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. 04/212
Are There Negative Returns to Aid? A Comment
Nkusu, Mwanza
Working Paper No. 04/213
The Greenbook and U.S. Monetary Policy
Tchaidze, Robert
Working Paper No. 04/214
The Distributional Bias of Public Education: Causes and Consequences
Dabla-Norris, Era; Gradstein, Mark
Working Paper No. 04/215
What Determines Long-Run Macroeconomic Stability? Democratic Institutions
Satyanath, Shanker; Subramanian, Arvind
Working Paper No. 04/216
Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa
Buffie, Edward; Adam, Christopher; O’Connell, Stephen A.; Pattillo, Catherine A.
Working Paper No. 04/217
Social Spending, Human Capital, and Growth in Developing Countries: Implications for Achieving the MDGs
Baldacci, Emanuele; Clements, Benedict J.; Gupta, Sanjeev; Cui, Qiang
Working Paper No. 04/218
Capital Inflows, Sterilization, and Commercial Bank Speculation: The Case of the Czech Republic in the Mid-1990s
Christensen, Jakob
Working Paper No. 04/219
A Model of the IMF as a Coinsurance Arrangement
Chami, Ralph; Sharma, Sunil; Shim, Ilhyock
Working Paper No. 04/220
On the Design and Effectiveness of Targeted Expenditure Programs
Ahmad, Ehtisham; Martinez, Leonardo
Working Paper No. 04/221
Sovereign Borrowing by Developing Countries: What Determines Market Access?
Gelos, Gaston; Sahay, Ratna; Sandleris, Guido
Working Paper No. 04/222
Currency Bloc Formation as a Dynamic Process Based on Trade Network Externalities
Yehoue, Etienne
Working Paper No. 04/223
Inflation and Monetary Pass-Through in Guinea
Blavy, Rodolphe
Working Paper No. 04/224
Macroeconomic Implications of Natural Disasters in the Caribbean
Rasmussen, Tobias N.
Working Paper No. 04/225
Trade Finance and Trade Flows: Panel Data Evidence from 10 Crises
Ronci, Marcio
Working Paper No. 04/226
Central Bank Governance: A Survey of Boards and Management
Lybek, Tonny; Morris, JoAnne
Working Paper No. 04/227
COMESA and SADC: Prospects and Challenges for Regional Trade Integration
Khandelwal, Padamja
Working Paper No. 04/228
A Common Currency for Belarus and Russia?
Gulde, Anne Marie; Jafarov, Etibar; Prokopenko, Vassili
Working Paper No. 04/229
Exchange Rate, Money, and Wages: What is Driving Prices in Armenia?
Grigorian, David A.; Khachatryan, Armine; Sargsyan, Grigor
Working Paper No. 04/230
Can The Private Annuity Market Provide Secure Retirement Income?
Mackenzie, G. A.; Schrager, Allison
Working Paper No. 04/231
Institutional Quality and International Trade
Levchenko, Andrei A.
Working Paper No. 04/232
Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania
Berkmen, Pelin; Gueorguiev, Nikolay
Working Paper No. 04/233
The Relationship Between Macroeconomic Statistics Guidelines and Accounting Standards
Laliberte, Lucie
Working Paper No. 04/234
Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?
Gali, lordi; Rabanal, Pau
Working Paper No. 04/235
Managing Confidence in Emerging Market Bank Runs
Kim, Se-jik; Mody, Ashoka
Working Paper No. 04/236
Institutions and the External Capital Structure of Countries
Faria, Andre; Mauro, Paolo
Working Paper No. 04/237
Integrating a Unified Revenue Administration for Tax and Social Contribution Collections: Experiences of Central and Eastern European Countries
Barrand, Peter; Ross, Stanford; Harrison, Graham
Working Paper No. 04/238
Local Financial Development and the Aid-Growth Relationship
Nkusu, Mwanza; Sayek, Selin
Working Paper No. 05/01
Remoteness and Real Exchange Rate Volatility
Bravo-Ortega, Claudio; di Giovanni, Julian
Working Paper No. 05/2
The Political Economy of Revenue-Forecasting Experience from Low-Income Countries
Danninger, Stephan; Cangiano, M.; Kyobe, Annette
Working Paper No. 05/3
Financial Globalization and Exchange Rates
Lane, Philip R.; Milesi-Ferretti, Gian Maria
Working Paper No. 05/4
The International Effects of Government Spending Composition
Ganelli, Giovanni
Working Paper No. 05/5
Trade Costs and Real Exchange Rate Volatility: The Role of Ricardian Comparative Advantage
Bravo-Ortega, Claudio; di Giovanni, julian
Working Paper No. 05/6
Stock Market Liquidity and the Macroeconomy: Evidence from Japan
Choi, Woon Gyu; Cook, David
Working Paper No. 05/7
Asymmetric Effects of Government Spending: Does the Level of Real Interest Rates Matter?
