IMF research summaries on governance of banks (by Luc Laeven) and on whether there is a foreign aid paradox (by Thierry Tressel); country study on Mozambique (by Jean A.P. Clément and Shanaka J. Peiris); listing of visiting scholars at the IMF during July 2007-January 2008; listing of contents of Vol. 54, Issue No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a call for papers for the upcoming Conference on International Finance.

Abstract

IMF research summaries on governance of banks (by Luc Laeven) and on whether there is a foreign aid paradox (by Thierry Tressel); country study on Mozambique (by Jean A.P. Clément and Shanaka J. Peiris); listing of visiting scholars at the IMF during July 2007-January 2008; listing of contents of Vol. 54, Issue No. 4 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a call for papers for the upcoming Conference on International Finance.

No. 07/79

The Effect of Capital Controls on Foreign Direct Investment Decisions Under Country Risk with Intangible Assets

Elo, Kinga Z.

No. 07/80

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy: Lessons from the Republic of Congo

Carcillo, Stephane; Leigh, Daniel; Villafuerte, Mauricio

No. 07/81

A Theory of “Crying Wolf”: The Economics of Money Laundering Enforcement

Takáts, Elöd

No. 07/82

Banking Supervision: Quality and Governance

Arnone, Marco; Darbar, Salim M.; Gambini, Alessandro

No. 07/83

Land Distribution and Financial System Development

Vollrath, Dietrich; Erickson, Lennart

No. 07/84

Balance of Payments Crises Under Inflation Targeting

Kumhof, Michael; Li, Shujing; Yan, Isabel K.

No. 07/85

Financial Market Implications of India’s Pension Reform

Poirson, Hélène

No. 07/86

Guyana: Why Has Growth Stopped? An Empirical Study on the Stagnation of Economic Growth

Staritz, Cornelia; Gold, Judith; Atoyan, Ruben

No. 07/87

Concept of Offshore Financial Centers: In Search of an Operational Definition

Zoromé, Ahmed

No. 07/88

Central Bank Autonomy: Lessons from Global Trends

Arnone, Marco; Laurens, Bernard; Segalotto, Jean-Francois; Sommer, Martin

No. 07/89

Financial Market Risk and U.S. Money Demand

Choi, Woon Gyu; Cook, David

No. 07/90

In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries

Chudik, Alexander; Mongardini, Joannes

No. 07/91

Dynamic Incentives and the Optimal Delegation of Political Power

Eggertsson, Gauti B.; Le Borgne, Eric

No. 07/92

Trade Policy with Heterogeneous Traders: Do Quotas Get a Bum Rap?

Krishna, Kala; Tan, Ling Hui

No. 07/93

Government Size and Intersectoral Income Fluctuation: An International Panel Analysis

Kim, Daehaeng; Lee, Chul-In

No. 07/94

Trade Adjustment and Human Capital Investment: Evidence from Indian Tariff Reform

Edmonds, Eric V.; Pavcnik, Nina; Topalova, Petia

No. 07/95

Implications of More Precise Information for Technological Development and Welfare

Drees, Burkhard; Eckwert, Bernhard

No. 07/96

Looking Beyond the Fiscal: Do Oil Funds Bring Macroeconomic Stability?

Shabsigh, Ghiath; Ilahi, Nadeem

No. 07/97

The Dynamics of Product Quality and International Competitiveness

Igan, Deniz; Fabrizio, Stefania; Mody, Ashoka

No. 07/98

Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note

Muñoz, Sónia

No. 07/99

Lessons from High Inflation Episodes for Stabilizing the Economy in Zimbabwe

Coorey, Sharmini; Clausen, Jens R.; Funke, Norbert; Ould-Abdallah, Bakar; Muñoz, Sónia

No. 07/100

Health Aid and Infant Mortality

Mishra, Prachi; Newhouse, David Locke

No. 07/101

Interest Rate Spreads in English-Speaking African Countries

Crowley, Joe

No. 07/102

Diagnosing Dutch Disease: Does Russia Have the Symptoms?

Oomes, Nienke; Kalcheva, Katerina

No. 07/103

Jordan’s International Reserve Position: Justifiably Strong

Chami, Saade; McGettigan, Donal; Watt, Stanley

No. 07/104

Unconditional IMF Financial Support and Investor Moral Hazard

Kim, Jun Il

No. 07/105

Wage Gaps and Development: Lessons from U.S. History

Mourmouras, Alex; Rangazas, Peter

No. 07/106

Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia’s Stubbornly Low Tax Collection

Davoodi, Hamid Reza; Grigorian, David A.

No. 07/107

Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Olters, Jan-Peter

No. 07/108

Pension Reform and Macroeconomic Stability in Latin America

Roldos, Jorge

No. 07/109

Pension Reform in China: The Need for a New Approach

Dunaway, Steven Vincent; Arora, Vivek B.

No. 07/110

Oil Shocks and External Balances

Kilian, Lutz; Rebucci, Alessandro; Spatafora, Nikola

No. 07/111

Global Imbalances and Financial Stability

Xafa, Miranda

No. 07/112

Informality and Regulations: What Drives Firm Growth?

