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. 04/142
Choosing the Correct Currency Anchor for a Small Economy: The Case of Nepal
Yelten, Sibel
Working Paper No. 04/143
Fiscal Adjustment in EU Countries: A Balance Sheet Approach
Milesi-Ferretti, Gian M.; Moriyama, Kenji
Working Paper No. 04/144
Regional Economic Disparities in Australia
Ramakrishnan, Uma; Cerisola, Martin D.
Working Paper No. 04/145
A Re-examination of Korea’s Trade Flows: What Has Changed and What Explains These Changes?
Cheng, Kevin C.
Working Paper No. 04/146
Ghostbusting: Which Output Gap Measure Really Matters?
Billmeier, Andreas
Working Paper No. 04/147
Structural Factors Affecting Exchange Rate Volatility: A Cross-Section Study
Canales Kriljenko, Jorge I.; Habermeier, Karl F.
Working Paper No. 04/148
Country Insurance
Cordella, Tito; Levy Yeyati, Eduardo
Working Paper No. 04/149
Bank Consolidation and Performance: The Argentine Experience
Basu, Ritu; Druck, Pablo; Marston, David; Susmel, Raul
Working Paper No. 04/150
Identifying Threshold Effects in Credit Risk Stress Testing
Gasha, Giancarlo; Morales, Armando
Working Paper No. 04/151
Analysis of Recent Growth in Low-Income CIS Countries
Loukoianova, Elena; Unigovskaya, Anna
Working Paper No. 04/152
What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?
Chami, Saade; Elekdag, Selim; Tchakarov, Ivan
Working Paper No. 04/153
Quantitative Assessment of the Financial Sector: An Integrated Approach
Worrell, DeLisle
Working Paper No. 04/154
Measuring the Trade Effects of EMU
Faruqee, Hamid
Working Paper No. 04/155
The IMF and Russia in the 1990s
Odling-Smee, John
Working Paper No. 04/156
Fiscal Policy and Debt Sustainability: Cardoso’s Brazil, 1995–2002
Giambiagi, Fabio; Ronci, Marcio
Working Paper No. 04/157
Front-Loaded or Back-Loaded Fiscal Adjustments: What Works in Emerging Market Economies?
Baldacci, Emanuele; Clements, Benedict J.; Gupta, Sanjeev; Mulas-Granados, Carlos
Working Paper No. 04/158
Dimensions of Land Inequality and Economic Development
Erickson, Lennart; Vollrath, Dietrich
Working Paper No. 04/159
Russia and the WTO: The “Gravity” of Outsider Status
Lissovolik, Bogdan; Lissovolik, Yaroslav
Working Paper No. 04/160
External Debt Sustainability in HIPC Completion Point Countries
Sun, Yan
Working Paper No. 04/161
Grants Versus Loans
Cordella, Tito; Ulku, Hulya
Working Paper No. 04/162
Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
Jeanne, Olivier D.; Svensson, Lars E.O.
Working Paper No. 04/163
Can Public Discussion Enhance Program Ownership?
Isard, Peter; Drazen, Allan
Working Paper No. 04/164
Monetary Policy Rules and the U.S. Business Cycle: Evidence and Implications
Rabanal, Pau
Working Paper No. 04/165
Will You Buy My Peg? The Credibility of a Fixed Exchange Rate Regime as a Determinant of Bilateral Trade
Fritz-Krockow, Bernhard; Jurzyk, Emilia M.
Working Paper No. 04/166
Monetary and Exchange Rate Policies in Colombia: Progress and Challenges
Clavijo, Sergio
Working Paper No. 04/167
Foreign Currency Deposits and International Liquidity Shortages in Pakistan
Mirakhor, Abbas; Zaidi, Iqbal
Working Paper No. 04/168
The Challenge of Fiscal Adjustment in a Democracy: The Case of India
Purfield, Catriona M.; Hausmann, Ricardo
Working Paper No. 04/169
The Impact of Preference Erosion on Middle-Income Developing Countries
Alexandraki, Katerina; Lankes, Hans P.
Working Paper No. 04/170
Financing Uganda’s Poverty Reduction Strategy: Is Aid Causing More Pain Than Gain?
Nkusu, Mwanza
Working Paper No. 04/171
Understanding India’s Services Revolution
Gordon, James P.; Gupta, Poonam
Working Paper No. 04/172
The Role of KAMCO in Resolving Nonperforming Loans in the Republic of Korea
He, Dong
Working Paper No. 04/173
Domestic Competition Spurs Exports: The Indian Example
Poddar, Tushar
Working Paper No. 04/174
Microfinance in Africa: Experience and Lessons from Selected African Countries
Basu, Anupam; Blavy, Rodolphe; Yulek, Murat
Working Paper No. 04/175
Insurance Value of International Reserves: An Option Pricing Approach
Lee, Jaewoo
Working Paper No. 04/176
Sources of Growth in Sub-Saharan Africa
Akitoby, Bernardin A.; Ghura, Dhaneshwar; Tahari, Amor; Brou Aka, Emmanuel
Working Paper No. 04/177
What Is an Emerging Market?
