The Q&A in this issue features seven questions about policy options for emerging market countries (by Marcos Chamon, Chris Crowe, and Jun Il Kim); research summaries on “Does Trade and Financial Globalization Cause Income Inequality?” (by Chris Papageorgiou) and “The Current Account of Oil-Exporting Countries (by Irineu E. de Carvalho Filho); an article on the launch of the IMF’s new research journal, IMF Economic Review, and the contents of the upcoming IMF Staff Papers, which the new the new journal will succeed in 2010; an article on the upcoming Tenth Annual Jacques Polak Research Conference; a listing of visiting scholars at the IMF during July–September 2009; and listings of recent IMF Working Papers and Staff Position Notes.

Abstract

The Q&A in this issue features seven questions about policy options for emerging market countries (by Marcos Chamon, Chris Crowe, and Jun Il Kim); research summaries on “Does Trade and Financial Globalization Cause Income Inequality?” (by Chris Papageorgiou) and “The Current Account of Oil-Exporting Countries (by Irineu E. de Carvalho Filho); an article on the launch of the IMF’s new research journal, IMF Economic Review, and the contents of the upcoming IMF Staff Papers, which the new the new journal will succeed in 2010; an article on the upcoming Tenth Annual Jacques Polak Research Conference; a listing of visiting scholars at the IMF during July–September 2009; and listings of recent IMF Working Papers and Staff Position Notes.

IMF Working Papers

No. 09/78

Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union

Pineda, Emilio; Cashin, Paul; Sun, Yan

No. 09/79

Exposure to Real Estate Losses: Evidence from the US Banks

Igan, Deniz; Pinheiro, Marcelo

No. 09/80

The Crisis: Basic Mechanisms and Appropriate Policies

Blanchard, Olivier J.

No. 09/81

Exchange Rate Assessment for Oil Exporters

Enders, Klaus-Stefan

No. 09/82

Determinants of Inflation in GCC

Kandil, Magda E.; Morsy, Hanan

No. 09/83

Hold Your Nose and Vote: Why Do Some Democracies Tolerate Corruption?

Pani, Marco

No. 09/84

Accrual Budgeting and Fiscal Policy

Robinson, Marc

No. 09/85

Adding Latin America to the Global Projection Model

Canales Kriljenko, Jorge Iván; Freedman, Charles; Garcia-Saltos, Roberto; Johnson, M.; Laxton, Douglas

No. 09/86

Why Inflation Targeting?

Freedman, Charles; Laxton, Douglas

No. 09/87

IT Framework Design Parameters

Freedman, Charles; Laxton, Douglas

No. 09/88

Chile's Structural Fiscal Surplus Rule: A Model-Based Evaluation

Kumhof, Michael; Laxton, Douglas

No. 09/89

Global Imbalances and Petrodollars

Arezki, Rabah; Hasanov, Fuad

No. 09/90

Inflation Hedging for Long-Term Investors

Attie, Alexander P. ; Roache, Shaun K.

No. 09/91

Remittances: An Automatic Output Stabilizer?

Chami, Ralph; Hakura, Dalia; Montiel, Peter

No. 09/92

The Size of Government and U.S.-European Differences in Economic Performance

Bell, Gerwin; Tawara, Norikazu

No. 09/93

Global Relative Poverty

Nielsen, Lynge

No. 09/94

Inflation Targeting Under Imperfect Policy Credibility

Alichi, Ali; Freedman, Charles; Johnson, M.; Kamenik, Ondra; Kisinbay, Turgut; Laxton, Douglas; Clinton, Kevin; Chen, Huigang

No. 09/95

Ponzi Schemes in the Caribbean

Carvajal, Ana; Monroe , Hunter K.; Pattillo, Catherine A.; Wynter, Brian

No. 09/96

The Challenge of Reforming Budgetary Institutions in Developing Countries

Allen, Richard

No. 09/97

Why Are Japanese Wages So Sluggish?

Sommer, Martin

No. 09/98

Understanding Inflation Inertia in Angola

Klein, Nir; Kyei, Alexander

No. 09/99

The Impact of the Regional Cross-Listing of Stocks on Firm Value in Sub-Saharan Africa

Adelegan, Olatundun Janet

No. 09/100

Financial Stress, Downturns, and Recoveries

Cardarelli, Roberto; Elekdag, Selim; Lall, Subir

No. 09/101

What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?