Dabla-Norris, Era; Inchauste, Gabriela

No. 07/113

Exchange Rate Fluctuations and Output in Oil-Producing Countries: The Case of Iran

Bahmani-Oskooee, Mohsen; Kandil, Magda E.

No. 07/114

Output Volatility and Large Output Drops in Emerging Market and Developing Countries

Hakura, Dalia

No. 07/115

Macroeconomic and Financial Soundness Indicators: An Empirical Investigation

Babihuga, Rita

No. 07/116

The Convergence Dynamics of a Transition Economy: The Case of the Czech Republic

Bruha, Jan; Podpiera, Jiri; Polak, Stanislav

No. 07/117

The Economics of Islamic Finance and Securitization

Jobst, Andreas

No. 07/118

Private-Sector Financial Liabilities in Advanced Economies: Is More Better?

Tang, Man-Keung

No. 07/119

Money and Inflation in the Islamic Republic of Iran

Bonato, Leo

No. 07/120

Labor’s Liquidity Service and Firing Costs

Bennett, Herman Z.

No. 07/121

Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?

Silver, Mick

No. 07/122

Coping with Spain’s Aging: Retirement Rules and Incentives

Catalán, Mario; Guajardo, Jaime; Hoffmaister, Alexander W.

No. 07/123

Monetary Policy Transparency and Financial Market Forecasts in South Africa

Arora, Vivek B.

No. 07/124

Public Investment and Growth in the Eastern Caribbean

Roache, Shaun K.

No. 07/125

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries

Tahari, Amor; Brenner, Patricia D.; De Vrijer, J.E.J.; Moretti, Marina; Senhadji Semlali, A.; Sensenbrenner, Gabriel; Sole, Juan

No. 07/126

Impact on Intra-European Trade Agreements, 1990–2005: Policy Implications for the Western Balkans and Ukraine

Herderschee, Han; Qiao, Zhaogang

No. 07/127

The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets

Abbas, S.M. Ali; Christensen, Jakob

No. 07/128

The Ties that Bind: Measuring International Bond Spillovers Using the Inflation-Indexed Bond Yields

Bayoumi, Tamim; Swiston, Andrew

No. 07/129

France in the Global Economy: A Structural Approximate Dynamic Factor Model Analysis

Kabundi, Alain N.; Nadal-De Simone, Francisco

No. 07/130

Asia Rising: A Sectoral Perspective

Jaumotte, Florence; Spatafora, Nikola

No. 07/131

Budget Rigidity and Expenditure Efficiency in Slovenia

Mattina, Todd D.; Gunnarsson, Victoria

No. 07/132

Pooling Risk Among Countries

Imbs, Jean; Mauro, Paolo

No. 07/133

Modalities of Moving to Inflation Targeting in Armenia and Georgia

Dabla-Norris, Era; Kim, Daehaeng; Zermeno Livas, Mayra Rebecca; Billmeier, Andreas; Kramarenko, V.

No. 07/134

Bank Efficiency and Market Structure: What Determines Banking Spreads in Armenia?

Dabla-Norris, Era; Floerkemeier, Holger

No. 07/135

An Oil and Gas Model

Krichene, Noureddine

No. 07/136

Re-Accessing International Capital Markets after Financial Crises: Some Empirical Evidence

Zanforlin, L.

No. 07/137

Trade Reform in the CEMAC: Developments and Opportunities

Martijn, Jan Kees; Tsangarides, Charalambos G.

No. 07/138

International Financial Integration Through Equity Markets: Which Firms from Which Countries Go Global?

Claessens, Stijn; Schmukler, Sergio L.

No. 07/139

Relative Price Stability, Creditor Rights, and Financial Deepening

Dehesa, Mario; Druck, Pablo; Plekhanov, Alexander

No. 07/140

Complex Ownership Structures and Corporate Valuations

Laeven, Luc; Levine, Ross

No. 07/141

Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated

Hjalmarsson, Erik; Osterholm, Par

No. 07/142

VAT Attacks!

Keen, Michael

No. 07/143

U.S. Revenue Surprises: Are Happy Days Here to Stay?

Swiston, Andrew; Muhleisen, Martin; Mathai, Koshy

No. 07/144

Europe and Global Imbalances

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

No. 07/145

Measuring the Effect of Foreign Aid on Growth and Poverty Reduction or The Pitfalls of Interaction Variables

Pattillo, Catherine A.; Polak, J. J.; Roy, Joydeep

No. 07/146

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

Durdu, Ceyhun Bora; Mendoza, Enrique G.; Terrones, Marco

No. 07/147

Public Debt Markets in Central America, Panama, and the Dominican Republic

Shah, Hemant; Jobst, Andreas; Valderrama, Laura; Guerra, Ivan

No. 07/148

Persistent Gaps, Volatility Types, and Default Traps

Catão, Luis; Fostel, Ana; Kapur, Sandeep

No. 07/149

IPO Behavior in GCC Countries: Goody-Two Shoes or Bad-to-the-Bone?

Al-Hassan, Abdullah; Omran, Mohammed; Delgado-Fernández, Fernando-Luciano

IMF Working Papers and other IMF publications can be downloaded in full-text format from the “Research at the IMF” website at http://www.imf.org/research.

IMF Research Bulletin, December 2007
Author: International Monetary Fund. Research Dept.