Choi, Woon Gyu; Devereux, Michael B.
Working Paper No. 05/8
Implicit Transfers in IMF Lending, 1973-2003
Zettelmeyer, Jeromin; joshi, Priyadarshani
Working Paper No. 05/9
Asset Mispricing Due to Cognitive Dissonance
Drees, Burkhard; Eckwert, Bernhard
Working Paper No. 05/10
State-Owned Banks, Stability, Privatization, and Growth: Practical Policy Decisions in a World Without Empirical Proof
Andrews, Michael
Working Paper No. 05/11
Growth, Expansion of Markets, and Income Elasticities in World Trade
Wu, Yi
Working Paper No. 05/12
Trade and Growth in the Presence of Distortions
Cassing, James; Tokarick, Stephen
Working Paper No. 05/13
Currency Crises in Developed and Emerging Market Economies: A Comparative Empirical Treatment
Fontaine, Thomson
Working Paper No. 05/14
Revenue Forecasts as Performance Targets
Danninger, Stephan
Working Paper No. 05/15
Capitalizing Central Banks: A Net Worth Approach
Ize, Alain
Working Paper No. 05/16
The Russian Flat Tax Reform
Ivanova, Anna; Keen, Michael; Klemm, Alexander
Working Paper No. 05/17
Competition and Efficiency in Banking: Behavioral Evidence from Ghana
Buchs, Thierry D.; Mathisen, Johan
Working Paper No. 05/18
Growth Empirics under Model Uncertainty: Is Africa Different?
Tsangarides, Charalambos G.
Working Paper No. 05/19
How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?
Kose, M, Ayhan; Prasad, Eswar; Terrones, Marco
Working Paper No. 05/20
Trade Liberalization and Wage Inequality: Evidence from India
Mishra, Prachi; Kumar, Utsav
Working Paper No. 05/21
Assessing Protectionism and Subsidies in Agriculture: A Gravity Approach
Paiva, Claudio
Working Paper No. 05/22
Increasing Public Sector Revenue in the Philippines: Equity and Efficiency Considerations
Fletcher, Kevin
Working Paper No. 05/23
A (New) Country Insurance Facility
Cordella, Tito; Yeyati, Eduardo L.
Working Paper No. 05/24
Revenue Forecasting—How is it done? Results from a Survey of Low-Income Countries
Kyobe, Annette; Danninger, Stephan
Working Paper No. 05/25
Monetary Policy and Corporate Behaviour in India
Prasad, A.; Ghosh, Saibal; Office of Executive Directors
Working Paper No. 05/26
Stabilization, Debt, and Fiscal Policy in the Caribbean
Sahay, Ratna
IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: http://www.imj.org/rcsearch.
Call for Papers
IMF Jacques Polak Annual Research Conference
The International Monetary Fund will hold the Jacques Polak Sixth Annual Research Conference at its headquarters in Washington, D.C., on November 3—4, 2005. The conference provides a forum for discussing innovative research in economics, undertaken both by IMF staff and outside economists, and to facilitate the exchange of views among researchers and policymakers.
The theme of this year’s conference is Reforms. Over the past two decades, many countries have reformed their economics to facilitate a greater role for market forces and to make the institutional environment more hospitable. The conference goal is to present theoretical and empirical research on how consensus develops that enables implementation of reforms, as well as on the consequences of such reforms. Possible topics include, but are not restricted to, the following:
The political economy of institutional reform
Financial and monetary system reforms
Trade and exchange rate regime reforms
Fiscal policy and reforms
Country experiences with reform
Microeconomic studies of reform with macroeconomic implications
The IMF and reforms
Foreign aid and reforms.
Interested contributors should submit a draft paper or a two-page proposal to the Program Committee that includes the title of the paper, the author(s)’ affiliation and contact information, the main questions to be examined, the most relevant literature, the intended contribution of the paper, and the possible data sets and methodology to be employed. Authors should also provide a copy of their curriculum vitae. All presenters will be reimbursed for travel expenses (economy class) and accommodation.
Please submit your proposals (in a Word or PDF file) by April 4, 2005 (e-mail to ARC2005@imf.org). Please use the contact author’s name as the name of the file. The Program Committee will evaluate all proposals in terms of originality, analytical rigor, and policy relevance and will communicate its decision by late April. A 12-page work-in-progress draft will be required by June 30, 2005 to assure adequate progress toward completion. Further information on the conference program will be posted on the IMF website (www.imf.org).