/04/9

Kim, Se-Jik

Singapore’s Unique Monetary Policy: How Does It Work? WP/04/10

Parrado, Eric

Banking Competition, Risk, and Regulation WP/04/11

Bolt, Wilko; Tieman, Alexander F.

The Late 1990s Financial Crisis in Ecuador: Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization at Work WP/04/12

Luis I., Jacome H.

How Private Creditors Fared in Emerging Debt Markets, 1970–2000 WP/04/13

Klingen, Christoph A.; Weder, Beatrice S.; Zettelmeyer, Jeromin

Exchange Rate Pass-Through in the Euro Area: The Role of Asymmetric Pricing Behavior WP/04/14

Faruqee, Hamid

What Are the Channels Through Which External Debt Affects Growth? WP/04/15

Pattillo, Catherine A.; Poirson, Helene K.; Ricci, Luca A.

Foreign Exchange Market Volatility in EU Accession Countries in the Run-Up to Euro Adoption: Weathering Uncharted Waters WP/04/16

Kobor, Adam; Szekely, Istvan P.

Interest Rate Volatility and Risk in Indian Banking WP/04/17

Patnaik, Ila; Shah, Ajay

China: Sources of Real Exchange Rate Fluctuations WP/04/18

Wang, Tao

Six Puzzles in Electronic Money and Banking WP/04/19

Fullenkamp, Connel; Nsouli, Saleh M.

Does Spousal Labor Smooth Fluctuations in Husbands’ Earnings? The Role of Liquidity Constraints WP/04/20

Garcia-Escribano, Mercedes

Inflation Targeting and Exchange Rate Rules in an Open Economy WP/04/21

Parrado, Eric

Armington Elasticities in Intermediate Inputs Trade: A Problem in Using Multilateral Trade Data WP/04/22

Saito, Mika

IMF Working Papers, Policy Discussion Papers, and other IMF publications can be downloaded in full-text format from the Research at the IMF website:

Policy Discussion Papers

Large and Complex Financial Institutions: Challenges and Policy Responses—Lessons from Sweden PDP/03/1

R.B. Johnston; Balázs Horváth; Luca Errico; and Jingqing Chai

The Energy Sector Reform and Macroeconomic Adjustment in a Transition Economy: The Case of Romania PDP/03/2

Stéphane M. Cossé

Financial Integration in Central America: Prospects and Adjustment Needs PDP/03/3

Jorge I. Canutes Kriljenko; Padamja Khandelwal; and Alexander C. Lehmann

Issuing Government Bonds to Finance Bank Recapitalization and Restructuring: Design Factors That Affect Banks’ Financial Performance PDP/03/4

Michael Andrews

FDI and the Investment Climate in the CIS Countries PDP/03/5

Clinton R. Shiells

International Trade in Services: Implications for the Fund PDP/03/6

Alexander C. Lehmann; Natalia T. Tamirisa; and Jaroslaw Wieczorek

IMF Research Bulletin March 2004
Author: International Monetary Fund. Research Dept.