Abstract
This paper analyzes the link between economic growth and structural reforms. The paper highlights that as the recovery from the financial crisis firms up, many country authorities will turn their focus from short-term stabilization policies to more structural policies to spur long-term potential growth. The paper discusses that the global financial crisis has affected growth in countries of all income levels and has led to substantial output losses that in many cases could be permanent. The paper also presents a discussion on monetary policy and asset prices.
No. 10/2
Public Debt Sustainability and Management in a Compound Option Framework
Chan-Lau, Jorge A.; Santos, Andre
No. 10/3
Investment by Large Firms in Argentina
Piris, Alvaro
No. 10/4
Inherited or Earned? Performance of Foreign Banks in Central and Eastern Europe
Havrylchyk, Olena; Jurzyk, Emilia Magdalena
No. 10/5
The Impact Of The Global Crisis on Canada: What Do Macro-Financial Linkages Tell Us?
Duttagupta, Rupa; Barrera, Natalia
No. 10/6
Correlations in Emerging Market Bonds: The Role of Local and Global Factors
Bunda, Irina; Hamann, A. Javier; Lall, Subir
No. 10/7
What Level of Public Debt Could India Target?
Topalova, Petia; Nyberg, Dan
No. 10/8
The Spillover Effects of the Global Crisis on Economic Activity in MENA Emerging Market Countries-An Analysis Using the Financial Stress Index
Moriyama, Kenji
No. 10/9
Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds
Brown, Aaron; Papaioannou, Michael G.; Petrova, Iva
No. 10/10
Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets
Das, Udaibir S.; Papaioannou, Michael G.; Trebesch, Christoph
No. 10/11
After the Crisis: Lower Consumption Growth but Narrower Global Imbalances?
Mody, Ashoka; Ohnsorge, Franziska
No. 10/12
Exchange Rate Choices of Microstates
Imam, Patrick A.
No. 10/13
Canada’s Potential Growth: Another Victim of the Crisis?
Estevão, Marcello M.; Tsounta, Evridiki
No. 10/14
Are Financial Crises Alike?
Dungey, Mardi; Fry, Renee; González-Hermosillo, Brenda; Martin, Vance; Tang, Chrismin
No. 10/15
Estimating Poland’s Potential Output: A Production Function Approach
Epstein, Natan P.; Macchiarelli, Corrado
No. 10/16
China: Does Government Health and Education Spending Boost Consumption?
Barnett, Steven; Brooks, Ray
No. 10/17
Inflation in Tajikistan: Forecasting Analysis and Monetary Policy Challenges
Alturki, Fahad; Vtyurina, Svetlana
No. 10/18
Responding to Banking Crises: Lessons from Cross-Country Evidence
Detragiache, Enrica; Ho, Giang
No. 10/19
The Outlook for Financing Japan’s Public Debt
Tokuoka, Kiichi
No. 10/20
Dissecting Taylor Rules in a Structural VAR
Choi, Woon Gyu; Wen, Yi
No. 10/21
An Estimated Model with Macrofinancial Linkages for India
Anand, Rahul; Peiris, Shanaka J.; Saxegaard, Magnus
No. 10/22
The Location of Domestic and Foreign Production Affiliates by French Multinational Firms
Mayer, Thierry; Méjean, Isabelle; Nefussi, Benjamin
No. 10/23
Financial Shocks and TFP Growth
Estevão, Marcello M.; Severo, Tiago
No. 10/24
The Global Financial Crisis and Workers’ Remittances to Africa: What’s the Damage?
Barajas, Adolfo; Chami, Ralph; Fullenkamp, Connel; Garg, Anjali
No. 10/25
A Model for Full-Fledged Inflation Targeting and Application to Ghana
Alichi, Ali; Clinton, Kevin; Dagher, Jihad; Kamenik, Ondra; Laxton, Douglas; Mills, Marshall
No. 10/26
International Pricing of Emerging Market Corporate Debt: Does the Corporate Matter?
