IMF research summaries on measures of financial integration (by Martin Schindler) and on sovereign wealth funds and financial stability (by Tao Sun and Heiko Hesse); regional study on cross-border labor flows in new European Union member states (by Rudolfs Bems); listing of contents of Vol. 56 No. 1 of IMF Staff Papers, a special issue on frontiers of research on financial globalization; a listing of visiting scholars at the IMF during December 2008–March 2009; and a listing of recent IMF Working Papers.

Abstract

IMF research summaries on measures of financial integration (by Martin Schindler) and on sovereign wealth funds and financial stability (by Tao Sun and Heiko Hesse); regional study on cross-border labor flows in new European Union member states (by Rudolfs Bems); listing of contents of Vol. 56 No. 1 of IMF Staff Papers, a special issue on frontiers of research on financial globalization; a listing of visiting scholars at the IMF during December 2008–March 2009; and a listing of recent IMF Working Papers.

No. 08/257

Tax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union

Chai, Jingqing; Goyal, Rishi

No. 08/258

Counterparty Risk in the Over-The-Counter Derivatives Market

Segoviano Basurto, Miguel A.; Singh, Manmohan

No. 08/259

Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets

Baldacci, Emanuele; Gupta, Sanjeev; Mati, Amine

No. 08/260

Fundamentals at Odds? The U.S. Current Account Deficit and the Dollar

Milesi-Ferretti, Gian Maria

No. 08/261

Strategic Considerations for First-Time Sovereign Bond Issuers

Das, Udaibir S.; Papaioannou, Michael G.; Polan, Magdalena

No. 08/262

The Tasks Ahead

IMF Research Department, under the direction of Olivier Blanchard

No. 08/263

What is Really Good for Long-Term Growth? Lessons from a Binary Classification Tree (BCT) Approach

Duttagupta, Rupa; Mlachila, Montfort

No. 08/264

Macroeconomics of Migration in New Member States

Bems, Rudolfs; Schellekens, Philip

No. 08/265

Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset

Tressel, Thierry; Detragiache, Enrica

No. 08/266

A New Database of Financial Reforms

Abiad, Abdul; Detragiache, Enrica; Tressel, Thierry

No. 08/267

Dynamic Factor Price Equalization and International Income Convergence

François, Joseph; Shiells, Clinton R.

No. 08/268

Efficiency and Performance of Bulgarian Private Pensions

Impavido, Gregorio

No. 08/269

One-Size-Fits-One: Tailor-Made Fiscal Responses to Capital Flows

Zakharova, Daria

No. 08/270

Inflation Determinants in Paraguay: Cost Push versus Demand Pull Factors

Monfort, Brieuc; Peña, Santiago

No. 08/271

Analyzing Determinants of Inflation When There Are Data Limitation: The Case of Sierra Leone

Gottschalk, Jan; Kalonji, Kadima D.; Miyajima, Ken

No. 08/272

The Macroeconomic Impact of Healthcare Financing Alternatives: Reform Options for Hong Kong SAR

Botman, Dennis P.J.; Porter, Nathaniel John

No. 08/273

Hong Kong SAR Economic Integration with the Pearl River Delta

Chen, Hongyi; Unteroberdoerster, Olaf

No. 08/274

What Happens During Recessions, Crunches, and Busts?

Claessens, Stijn; Kose, M. Ayhan; Terrones, Marco

No. 08/275

Estimating Potential Output and the Output Gap in Slovakia

Konuki, Tetsuya

No. 08/276

From Crisis to IMF-Supported Program: Does Democracy Impede the Speed Required by Financial Markets?

Mody, Ashoka; Saravia, Diego

No. 08/277

What Attracts Tourists to Paradise?

Tsounta, Evridiki

No. 08/278

A Small Quarterly Projection Model of the U.S. Economy

Carabenciov, Ioan; Ermolaev, Igor; Freedman, Charles; Juillard, Michel; Kamenik, Ondra; Korshunov, Dmitry; Laxton, Douglas

No. 08/279

A Small Quarterly Multi-Country Projection Model

Juillard, Michel; Laxton, Douglas; Carabenciov, Ioan; Ermolaev, Igor; Freedman, Charles; Korshunov, Dmitry; Laxton, Jared; Kamenik, Ondra

No. 08/280

A Small Quarterly Multi-Country Projection Model with Financial-Real Linkages and Oil Prices

Carabenciov, Ioan; Ermolaev, Igor; Freedman, Charles; Juillard, Michel; Kamenik, Ondra; Korshunov, Dmitry; Laxton, Douglas; Laxton, Jared

No. 08/281

Can Regional Cross-Listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa

Adelegan, O. Janet

No. 08/282

Expenditure Ceilings - A Survey

Ljungman, Gösta

No. 08/283

Cross-Border Coordination of Prudential Supervision and Deposit Guarantees

Hardy, Daniel C. L.; Nieto, María

No. 08/284

New Shocks, Exchange Rates and Equity Prices

Matsumoto, Akito; Cova, Pietro; Pisani, Massimiliano; Rebucci, Alessandro

No. 08/285

The Impact of Introducing a Minimum Wage on Business Cycle Volatility: A Structural Analysis for Hong Kong SAR

Porter, Nathaniel John; Vitek, Francis

No. 08/286

Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

Beirne, John; Maria Caporale, Guglielmo; Schulze-Ghattas, Marianne; Spagnolo, Nicola

No. 08/287

Explaining Episodes of Growth Accelerations, Decelerations, and Collapses in Western Africa

Imam, Patrick A.; Salinas, Gonzalo

No. 08/288

Is Monetary Policy Effective When Credit Is Low?

