Abstract
IMF research summaries on global population aging and pension reform (by Mario Catalán) and on questions about decoupling (by M. Ayhan Kose); country study on the United States (by Koshy Mathai); listing of visiting scholars at the IMF during June–August 2008; listing of contents of Vol. 55 No. 3 of IMF Staff Papers; listing of recent IMF Working Papers; and a listing of recent external publications by IMF staff.
No. 07/271
Simple Monetary Rules Under Fiscal Dominance
Kumhof, Michael; Nunes, Ricardo; Yakadina, Irina
No. 07/272
The Bank Lending Channel of Monetary Transmission: Does It Work in Turkey?
Koeva Brooks, Petya
No. 07/273
Do Remittances to Latin America Depend on the U.S. Business Cycle?
Roache, Shaun K.; Gradzka, Ewa
No. 07/274
Tax Policy: Recent Trends and Coming Challenges
Norregaard, John; Khan, Tehmina S.
No. 07/275
How Well Do Aggregate Bank Ratios Identify Banking Problems?
Cihák, Martin; Schaeck, Klaus
No. 07/276
Estimating Iceland’s Real Equilibrium Exchange Rate
Tchaidze, Robert
No. 07/277
Empirical Evidence on the New International Aid Architecture
Claessens, Stijn; Cassimon, Danny; Campenhout, Bjorn Van
No. 07/278
High Growth and Low Consumption in East Asia: How to Improve Welfare While Avoiding Financial Failures
Feltenstein, Andrew; Rochon, Céline; Shamloo, Maral
No. 07/279
Financial Globalization and Monetary Policy
Devereux, Michael B.; Sutherland, Alan
No. 07/280
Changing Nature of North-South Linkages: Stylized Facts and Explanations
Akin, Çigdem; Kose, M. Ayhan
No. 07/281
International Diversification Gains and Home Bias in Banking
García-Herrero, Alicia; Vázquez, Francisco F.
No. 07/282
An Estimated DSGE Model for Monetary Policy Analysis in Low-Income Countries
Peiris, Shanaka J.; Saxegaard, Magnus
No. 07/283
Country Portfolio Dynamics
Devereux, Michael B.; Sutherland, Alan
No. 07/284
Solving for Country Portfolios in Open Economy Macro Models
Devereux, Michael B.; Sutherland, Alan
No. 07/285
The Monetary Transmission Mechanism in Egypt
Al-Mashat, Rania A.; Billmeier, Andreas
No. 07/286
Buoyant Capital Spending and Worries over Real Appreciation: Cold Facts from Algeria
Loko, Boileau; Kpodar, Kangni; Diallo, Oumar
No. 07/287
Testing for Purchasing Power Parity in Cointegrated Panels
Carlsson, Mikael; Lyhagen, Johan; Österholm, Pär
No. 07/288
Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic
Shah, Hemant; Carvajal, Ana; Bannister, Geoffrey J.; Chan-Lau, Jorge A.; Guerra, Ivan
No. 07/289
Government for the People: On the Determinants of the Size of U.S. Government
Bayoumi, Tamim; Gonçalves, Fernando M.
No. 07/290
Stochastic Volatilities and Correlations, Extreme Values and Modeling the Macroeconomic Environment, Under Which Brazilian Banks Operate
Barnhill, Theodore M.; Souto, Marcos
No. 07/291
Use of Participatory Notes in Indian Equity Markets and Recent Regulatory Changes
Singh, Manmohan
No. 07/292
Border and Behind-the-Border Trade Barriers and Country Exports
Sadikov, Azim M.
No. 07/293
Do Reserve Portfolios Respond to Exchange Rate Changes Using a Portfolio Rebalancing Strategy? An Econometric Study Using COFER Data
Lim, Ewe-Ghee
No. 07/294
Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets
Bacha, Edmar L.; Holland, Márcio; Gonçalves, Fernando M.
No. 07/295
Modeling Inflation for Mali
Diouf, Mame Astou
No. 07/296
Equilibrium Exchange Rates: Assessment Methodologies
Isard, Peter
No. 07/297
Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages
Le Borgne, Eric; Medas, Paulo A.
No. 07/298
How has the Globalization of Labor Affected the Labor Income Share in Advanced Countries?
