IMF research summary on how globalization affects developing countries (by Prachi Mishra and Petia Topalova); country study on Croatia (by Athanasios Vamvakidis); listing of visiting scholars at the IMF during June 2007-January 2008; listing of contents of Vol. 54, Issue No. 3 of IMF Staff Papers; listing of recent IMF Working Papers; and listing of recent external publications by IMF staff members.


IMF research summary on how globalization affects developing countries (by Prachi Mishra and Petia Topalova); country study on Croatia (by Athanasios Vamvakidis); listing of visiting scholars at the IMF during June 2007-January 2008; listing of contents of Vol. 54, Issue No. 3 of IMF Staff Papers; listing of recent IMF Working Papers; and listing of recent external publications by IMF staff members.


No. 06/298

“Tax, Welfare, and Pension Reforms in Slovenia: Implications for Work Incentives and Labor Participation”

Egoumé-Bossogo, Philippe; Tuladhar, Anita

No. 06/299

“Recent Dynamics of Crude Oil Prices”

Krichene, Noureddine

No. 06/300

“A VAR Analysis of Kenya’s Monetary Policy Transmission Mechanism: How Does the Central Bank’s REPO Rate Affect the Economy?”

Cheng, Kevin C.

No. 06/301

“The Shortcomings of a Partial Release of Employment Protection Laws: The Case of the 2005 French Reform”

Cahuc, Pierre; Carcillo, Stéphane

No. 06/302

“On Myopic Equilibria in Dynamic Games with Endogenous Discounting”

Bolt, Wilko; Tieman, Alexander F.

No. 06/303

“Assessing Competitiveness After Conflict: The Case of the Central African Republic”

Bakhache, Said; Lewis, Mark; Kalonji, Kadima D.; Nachega, Jean-Claude

No. 06/304

“Trade Liberalization, Macroeconomic Adjustment, and Welfare: Unifying Trade and Macro Models”

Choudhri, Ehsan U.; Faruqee, Hamid; Tokarick, Stephen


No. 07/1

“Policy Credibility and Sovereign Credit: The Case of New EU Member States”

Hauner, David; Jonáš, Jirí; Kumar, Manmohan S.

No. 07/2

“Cooperative Banks and Financial Stability”

Hesse, Heiko; Čihák, Martin

No. 07/3

“Banking Sector Integration and Competition in CEMAC”

Saab, Samer Y.; Vacher, Jerome

No. 07/4

“Debt Dynamics and Global Imbalances: Some Conventional Views Reconsidered”

Meredith, Guy

No. 07/5

“Yemen: Exchange Rate Policy in the Face of Dwindling Oil Exports”

Chami, Saade; Ahmed, Faisal; Ben Ltaifa, Nabil; Schneider, Todd

IMF Staff Papers

Volume 54, Number 3


“The Political Economy of Nominal Macroeconomic Pathologies”

Shanker Satyanath and Arvind Subramanian

“Deficit Limits and Fiscal Rules for Dummies”

Paolo Manasse

“Work Absence in Europe”

Lusine Lusinyan and Leo Bonato

“Is Housing Wealth an ‘ATM’? The Relationship between Household Wealth, Home Equity Withdrawal, and Saving Rates”

Vladimir Klyuev and Paul Mills

“Spending Seigniorage: Do Central Banks Have a Governance Problem?”

Alain Ize

“The Employment Effects of Labor and Product Market Deregulation and Their Implications for Structural Reform”

Helge Berger and Stephan Danninger

For information on ordering and pricing, please point your browser to To read articles in this and other issues of IMF Staff Papers and the data underlying them on the Web, please see

No. 07/6

“Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen”

Chami, Saade; Elekdag, Selim; Schneider, Todd; Ben Ltaifa, Nabil

No. 07/7

“Monetary Policy Implementation: Results from a Survey”

Buzeneca, Inese; Maino, Rodolfo

No. 07/8

“Collateral Damage: Exchange Controls and International Trade”

Wei, Shang-Jin; Zhang, Zhiwei

No. 07/9

“Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China”

Dollar, David; Wei, Shang-Jin

No. 07/10

“Quasi-Fiscal Deficit in Non-Financial Enterprises”

Tchaidze, Robert

No. 07/11

“Role of Debt Maturity Structure on Firm Fixed Assets During Sudden Stop Episodes: Evidence from Thailand”

Iannariello, Maria Pia; Morsy, Hanan; Terada-Hagiwara, Akiko

No. 07/12

“Public Debt and Fiscal Vulnerability in the Middle East”

Fouad, Manal; Maliszewski, Wojciech; Hommes, Martin; Morsy, Hanan; Petri, Martin; Söderling, Ludvig

No. 07/13

“What Should Macroeconomists Know About Health Care Policy?”