Keller, Sonja; Mody, Ashoka
No. 10/27
Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Koetter, Michael; Kick, Thomas; Poghosyan, Tigran
No. 10/28
Fiscal Policy in Oil Producing Countries during the Recent Oil Price Cycle
Villafuerte, Mauricio; Lopez-Murphy, Pablo
No. 10/29
Systemic Risks and the Macroeconomy
De Nicoló, Gianni; Lucchetta, Marcella
No. 10/30
Constraints on Growth in the MENA Region
Bhattacharya, Rina; Wolde, Hirut
No. 10/31
Constraints on Trade in the MENA region
Bhattacharya, Rina; Wolde, Hirut
No. 10/32
Optimal Monetary Policy with Overlapping Generations of Policymakers
Shamloo, Maral
No. 10/33
Evaluation of the Oil Fiscal Regime in Russia and Proposals for Reform
Goldsworthy, Brenton; Zakharova, Daria
No. 10/34
The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure
Kumhof, Michael; Laxton, Douglas; Muir, Dirk; Mursula, Susanna
No. 10/35
Spillovers to Central America in Light of the Crisis: What a Difference a Year Makes
Swiston, Andrew
No. 10/36
Monetary Policy Transmission in Mauritius Using a VAR Analysis
Tsangarides, Charalambos G.
No. 10/37
Growth and Capital Flows with Risky Entrepreneurship
Sandri, Damiano
No. 10/38
Cross-Border Investment in Small International Financial Centers
Lane, Philip R.; Milesi-Ferretti, Gian Maria
No. 10/39
Do Currency Fundamentals Matter for Currency Speculators?
Nozaki, Masahiro
No. 10/40
Risk and the Corporate Structure of Banks
Dell’Ariccia, Giovanni; Marquez, Robert
No. 10/41
Bankruptcy and Firm Dynamics: The Case of the Missing Firms
Rodríguez-Delgado, Jose Daniel
No. 10/42
Informal Labour and Credit Markets: A Survey
Batini, Nicoletta; Young-Bae, Kim; Levine, Paul; Lotti, Emanuela
No. 10/43
Current Account Balance Estimates for Emerging Market Economies
Medina, Leandro; Prat, Jordi; Thomas, Alun H.
No. 10/44
Lessons and Policy Implications from the Global Financial Crisis
Claessens, Stijn; Dell’Ariccia, Giovanni; Igan, Deniz; Laeven, Luc
No. 10/45
Inflation Targeting and the Crisis: An Empirical Assessment
Carvalho Filho, Irineu E.
No. 10/46
The Composition and Cyclical Behavior of Trade Flows in Emerging Economies
De Bock, Reinout
No. 10/47
Bank Credit during the 2008 Financial Crisis: A Cross-Country Comparison
Aisen, Ari; Franken, Michael
No. 10/48
The Empirics of Exchange Rate Regimes and Trade: Words vs. Deeds
Qureshi, Mahvash Saeed; Tsangarides, Charalambos G.
No. 10/49
Firm Productivity, Innovation and Financial Development
Dabla-Norris, Era; Kersting, Erasmus; Verdier, Geneviève
No. 10/50
On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?
Durdu, Ceyhun Bora; Mendoza, Enrique G.; Terrones, Marco
No. 10/51
Yield Curve Dynamics and Spillovers in Central and Eastern European Countries
Hoffmaister, Alexander W.; Roldos, Jorge; Tuladhar, Anita
No. 10/52
Simulating Inflation Forecasting in Real-Time: How Useful Is a Simple Phillips Curve in Germany, the UK, and the US?
Clausen, Bianca; Clausen, Jens R.
No. 10/53
International Commodity Price Shocks, Democracy, and External Debt
Arezki, Rabah; Bruckner, Markus
No. 10/54
Precautionary Reserves: An Application to Bolivia
Valencia, Fabian
No. 10/55
FX Swaps: Implications for Financial and Economic Stability
Barkbu, Bergljot; Ong, Li L.
No. 10/56
Structural Models in Real Time
Benes, Jaromir; Clinton, Kevin; Johnson, Marianne; Laxton, Douglas; Matheson, Troy
No. 10/57
Asset Booms and Structural Fiscal Positions: The Case of Ireland
Kanda, Daniel
No. 10/58
The Real Exchange Rate and Growth Revisited: The Washington Consensus Strikes Back?