Saizar, Ana Carolina; Chalk, Nigel Andrew

No. 08/289

Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters

Cuevas, Alfredo; Topak, Secil

No. 09/1

Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries—A Cross Regional Perspective

Habermeier, Karl Friedrich; Ötker-Robe, Inci; Jácome, Luis Ignacio; Giustiniani, Alessandro; Ishi, Kotaro; Vávra, David; Kisinbay, Turgut; Vázquez, Francisco F.

No. 09/2

Recent French Export Performance: Is There a Competitiveness Problem?

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

No. 09/3

Yen Bloc or Yuan Bloc: An Analysis of Currency Arrangements in East Asia

Shirono, Kazuko

No. 09/4

Banking Stability Measures

Segoviano Basurto, Miguel A.; Goodhart, C.A.E.

No. 09/5

A European Mandate for Financial Sector Supervisors in the EU

Hardy, Daniel C.L.

No. 09/6

Regional Financial Interlinkages and Financial Contagion Within Europe

Arvai, Zsofia; Driessen, Karl; Ötker-Robe, Inci

No. 09/7

Australia and New Zealand Exchange Rates: A Quantitative Assessment

Edison, Hali J.; Vitek, Francis

No. 09/8

The Role for Counter-Cyclical Fiscal Policy in Singapore

Eskesen, Leif Lybecker

No. 09/9

Distress in European Banks: An Analysis Based on a New Dataset

Poghosyan, Tigran; Cihák, Martin

No. 09/10

Benford’s Law and Macroeconomic Data Quality

Gonzalez-Garcia, Jesus; Pastor, Gonzalo C.

No. 09/11

How Can Burundi Raise Its Growth Rate? The Impact of Civil Conflicts and State Intervention on Burundi’s Growth Performance

Basdevant, Olivier

No. 09/12

The International Diversification Puzzle When Goods Prices Are Sticky: It’s Really about Exchange-Rate Hedging, not Equity Portfolios

Engel, Charles; Matsumoto, Akito

No. 09/13

Why Do Central Banks Go Weak?

Ize, Alain; Oulidi, Nada

No. 09/14

Bank Efficiency in Sub-Saharan African Middle-Income Countries

Chen, Chuling

No. 09/15

The Determinants of Commercial Bank Profitability in Sub-Saharan Africa

Flamini, Valentina; McDonald, Calvin A.; Schumacher, Liliana

No. 09/16

The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand: How Much Can Growth Theory Explain?

Hunt, Ben

No. 09/17

Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Berger, Helge; Harjes, Thomas

No. 09/18

On Impatience and Policy Effectiveness

Bayoumi, Tamim; Sgherri, Silvia

No. 09/19

An Index Number Formula Problem: The Aggregation of Broadly Comparable Items

Silver, Mick

No. 09/20

Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?

Saborowski, Christian

No. 09/21

Causes, Benefits, and Risks of Business Tax Incentives

Klemm, Alexander

No. 09/22

Monetary and Fiscal Rules in an Emerging Small Economy

Batini, Nicoletta; Levine, Paul; Pearlman, Joseph

No. 09/23

Regional Financial Spillovers Across Europe: A Global VAR Analysis

Galesi, Alessandro; Sgherri, Silvia

No. 09/24

Can Markets Compute Equilibria?

Monroe, Hunter

No. 09/25

Why Isn’t South Africa Growing Faster? A Comparative Approach

Eyraud, Luc

No. 09/26

An Investigation of Some Macro-Financial Linkages of Securitization

Goswami, Mangal; Jobst, Andreas; Long, Xin

No. 09/27

The Values of Institutions for Financial Markets: Evidence from Emerging Markets

Akitoby, Bernardin; Stratmann, Thomas

No. 09/28

Current Account Determinants for Oil-Exporting Countries

Morsy, Hanan

No. 09/29

The Cost of Aggressive Sovereign Debt Policies: How Much Is the Private Sector Affected?

Trebesch, Christoph

No. 09/30

Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia

Clements, Benedict J.; Kamil, Herman

No. 09/31

In Search of WTO Trade Effects: Preferential Trade Agreements Promote Trade Strongly, But Unevenly

Eicher, Theo S.; Henn, Christian

No. 09/32

Evaluating Historical CGER Assessments: How Well Have They Predicted Subsequent Exchange Rate Movements

Abiad, Abdul; Kannan, Prakash; Lee, Jungjin

No. 09/33

Current Account and Precautionary Savings for Exporters of Exhaustible Resources

Bems, Rudolfs; Carvalho Filho, Irineu E.

No. 09/34

The Inflation-Unemployment Trade-off at Low Inflation

Benigno, Pierpaolo; Ricci, Luca Antonio

No. 09/35

The Volatility Costs of Procyclical Lending Standards: An Assessment Using a DSGE Model

Gruss, Bertrand; Sgherri, Silvia

No. 09/36

The Macroeconomic Impact of Scaled-up Aid: The Case of Niger

Farah, Abdikarim; Sacerdoti, Emilio; Salinas, Gonzalo

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, March 2009
Author: International Monetary Fund. Research Dept.