Heller, Peter S.

No. 07/14

“China: Strengthening Monetary Policy Implementation”

Laurens, Bernard; Maino, Rodolfo

No. 07/15

“Mortality and Lifetime Income: Evidence from U.S. Social Security Records”

Duggan, James E.; Gillingham, Robert; Greenlees, John S.

No. 07/16

“Does Trade and Technology Transmission Facilitate Inequality Convergence? An Inquiry into the Role of Technology in Reducing the Poverty of Nations”

Das, Gouranga Gopal

No. 07/17

“Lucas vs. Lucas: On Inequality and Growth”

Cordoba, Juan Carlos; Verdier, Genevieve

No. 07/18

“Building Supervisory Structures in Sub-Saharan Africa: An Analytical Framework”

Quintyn, Marc; Taylor, Michael

No. 07/19

“The CFA Arrangements—More Than Just an Aid Substitute?”

Yehoue, Etienne B.

No. 07/20

“The Use of Mortgage Covered Bonds”

Avesani, Renzo G.; Garcia Pascual, Antonio; Ribakova, Elina

No. 07/21

“Public Expenditure in Latin America: Trends and Key Policy Issues”

Clements, Benedict J.; Faircloth, Christopher; Verhoeven, Marijn

No. 07/22

“Are Workers’ Remittances a Hedge Against Macroeconomic Shocks? The Case of Sri Lanka”

Lueth, Erik; Ruiz-Arranz, Marta

No. 07/23

“SAFTA: Living in a World of Regional Trade Agreements”

Rodríguez-Delgado, Jose Daniel

No. 07/24

“What Explains Germany’s Rebounding Export Market Share?”

Danninger, Stephan; Joutz, Frederick L.

No. 07/25

“The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors”

Quintyn, Marc; Ramirez, Silvia; Taylor, Michael

No. 07/26

“Italy—Assessing Competition and Efficiency in the Banking System”

Drummond, Paulo Flavio Nacif; Maechler, Andrea M.; Marcelino, Sandra

No. 07/27

“Fiscal Policy and the Exchange Rate-Current Account Nexus”

Kim, Jun Il

No. 07/28

“Public Pension Reform: A Primer”

Jousten, Alain

No. 07/29

“Aging, Asset Allocation, and Costs: Evidence for the Pension Fund Industry in Switzerland”

Gerber, David S.; Weber, René

No. 07/30

“Precautionary Monetary and Fiscal Policies”

Berkmen, Pelin

No. 07/31

“VAT Fraud and Evasion: What Do We Know, and What Can Be Done?”

Keen, Michael; Smith, Stephen C.

No. 07/32

“Sources of Inflation in Sub-Saharan Africa”

Barnichon, Regis; Peiris, Shanaka J.

No. 07/33

“Exchange Rate Policy and Liability Dollarization: An Empirical Study”

Berkmen, Pelin; Cavallo, Eduardo E.

No. 07/34

“Fixed Exchange Rates and the Autonomy of Monetary Policy: The Franc Zone Case”

Veyrune, Romain

No. 07/35

“Remittances in the Pacific Region”

Browne, Christopher; Mineshima, Aiko

No. 07/36

“Danish for All? Balancing Flexibility with Security: The Flexicurity Model “

Zhou, Jian-Ping

No. 07/37

“Strategies for Fiscal Consolidation in Japan”

Botman, Dennis P. J.; Edison, Hali J.; N’Diaye, Papa M’B. P.

No. 07/38

“Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa”

Gupta, Sanjeev; Pattillo, Catherine A.; Wagh, Smita

No. 07/39

“Capital Structure and International Debt Shifting”

Huizinga, Harry; Laeven, Luc; Nicodeme, Gaetan

No. 07/40

“Do South-South Trade Agreements Increase Trade? Commodity-Level Evidence from COMESA”

Mayda, Anna Maria; Steinberg, Chad

No. 07/41

“Inflation in Poland: How Much Can Globalization Explain?”

Allard, Céline

No. 07/42

“Give Trust a Chance: A Model of Trust in the Context of an IMF-Supported Program”

Sembene, Daouda

No. 07/43

“Colonial Origins, Institutions, and Economic Performance in the Caribbean: Guyana and Barbados”

DaCosta, Michael

No. 07/44

“External Linkages and Contagion Risk in Irish Banks”

Duggar, Elena; Mitra, Srobona

No. 07/45

“Pricing Fund Liquidity Provision”

Rossi, Marco

No. 07/46

“Tax Reform and Debt Sustainability in Germany: An Assessment Using the Global Fiscal Model”

Botman, Dennis P. J.; Danninger, Stephan

No. 07/47

“Financial Globalization and the Governance of Domestic Financial Intermediaries”

Tressel, Thierry; Verdier, Thierry

No. 07/48

“The Lending Channel in Emerging Economies: Are Foreign Banks Different?”