Berg, Andrew; Miao, Yanliang
No. 10/59
Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion
Mlachila, Montfort; Cashin, Paul; Haines, Cleary
No. 10/60
The Influence of “Big Brothers:” How Important are Regional Factors for Uruguay?
Sosa, Sebastian
No. 10/61
Oman: Banking Sector Resilience
Bologna, Pierluigi; Prasad, Ananthakrishnan
No. 10/62
The U.S. Federal Debt Outlook: Reading the Tea Leaves
Celasun, Oya; Keim, Geoffrey
No. 10/63
Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations
Urrutia, Carlos; Meza, Felipe
No. 10/64
Cross-country Consumption Risk Sharing, a Long-Run Perspective
Qiao, Zhaogang
No. 10/65
The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy
Berg, Andrew; Mirzoev, Tokhir; Portillo, Rafael; Zanna, Luis-Felipe
No. 10/66
ICT Equipment Investment and Growth in Low- and Lower-Middle-Income Countries
Haacker, Markus
No. 10/67
Competition and Firm Productivity: Evidence from Firm-Level Data
Ospina, Sandra; Schiffbauer, Marc
No. 10/68
The Cyclicality of Fiscal Policy in the Middle East and Central Asia: Is the Current Crisis Different?
Abdih, Yasser; Lopez-Murphy, Pablo; Roitman, Agustin; Sahay, Ratna
No. 10/69
Public Expenditure on Social Programs and Household Consumption in China
Baldacci, Emanuele; Callegari, Giovanni; Coady, David; Ding, Ding; Kumar, Manmohan S.; Tommasino, Pietro; Woo, Jaejoon
No. 10/70
Crisis Management and Resolution for a European Banking System
Fonteyne, Wim; Bossu, Wouter; Cortavarria, Luis; Giustiniani, Alessandro; Gullo, Alessandro; Hardy, Daniel C. L.; Kerr, Sean
No. 10/71
Tax Revenue Response to the Business Cycle
Sancak, Cemile; Velloso, Ricardo; Xing, Jing
No. 10/72
A Public Financial Management Framework for Resources-Producing Countries
Dabán Sánchez, Teresa; Hélis, Jean-Luc
No. 10/73
Effects of Fiscal Stimulus in Structural Models
Coenen, Günter; Erceg, Christopher; Freedman, Charles; Furceri, Davide; Kumhof, Michael; Lalonde, René; Laxton, Douglas; Lindé, Jesper; Mourougane, Annabelle; Muir, Dirk; Mursula, Susanna; Roberts, John; Roeger, Werner; de Resende, Carlos; Snudden, Stephen; Trabandt, Mathias; in’t Veld, Jan
No. 10/74
Asset Securitization and Optimal Retention
Kiff, John; Kisser, Michael
No. 10/75
Economic Transition and Health Care Reform: The Experience of Europe and Central Asia
Leive, Adam
No. 10/76
Estimating The Inflation-Growth Nexus – A Smooth Transition Model
Espinoza, Raphael A.; Leon, H. L.; Prasad, Ananthakrishnan
No. 10/77
Fiscal Objectives in the Post IMF Program World: The Case of Albania
Jonas, Jiri
No. 10/78
Spillovers of Domestic Shocks: Will They Counteract the “Great Moderation”?
Carare, Alina; Mody, Ashoka
No. 10/79
Fiscal Adjustment in Sudan: Size, Speed and Composition
Abbas, S. M. Ali; Moriyama, Kenji; Naseer, Abdul
No. 10/80
Budget Institutions and Fiscal Performance in Low-Income Countries
Dabla-Norris, Era; Allen, Richard; Zanna, Luis-Felipe; Prakash, Tej; Kvintradze, Eteri; Lledo, Victor Duarte; Yackovlev, Irene; Gollwitzer, Sophia
No. 10/81
Basel Core Principles and Bank Risk: Does Compliance Matter?
Demirgüç-Kunt, Asli; Detragiache, Enrica
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