Jaumotte, Florence; Tytell, Irina
No. 07/299
Energy Efficiency and Renewable Energy Supply for the G-7 Countries, with Emphasis on Germany
Strand, Jon
No. 08/1
Optimal Capital Structure of Public-Private Partnerships
Moszoro, Marian; Gasiorowski, Pawel
No. 08/2
Spillovers to Ireland
Kanda, Daniel
No. 08/3
Spillovers Across NAFTA
Swiston, Andrew; Bayoumi, Tamim
No. 08/4
Does Technological Diffusion Explain Australia’s Productivity Performance?
Tressel, Thierry
No. 08/5
The Role of Institutional Quality in a Currency Crisis Model
Wu, Yi
No. 08/6
Financial Instruments to Hedge Commodity Price Risk for Developing Countries
Lu, Y.; Neftci, Salih N.
No. 08/7
Tax Rate Cuts and Tax Compliance—The Laffer Curve Revisited
Papp, Tamás K.; Takáts, Elöd
IMF Staff Papers
Volume 55 Number 3
Special Issue: IMF Eighth Jacques Polak Annual Research Conference
“Mundeil-Fleming Lecture: Exchange Rate Systems, Surveillance, and Advice”
Stanley Fischer
“Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights”
Jeffrey Frankel and Shang-Jin Wei
“Exchange Rate Policy Attitudes: Direct Evidence from Survey Data”
J. Lawrence Broz, Jeffry Frieden, and Stephen Weymouth
“Fear of Declaring: Do Markets Care What Countries Say About Their Exchange Rate Policies?”
Adolfo Barajas, Lennart Erickson, and Roberto Steiner
“A Micro-Empirical Foundation for the Political Economy of Exchange Rate Populism”
Irineu de Carvalho Filho and Marcos Chamon
“Global Rebalancing with Gravity: Measuring the Burden of Adjustment”
Robert Dekle, Jonathan Eaton, and Samuel Kortum
For information on ordering and pricing, please point your browser to www.palgrave-journals.com/imfsp. To read articles in this and other issues of IMF Staff Papers and the data underlying them on the Web, please see http://www.imf.org/staffpapers.
No. 08/8
Capital Flows and Demographics—An Asian Perspective
Lueth, Erik
No. 08/9
Evaluating Alternative Approaches to Poverty Alleviation: Rice Tariffs versus Targeted Transfers in Madagascar
Coady, David; Dorosh, Paul A.; Minten, Bart
No. 08/10
Emerging Market Spread Compression: Is it Real or Is it Liquidity?
Hartelius, Kristian; Kashiwase, Kenichiro; Kodres, Laura E.
No. 08/11
International Reserves—Too Much of a Zipf’s Thing
Sumlinski, Mariusz
No. 08/12
Capital Flows and Economic Fluctuations: The Role of Commercials Banks in Transmitting Shocks
Zhou, Yong Sarah
No. 08/13
Real Exchange Rates and Fundamentals: A Cross-Country Perspective
Ricci, Luca Antonio; Milesi-Ferretti, Gian Maria; Lee, Jaewoo
No. 08/14
The Impact of Trade Liberalization on the Trade Balance in Developing Countries
Wu, Yi; Zeng, Li
No. 08/15
Trade Restrictiveness in the CEMAC Region. The Case of Congo
Oliva, Maria-Angels
No. 08/16
Islamic Banks and Financial Stability: An Empirical Analysis
Cihák, Martin; Hesse, Heiko
No. 08/17
Lebanon-Weathering the Perfect Storms
Schimmelpfennig, Axel; Gardner, E. H.
No. 08/18
Taylor Rule Under Financial Instability
Bauducco, Sofia; Bulíř, Aleš; Cihák, Martin
No. 08/19
Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest
Grigorian, David A.; Melkonyan, Tigran A.
No. 08/20
Financial Frictions and Business Cycles in Middle-Income Countries
Guajardo, Jaime
No. 08/21
Inflation Differentials in the EU: A Common (Factors) Approach with Implications for EU-8 Euro Adoption Prospects
Choueiri, Nada; Ohnsorge, Franziska; van Elkan, Rachel
No. 08/22
Show Me the Money: Access to Finance for Small Borrowers in Canada
Klyuev, Vladimir
No. 08/23
Real Implications of Financial Linkages Between Canada and the United States
Klyuev, Vladimir
No. 08/24
Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data
Christiansen, Lone E.