Arena, Marco; Reinhart, Carmen; Vázquez, Francisco F.

No. 07/49

“On the Welfare Benefits of an International Currency”

Kannan, Prakash

No. 07/50

“External Debt and Economic Reform: Does a Pain Reliever Delay the Necessary Treatment?”

Vamvakidis, Athanasios

No. 07/51

“Democracy and Foreign Education”

Spilimbergo, Antonio

No. 07/52

“The Prospects for Sustained Growth in Africa: Benchmarking the Constraints”

Johnson, Simon; Ostry, Jonathan David; Subramanian, Arvind

No. 07/53

“Are Regional Trade Agreements in Asia Stumbling or Building Blocks? Some Implications for the Mekong-3 Countries”

Tumbarello, Patrizia

No. 07/54

“The Quest for Price Stability in Central America and the Dominican Republic”

Jácome, Luis Ignacio; Parrado, Eric

No. 07/55

“Can the Natural Resource Curse Be Turned into a Blessing? The Role of Trade Policies and Institutions”

Arezki, Rabah; van der Ploeg, Frederik

No. 07/56

“International Evidence on Fiscal Solvency: Is Fiscal Policy ‘Responsible’?”

Mendoza, Enrique G.; Ostry, Jonathan David

No. 07/57

“Egypt: Searching for Binding Constraints on Growth”

Enders, Klaus

No. 07/58

“A Primer on Sovereign Debt Buybacks and Swaps”

Medeiros, Carlos I.; Polan, Magdalena; Ramlogan, Parmeshwar

No. 07/59

“Introduction to Applied Stress Testing”

Čihák, Martin

No. 07/60

“Policies, Enforcement, and Customs Evasion: Evidence from India”

Mishra, Prachi; Subramanian, Arvind; Topalova, Petia

No. 07/61

“The Macroeconomic Effects of Migration from the New European Union Member States to the United Kingdom”

Iakova, Dora M.

No. 07/62

“Is the Quantity of Government Debt a Constraint for Monetary Policy?”

Mitra, Srobona

No. 07/63

“Growth in the Dominican Republic and Haiti: Why Has the Grass Been Greener on One Side of Hispaniola?”

Jaramillo, Laura; Sancak, Cemile

No. 07/64

“International Finance and Income Convergence: Europe Is Different”

Abiad, Abdul; Leigh, Daniel; Mody, Ashoka

No. 07/65

“Do Economists’ and Financial Markets’ Perspectives on the New Members of the EU Differ?”

Luengnaruemitchai, Pipat; Schadler, Susan

No. 07/66

“Can Regional Integration Accelerate Development in Africa? CGE Model Simulations of the Impact of the SADC FTA on the Republic of Madagascar”

Hallaert, Jean-Jacques

No. 07/67

“Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model”

Ganelli, Giovanni; Tervala, Juha

No. 07/68

“Politically Optimal Fiscal Policy”

Kumhof, Michael; Yakadina, Irina

No. 07/69

“Will a Regional Bloc Enlarge?”

Albertin, Giorgia

No. 07/70

“Modeling Aggregate Use of Fund Resources: Analytical Approaches and Medium-Term Projections”

Ghosh, Atish R.; Goretti, Manuela; Joshi, Bikas; Thomas, Alun H.; Zalduendo, Juan

No. 07/71

“Domestic Petroleum Product Prices and Subsidies: Recent Developments and Reform Strategies”

Baig, Taimur; Mati, Amine; Coady, David; Ntamatungiro, Joseph

No. 07/72

“Monetary Policy in an Equilibrium Portfolio Balance Model”

Kumhof, Michael; van Nieuwerburgh, Stijn

No. 07/73

“Audit Committees in Central Banks”

Camilleri Gilson, Marie-Thérèse; Lybek, Tonny; Sullivan, Kenneth

No. 07/74

“Contagion Risk in the International Banking System and Implications for London as a Global Financial Center”

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

No. 07/75

“Sovereign Ceilings ‘Lite’? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies”

Borensztein, Eduardo; Cowan, Kevin; Valenzuela, Patricio

No. 07/76

“Flattening of the Phillips Curve: Implications for Monetary Policy”

Iakova, Dora M.

No. 07/77

“Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States”

Rosenberg, Christoph B.; Sierhej, Robert

No. 07/78

“British Influence on Commonwealth Budget Systems: The Case of the United Republic of Tanzania”

Lienert, Ian

IMF Working Papers and other IMF publications can be downloaded in full-text format from the “Research at the IMF” website at

IMF Research Bulletin, September 2007
Author: Mr. Antonio Spilimbergo