The Q&A in this issue features seven questions about emerging markets and the financial crisis (by Ayhan Kose); the research summaries are "Tax Revenue Response to the Business Cycle" (by Cemile Sancak, Ricardo Velloso, and Jing Xing) and "Banking Crisis Resolution: Was this Time Different?" (by Luc Laeven and Fabian Valencia). The issue also lists the contents of the second issue of the IMF Economic Review, Volume 58 Number 2; visiting scholars at the IMF during October-December 2010; and recent IMF Working Papers and Staff Position Notes.

Abstract

The Q&A in this issue features seven questions about emerging markets and the financial crisis (by Ayhan Kose); the research summaries are "Tax Revenue Response to the Business Cycle" (by Cemile Sancak, Ricardo Velloso, and Jing Xing) and "Banking Crisis Resolution: Was this Time Different?" (by Luc Laeven and Fabian Valencia). The issue also lists the contents of the second issue of the IMF Economic Review, Volume 58 Number 2; visiting scholars at the IMF during October-December 2010; and recent IMF Working Papers and Staff Position Notes.

No. 10/174

Public Debt and Growth

Kumar, Manmohan S.; Woo, Jaejoon

No. 10/175

Public Capital and Growth

Arslanalp, Serkan; Bornhorst, Fabian; Gupta, Sanjeev; Sze, Elsa

No. 10/176

Sudden Stops, Output Drops, and Credit Collapses

Dagher, Jihad

No. 10/177

Some Uncomfortable Arithmetic Regarding Europe’s Public Finances

Velculescu, Delia

No. 10/178

Consensus Forecasts and Inefficient Information Aggregation

Crowe, Christopher W.

No. 10/179

Resource Windfalls and Emerging Market Sovereign Bond Spreads: The Role of Political Institutions

Arezki, Rabah; Bruckner, Markus

No. 10/180

A Method for Calculating Export Supply and Import Demand Elasticities

Tokarick, Stephen

No. 10/181

A New Framework To Estimate the Risk-Neutral Probability Density Functions Embedded in Options Prices

Cheng, Kevin C.

No. 10/182

Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?

Lama, Ruy; Medina Guzman, Juan Pablo

No. 10/183

A Monetary Policy Model Without Money for India

Patra, Michael; Kapur, Muneesh

No. 10/184

Fiscal Deficits, Public Debt, and Sovereign Bond Yields

Baldacci, Emanuele; Kumar, Manmohan S.

No. 10/185

Output and Unemployment Dynamics during the Great Recession: A Panel Unobserved Components Analysis

Vitek, Francis

Visiting Scholars, October–December 2010

Lawrence Christiano; 4/12/10–4/29/11

Oli Coibion; 5/10/10–11/10/10

Jonas Dovern; 5/10/10–11/10/10

Charles Freedman; 4/30/10–4/29/11

Ulrich Fritsche; 5/10/10–11/10/10

Ila Patnaik; 10/12/10–11/30/10

Thomas Philippon; 12/1/10–12/10/10

Chris Rodrigo; 2/27/10–12/31/10

Ajay Shah; 10/12/10–11/30/10

David Vavra; 11/1/10–4/29/11

No. 10/186

Peaks, Spikes, and Barrels: Modeling Sharp Movements in Oil Prices

Thomas, Alun H.; Mühleisen, Martin; Pant, Malika

No. 10/187

Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach

Walsh, James P; Yu, Jiangyan

No. 10/188

Dedollarization

Kokenyne, Annamaria; Ley, Jeremy; Veyrune, Romain

No. 10/189

Still Minding the Gap - Inflation Dynamics during Episodes of Persistent Large Output Gaps

Meier, André

No. 10/190

Price of Risk - Recent Evidence from Large Financials

Singh, Manmohan; Youssef, Karim

No. 10/191

A Macro Model of the Credit Channel in a Currency Union Member: The Case of Benin

Samaké, Issouf

No. 10/192

The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America

Medina, Leandro

No. 10/193

The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments

Gollwitzer, Sophia; Quintyn, Marc

No. 10/194

Measuring Financial Barriers Among East African Community Countries

Wang, Yi David

No. 10/195

Islamic Banking: How Has it Diffused?

Imam, Patrick A.; Kpodar, Kangni

No. 10/196

Can Global Liquidity Forecast Asset Prices?

Darius, Reginald

No. 10/197

Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

ElGanainy, Asmaa A; Weber, Anke

No. 10/198

Sustainable Real Exchange Rates in the New EU Member States: What did the Great Recession Change?

Babecky, Jan; Bulir, Ales; Smídková, Katerina

No. 10/199

To Starve or not to Starve the Beast?

Kumhof, Michael; Laxton, Douglas; Leigh, Daniel

No. 10/200

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Anand, Rahul; Prasad, Eswar

No. 10/201

The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study

Hasan, Maher; Dridi, Jemma

No. 10/202

The Unequal Benefits of Fuel Subsidies: A Review of Evidence for Developing Countries

Arze del Granado, Javier; Coady, David

No. 10/203

Data Dissemination Standards and the Statistical Quality of the IMF’s World Economic Outlook Forecasts

Mrkaic, Mico

No. 10/204

Information Content of DQAF Indicators - Empirical Entropy Analysis

Mrkaic, Mico

No. 10/205

The End of an Era? The Medium- and Long-term Effects of the Global Crisis on Growth in Low-Income Countries

Berg, Andrew; Papageorgiou, Chris; Pattillo, Catherine A.; Spatafora, Nicola

No. 10/206

Why Does Bad News Increase Volatility and Decrease Leverage?

Fostel, Ana; Geanakoplos, John

No. 10/207

Investment-Specific Technology Shocks and International Business Cycles: An Empirical Assessment

Rabanal, Pau; Mandelman, Federico; Rubio-Ramirez, Juan F.; Vilan, Diego

No. 10/208

Bank Capital and Uncertainty

Valencia, Fabian

No. 10/209

Commodity Windfalls, Polarization, and Net Foreign Assets: Panel Data Evidence on the Voracity Effect

Arezki, Rabah; Bruckner, Markus

No. 10/210

Mother, