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. 05/138

U.S. Tax Reform: An Overview of the Current Debate and Policy Options

Dalsgaard, Thomas

Working Paper No. 05/139

Pakistan’s Macroeconomic Adjustment and Resumption

of Growth, 1999–2004

Lorie, Henri; Iqbal, Zafar

Working Paper No. 05/140

Global Aging and Fiscal Policy with International Labor Mobility: A Political Economy Perspective

Tosun, Mehmet S.

Working Paper No. 05/141

Competition in Indian Banking

Prasad, A.; Ghosh, Saibal

Working Paper No. 05/142

Tax Systems under Fiscal Adjustment: A Dynamic CGE Analysis of the Brazilian Tax Reform

Lledo, Victor Duarte

Working Paper No. 05/143

Trade Integration in the East African Community: An Assessment for Kenya

McIntyre, Meredith A.

Working Paper No. 05/144

Money Demand and Inflation in Dollarized Economies: The Case of Russia

Oomes, Nienke; Ohnsorge, Franziska

Working Paper No. 05/145

Ten Years After the CFA Franc Devaluation: Progress Toward Regional Integration in the WAEMU

Tsangarides, Charalambos G.; Boogaerde, Pierre van den

Working Paper No. 05/146

Trade Liberalization, Intermediate Inputs, and Productivity: Evidence from Indonesia

Amiti, Mary; Konings, Jozef

Working Paper No. 05/147

Growth Dynamics: The Myth of Economic Recovery

Cerra, Valerie; Saxena, Sweta Chaman

Working Paper No. 05/148

The Use and Abuse of Taylor Rules: How Precisely Can We Estimate Them?

Carare, Alina; Tchaidze, Robert

Working Paper No. 05/149

Preferential Trade Agreements in the Asia-Pacific Region

Feridhanusetyawan, Tubagus

Working Paper No. 05/150

Infrastructure Aid, Deindustrialization, and Welfare

Choi, Eun Kwan

Working Paper No. 05/151

Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies

Pazarbasioglu, Ceyla; Johnsen, Gudrun; Ötker, Inci; Hilbers, Paul Louis Ceriel

Working Paper No. 05/152

An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains

Luengnaruemitchai, Pipat; Ong, Li L.

Working Paper No. 05/153

Treasury System Design—A Value Chain Approach

Tandberg, E.

Working Paper No. 05/154

Managing Revenue Volatility in a Small Island Economy: The Case of Kiribati

Purfield, Catriona M.

Working Paper No. 05/155

Measuring and Analyzing Sovereign Risk with Contingent Claims

Gapen, Michael T.; Gray, Dale F.; Lim, Cheng Hoom; Xiao, Yingbin

Working Paper No. 05/156

Forestry Taxation in Africa: The Case of Liberia

Schwidrowski, Arnim; Thomas, Saji

Working Paper No. 05/157

Bidder Participation and Information in Currency Auctions

Ausubel, Lawrence; Romeu, Rafael

Working Paper No. 05/158

Why Is Micro Evidence on the Effects of Uncertainty Not Replicated In Macro Data?

Bond, Stephen; Lombardi, Domenico

Working Paper No. 05/159

Does Government Spending Crowd In Private Consumption? Theory and Empirical Evidence for the Euro Area

Coenen, Günter; Straub, Roland

Working Paper No. 05/160

What Causes Firms to Hide Output? The Determinants of Informality

Dabla-Norris, Era; Gradstein, Mark; Inchauste, Gabriela

Working Paper No. 05/161

A Global Perspective on External Positions

Lane, Philip R.; Milesi-Ferretti, Gian Maria

Working Paper No. 05/162

U.S. Mutual Fund Retail Investors in International Equity Markets: Is the Tail Wagging the Dog?

Chan-Lau, Jorge A.; Ong, Li L.

Working Paper No. 05/163

On Target? The International Experience with Achieving Inflation Targets

Roger, Scott; Stone, Mark R.

Working Paper No. 05/164

Real Exchange Rate Misalignment: A Panel Co-Integration and Common Factor Analysis

Dufrénot, Gilles J.; Yehoue, Etienne B.

Working Paper No. 05/165

Portfolio Choice in a Monetary Open-Economy DSGE Model

Engel, Charles; Matsumoto, Akito

Working Paper No. 05/166

Access to Bank Credit in Sub-Saharan Africa: Key Issues and Reform Strategies

Sacerdoti, Emilio

Working Paper No. 05/167

Finance in Lower Income Countries: An Empirical Exploration

Detragiache, Enrica; Gupta, Poonam; Tressel, Thierry

Working Paper No. 05/168

Cyclical Implications of Changing Bank Capital Requirements in a Macroeconomic Framework

Catalán, Mario; Ganapolsky, Eduardo J.J.

Working Paper No. 05/169

Deposit Insurance Regulatory Forbearance and Economic Growth: Implications for the Japanese Banking Crisis

Dekle, Robert; Kletzer, Kenneth

Working Paper No. 05/170

Financial Development, Financial Fragility, and Growth

Loayza, Norman; Ranciere, Romain

Working Paper No. 05/171

Commodity Price Shocks and the Odds on Fiscal Performance

Kumah, Francis Y.; Matovu, John

Working Paper No. 05/172

“Inflation Targeting Lite” in Small Open Economies: The Case of Mauritius

Yao, James Y.; Porter, Nathaniel John

Working Paper No. 05/173

Quality of Financial Policies and Financial System Stress

Das, Udaibir S.; Iossifov, Plamen; Podpiera, Richard; Rozhkov, Dmitriy

Working Paper No. 05/174

Subordinated Levy Processes and Applications to Crude Oil Options

Krichene, Noureddine

Working Paper No. 05/175

The Political Economy of Seigniorage

Aisen, Ari; Veiga, Francisco José

Working Paper No. 05/176

Explicit and Implicit Targets in Open Economies

Sgherri, Silvia

Working Paper No. 05/177

The IMF’s Role in Low-Income Countries: Issues and Challenges

Lombardi, Domenico

Working Paper No. 05/178

How Useful Is Monetary Econometrics in Low-Income Countries? The Case of Money Demand and the Multipliers in Rwanda

Hauner, David; Di Bella, C. Gabriel

Working Paper No. 05/179

The Macroeconomic Challenges of Scaling Up Aid to Africa

Gupta, Sanjeev; Powell, Robert; Yang, Yongzheng

Working Paper No. 05/180

Pity the Finance Minister: Issues in Managing a Substantial Scaling-Up of Aid Flows

Heller, Peter S.

Working Paper No. 05/181

A Global View of the U.S. Investment Position

Swiston, Andrew

Working Paper No. 05/182

European Union Enlargement and Equity Markets in Accession Countries

Dvorak, Tomas; Podpiera, Richard

Working Paper No. 05/183

Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks

Tuladhar, Anita

Working Paper No. 05/184

Post-Transition Investment Behavior in Poland: A Sectoral Panel Analysis

Murgasova, Zuzana

Working Paper No. 05/185

Russia’s Regions: Income Volatility, Labor Mobility, and Fiscal Policy

Kwon, Goohoon; Spilimbergo, Antonio

Working Paper No. 05/186

Financial Dollarization Equilibria: A Framework for Policy Analysis

Ize, Alain

Working Paper No. 05/187

Financial De-Dollarization: Is It for Real?

Ize, Alain; Levy Yeyati, Eduardo

Working Paper No. 05/188

Managing Systemic Liquidity Risk in Financially Dollarized Economies

Ize, Alain; Kiguel, Miguel A.; Levy Yeyati, Eduardo

Working Paper No. 05/189

FDI Flows to Asia: Did the Dragon Crowd Out the Tigers?

Mercereau, Benoît

Working Paper No. 05/190

Investment Restrictions and Contagion in Emerging Markets

Ilyina, Anna

Working Paper No. 05/191

Product Market Regulation and the Benefits of Wage Moderation

Estevão, Marcello M.

Working Paper No. 05/192

Is Russia Still Driving Regional Economic Growth?

Shiells, Clinton R.; Pani, Marco; Jafarov, Etibar

Working Paper No. 05/193

Clusters as a Driving Engine for FDI

Yehoue, Etienne B.

Working Paper No. 05/194

Social Welfare and Cost Recovery in Two-Sided Markets

Bolt, Wilko; Tieman, Alexander F.

Working Paper No. 05/195

Sustaining Growth Accelerations and Pro-Poor Growth in Africa

Pattillo, Catherine A.; Gupta, Sanjeev; Carey, Kevin Joseph

Working Paper No. 05/196

Introducing Financial Management Information Systems in Developing Countries

Diamond, Jack; Khemani, Pokar

Working Paper No. 05/197

Trinidad and Tobago: The Energy Boom and Proposals for a Sustainable Fiscal Policy

Velculescu, Delia; Rizavi, Saqib

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.

IMF Research Bulletin, December 2005
Author: International Monetary Fund. Research Dept.