Batini, Nicoletta; Tereanu, Eugen

No. 09/102

Advanced public financial management reforms in South East Europe

Tandberg, E.; Pavesic-Skerlep, Mia

No. 09/103

The Persistence of Capital Account Crises

Mecagni, Mauro; Atoyan, Ruben; Hofman, David

No. 09/104

Financial Spillovers to Emerging Markets during the Global Financial Crisis

Frank, Nathaniel; Hesse, Heiko

No. 09/105

Financial Intermediation, Competition, and Risk: A General Equilibrium Exposition

De Nicoló, Gianni; Lucchetta, Marcella

No. 09/106

Fiscal Stimulus with Spending Reversals

Corsetti, Giancarlo; Meier, André; Müller, Gernot

No. 09/107

Madagascar: A Competitiveness and Exchange Rate Assessment

Eyraud, Luc

No. 09/108

From Bear Stearns to Anglo Irish: How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability

Mody, Ashoka

No. 09/109

Estimating Default Frequencies and Macrofinancial Linkages in the Mexican Banking Sector

Blavy, Rodolphe; Souto, Marcos

No. 09/110

Credit Risk Spreads in Local and Foreign Currencies

Galai, Dan; Wiener, Zvi

No. 09/111

Spillovers to Emerging Equity Markets: An Econometric Assessment

Psalida, L. Effie; Sun, Tao

No. 09/112

An Alternative Explanation for the Resource Curse: The Income Effect Channel

Alichi, Ali; Arezki, Rabah

No. 09/113

Financial Deepening in the CFA Franc Zone: The Role of Institutions

Singh, Raju; Kpodar, Kangni; Ghura, Dhaneshwar

No. 09/114

Sub-Saharan Africa's Integration in the Global Financial Markets

Deléchat, Corinne; Ramirez, Gustavo; Wagh, Smita; Wakeman-Linn, John

No. 09/115

The Macroeconomics of Scaling Up Aid: The Gleneagles Initiative for Benin

Mongardini, Joannes; Samaké, Issouf

No. 09/116

Out of the Box Thoughts about the International Financial Architecture

Eichengreen, Barry J.

No. 09/117

Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy

Berkmen, Pelin

No. 09/118

Development Aid and Economic Growth: A Positive Long-Run Relation

Minoiu, Camelia; Reddy, Sanjay

No. 09/119

A Multi-industry Model of Growth with Financing Constraints

Ilyina, Anna; Samaniego, Roberto M.

No. 09/120

The Federal Reserve System Balance Sheet-What Happened and Why it Matters

Stella, Peter

No. 09/121

Competitiveness in Central-Europe: What Has Happened Since EU Accession?

Allard, Céline

No. 09/122

Where Does the Public Sector End and the Private Sector Begin?

Lienert, Ian

No. 09/123

Modeling with Macro-Financial Linkages: Credit and Policy Shocks in Emerging Markets

Benes, Jaromir; Ötker, Inci; Vávra, David

No. 09/124

Fiscal Incentive Effects of the German Equalization System

Stehn, Sven Jari; Fedelino, Annalisa

No. 09/125

Decoupling from the East Toward the West? Analyses of Spillovers to the Baltic Countries

Obiora, Kingsley I.

No. 09/126

Fiscal Policy Rules for Oil-Producing Countries: A Welfare-Based Assessment

Maliszewski, Wojciech

No. 09/127

Current Accounts in a Currency Union

Decressin, Jörg; Stavrev, Emil

No. 09/128

External Debt Sustainability in HIPC Completion Point Countries: An Update

Yang, Jie; Nyberg, Dan

No. 09/129

The Systemic Regulation of Credit Rating Agencies and Rated Markets

Sy, Amadou N. R.

No. 09/130

Canadian Residential Mortgage Markets: Boring But Effective?

Kiff, John

No. 09/131

Broad Money Demand and Asset Substitution in China

Wu, Ge

No. 09/132

Forecasting Inflation in Sudan

Moriyama, Kenji; Naseer, Abdul

No. 09/133

The Transmission of Financial Stress from Advanced to Emerging Economies

Balakrishnan, Ravi; Danninger, Stephan; Elekdag, Selim; Tytell, Irina

No. 09/134

Balance of Payments Anti-Crises

Kumhof, Michael; Yan, Isabel K.

No. 09/135

Governance Practices at Financial Regulatory and Supervisory Agencies

Seelig, Steven A.; Novoa, Alicia

No. 09/136

Empirical Evidence on the Effects of Tax Incentives

Klemm, Alexander; Van Parys, Stefan

No. 09/137

Optimal Monetary and Fiscal Policy with Limited Asset Market Participation

Stehn, Sven Jari

No. 09/138

International Risk Sharing: Through Equity Diversification or Exchange Rate Hedging?

Engel, Charles; Matsumoto, Akito

No. 09/139

Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data

Espinoza, Raphael; Kwon, Goohoon

No. 09/140

The Effects of Economic News on Commodity Prices: Is Gold Just Another Commodity?

Roache, Shaun K.; Rossi, Marco

No. 09/141

Banking Crises and Crisis Dating: Theory and Evidence

Boyd, John H.; De Nicoló, Gianni; Loukoianova, Elena