Mody, Ashoka
Working Paper No. 04/178
Trade Liberalization, Exchange Rate Changes, and Tax Revenue in Sub-Saharan Africa
Agbeyegbe, Terence; Stotsky, Janet G.; WoldeMariam, Asegedech
Working Paper No. 04/179
Quota Brokers
Imai, Susumu; Krishna, Kala; Mukhopadhyay, Abhiroop; Tan, Ling H.
Working Paper No. 04/180
An Institutional Framework for Comparing Emerging Market Currency Boards
Camilleri Gilson, Marie-Therese
Working Paper No. 04/181
Pension Funds and Emerging Markets
Chan Lau, Jorge A.
Working Paper No. 04/182
What Do We Know About Tariff Incidence?
Tokarick, Stephen P.
Working Paper No. 04/183
Intercreditor Distribution in Sovereign Debt Restructuring
Mandeng, Ousmene-Jacques
Working Paper No. 04/184
Institutions, Program Implementation, and Macroeconomic Performance
Nsouli, Saleh M.; Atoian, Rouben; Mourmouras, Alexandros T.
Working Paper No. 04/185
R&D, Innovation, and Economic Growth: An Empirical Analysis
Ulku, Hulya
Working Paper No. 04/186
Fear of Service Outsourcing: Is It Justified?
Amiti, Mary; Wei, Shang-Jin
Working Paper No. 04/187
Defining Financial Stability
Schinasi, Garry J.
Working Paper No. 04/188
Real Exchange Rates in Developing Countries: Are Balassa-Samuelson Effects Present?
Choudhri, Ehsan U.; Khan, Mohsin S.
Working Paper No. 04/189
Can Higher Reserves Help Reduce Exchange Rate Volatility?
Hviding, Ketil; Nowak, Michael; Ricci, Luca A.
Working Paper No. 04/190
The Internal job Market of the IMF’s Economist Program
Barron, Greg; Vardy, Felix
Working Paper No. 04/191
A New Taxonomy of Monetary Regimes
Stone, Mark R.; Bhundia, Ashok J.
Working Paper No. 04/192
The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard)
Jeanne, Olivier D.; Zettelmeyer, Jeromin
Working Paper No. 04/193
Work Absence in Europe
Bonato, Leo; Lusinyan, Lusine
Working Paper No. 04/194
A Theory of Workers’ Remittances with an Application to Morocco
Bouhga-Hagbe, Jacques
Working Paper No. 04/195
Deconstructing the Art of Central Banking
Bayoumi, Tamim A.; Sgherri, Silvia
Working Paper No. 04/196
Deriving Market Expectations for the Euro-Dollar Exchange Rate from Option Prices
Krichene, Noureddine
Working Paper No. 04/197
Keeping Capital Flowing: The Role of the IMF
Bordo, Michael D.; Mody, Ashoka; Oomes, Nienke
Working Paper No. 04/198
Growth and Convergence in WAEMU Countries
Wane, Abdoul Aziz
Working Paper No. 04/199
Managerial Incentives and Financial Contagion
Chakravorti, Sujit; Lall, Subir
Working Paper No. 04/200
Why Is Productivity Growth in the Euro Area So Sluggish?
Estevao, Marcello
Working Paper No. 04/201
Financial Sector Development in the Middle East and North Africa
Creane, Susan B.; Goyal, Rishi; Mobarak, A. Mushfiq; Sab, Randa E.
Working Paper No. 04/202
The Cyclical and Long-Term Behavior of Government Expenditures in Developing Countries
Akitoby, Bernardin A.; Clements, Benedict J.; Gupta, Sanjeev; Inchauste, Gabriela
Working Paper No. 04/203
Can the IMF’s Medium-Term Growth Projections Be Improved?
Zalduendo, Juan; Batista, Catia
Working Paper No. 04/204
Does Compliance with Basel Core Principles Bring Any Measurable Benefits?
Podpiera, Richard
Working Paper No. 04/205
Wage Compression, Employment Restrictions and Unemployment: The Case of Mauritius
Porter, Nathan
Working Paper No. 04/206
Foreign Direct Investment and Regional Trade Agreements: The Market Size Effect Revisited
Jaumotte, Florence
Working Paper No. 04/207
Evolution of the Relative Price of Goods and Services in a Neoclassical Model of Capital Accumulation
Klyuev, Vladimir
Working Paper No. 04/208
Measuring Disinflation Credibility in Emerging Markets: A Bayesian Approach with an Application to Turkey
Rossi, Marco; Rebucci, Alessandro
Working Paper No. 04/209
In the Pipeline: Georgia’s Oil and Gas Transit Revenues
Billmeier, Andreas; Dunn, Jonathan C; van Selm, Bert
Working Paper No. 04/210
Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries
Jahjah, Samir; Yue, Vivian Z.
Working Paper No. 04/211
Interest Rate Pass-Through in Romania and Other Central European Economies
Tieman, Alexander F.
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.