No. 08/25
Why is Canada’s Price Level So Predictable?
Kamenik, Ondra; Kiem, Heesun; Klyuev, Vladimir; Laxton, Douglas
No. 08/26
Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America
Campos, Nauro F.; Kinoshita, Yuko
Visiting Scholars, June–August 2008
Joshua Aizenman; University of California, Santa Cruz; 6/9/08–7/31/08
Alan Heston; University of Pennsylvania; 6/19/08–6/20/08
Sung Wook Joh; Seoul National University, Korea; 6/30/08–8/20/08
Christopher Meissner; University of Cambridge, England; 6/9/08–7/31/08
Hyun Song Shin; Princeton University, NJ; 6/27/08–7/31/08
Rima Turk Ariss; Lebanese American University, Lebanon; 6/23/08–6/27/08
No. 08/27
Addressing Korea’s Long-Term Fiscal Challenges
Feyzioglu, Tarhan; Skaarup, Michael; Syed, Murtaza H.
No. 08/28
Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position
Lane, Philip R.; Milesi-Ferretti, Gian Maria
No. 08/29
Remittances and Institutions: Are Remittances a Curse?
Abdih, Yasser; Chami, Ralph; Dagher, Jihad; Montiel, Peter
No. 08/30
The Effects of Early Retirement on Youth Unemployment: The Case of Belgium
Jousten, Alain; Lefebvre, Mathieu; Perelman, Sergio; Pestieau, Pierre
No. 08/31
Canadian Firm and Job Dynamics
Balakrishnan, Ravi
No. 08/32
The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?
Yartey, Charles Amo
No. 08/33
External Tariff Liberalization in CARICOM: A Commodity-Level Analysis
Sadikov, Azim M.
No. 08/34
Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending
Aiyar, Shekhar; Ruthbah, Ummul
No. 08/35
Importer and Producer Petroleum Taxation: A Geo-Political Model
Strand, Jon
No. 08/36
Terms of Trade Shocks and Economic Recovery
Funke, Norbert; Granziera, Eleonara; Imam, Patrick A.
No. 08/37
Issues in Central Bank Finance and Independence
Stella, Peter; Lonnberg, Ake
No. 08/38
Beneficial Delays in Debt Restructuring Negotiations
Bi, Ran
No. 08/39
Big Government, High Debt, and Fiscal Adjustment in Small States
Medina Cas, Stephanie; Ota, Rui
No. 08/40
A Risk-Based Debt Sustainability Framework: Incorporating Balance Sheets and Uncertainty
Gray, Dale F.; Loukoianova, Elena; Malone, Samuel; Lim, Cheng Hoon
No. 08/41
International Reserve Trends in the South Caucasus and Central Asia Region
Floerkemeier, Holger; Sumlinski, Mariusz A.
No. 08/42
Budget Deficits and Interest Rates: A Fresh Perspective
Aisen, Ari; Hauner, David
No. 08/43
Regional Wage Differentiation and Wage Bargaining Systems in the EU
Vamvakidis, Athanasios
No. 08/44
Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance
Borensztein, Eduardo; Cavallo, Eduardo A.; Valenzuela, Patricio
No. 08/45
Aggregate Investment Expenditures on Tradable and Nontradable Goods
Bems, Rudolfs
No. 08/46
External Linkages and Economic Growth in Colombia: Insights from a Bayesian VAR Model
Abrego, Lisandro; Österholm, Pär
No. 08/47
Helping Hand or Grabbing Hand? Supervisory Architecture, Financial Structure and Market View
Masciandaro, Donato; Quintyn, Marc
No. 08/48
A Bayesian-Estimated Model of Inflation Targeting in South Africa
Harjes, Thomas; Ricci, Luca Antonio
No. 08/49
Central Bank Financial Strength, Policy Constraints and Inflation
Stella, Peter
No. 08/50
Central America’s Regional Trends and U.S. Cycles
Roache, Shaun K.
No. 08/51
The Landscape of Capital Flows to Low-Income Countries
Dorsey, Thomas William; Tadesse, Helaway; Singh, Sukhwinder; Brixiova, Zuzana
No. 08/52
Tax and Welfare Reforms in the Czech Republic -Structural Implications and Challenges
Dalsgaard, Thomas
No. 08/53
Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär
No. 08/54
India: Is the Rising Tide Lifting All Boats?
Topalova, Petia
No. 08/55
Credit Cyclicality in Chile: A Cross-Country Perspective
Söderling, Ludvig
No. 08/56
Effective Average Tax Rates for Permanent Investment
Klemm, Alexander
No. 08/57
Hong Kong SAR as a Financial Center for Asia: Trends and Implications
Leung, Cynthia; Unteroberdoerster, Olaf
No. 08/58
A Stochastic Framework for Public Debt Sustainability Analysis
Di Bella, Gabriel
No. 08/59
What Makes Growth Sustained?
Ostry, Jonathan David; Zettelmeyer, Jeromin; Berg, Andrew
No. 08/60
Imperfect Central Bank Communication—Information versus Distraction
Dale, Spencer; Orphanides, Athanasios; Österholm, Pär
No. 08/61
Business Cycle Accounting For Chile
Simonovska, Ina; Soderling, Ludvig
No. 08/62
Financial Development and Poverty Reduction: Can There Be a Benefit Without a Cost?
Jeanneney, Sylviane Guillaumont; Kpodar, Kangni
No. 08/63
Analysis of the Efficiency and Profitability of the Japanese Banking System
Loukoianova, Elena
No. 08/64
A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation
Karam, Philippe D; Pagan, Adrian
No. 08/65
Regionalism or Multilateralism? A Political Economy Choice
Albertin, Giorgia
No. 08/66
Trade Creation and Diversion Revisited: Accounting for Model Uncertainty and Natural Trading Partner Effects
Eicher, Theo; Henn, Christian; Papageorgiou, Chris
No. 08/67
Local Service Provision in Selected OECD Countries: Do Decentralized Operations Work Better?
Ahmad, Ehtisham; Brosio, Giorgio; Tanzi, Vito
No. 08/68
Trade in the WAEMU: Developments and Reform Opportunities
Goretti, Manuela; Weisfeld, Hans
No. 08/69
Achieving a Soft Landing: The Role of Fiscal Policy
Leigh, Daniel
No. 08/70
Japan’s Corporate Income Tax - Overview and Challenges
Dalsgaard, Thomas
No. 08/71
Political Economy of Multi-Level Tax Assignments in Latin American Countries: Earmarked Revenue versus Tax Autonomy
Ahmad, Ehtisham; Brosio, Giorgio
No. 08/72
Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis
Allard, Céline; Muñoz, Sònia
No. 08/73
The Monetary Model Strikes Back: Evidence from the World
Cerra, Valerie; Saxena, Sweta Chaman
No. 08/74
The Reform of Italian Cooperative Banks: Discussion of Proposals
Gutierrez, Eva
No. 08/75
Testing for Structural Breaks in Small Samples
Antoshin, Sergei; Berg, Andrew; Souto, Marcos
No. 08/76
Does Money Matter for U.S. Inflation? Evidence from Bayesian VARs
Berger, Helge; Österholm, Pär
No. 08/77
Corporate Income Tax Competition in the Caribbean
Ben Nassar, Koffie
No. 08/78
Pass-Through of External Shocks to Inflation in Sri Lanka
Duma, Nombulelo
No. 08/79
Financial Development and Growth in India: A Growing Tiger in a Cage?
Oura, Hiroko
No. 08/80
Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana’s Reliance on Diamond Revenue
Basdevant, Olivier
No. 08/81
High and Volatile Treasury Yields in Tanzania: The Role of Strategic Bidding and Auction Microstructure
Abbas, S. M. Ali; Sobolev, Yuri Vladimirovich
No. 08/82
Breaking the Impediments to Budgetary Reforms: Evidence from Europe
Fabrizio, Stefania; Mody, Ashoka
No. 08/83
Exchange Rate Assessment in a Resource-Dependent Economy: The Case of Botswana
Deléchat, Corinne; Gaertner, Matthew
No. 08/84
Striving to Be “Clearly Open” and “Crystal Clear:” Monetary Policy Communication of the CNB
Bulíř, Aleš; Smídková, Katerina
No. 08/85
Investors’ Risk Appetite and Global Financial Market Conditions
González-Hermosillo, Brenda
No. 08/86
Business Cycles in Small Developed Economies: The Role of Terms of Trade and Foreign Interest Rate Shocks
Guajardo, Jaime
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.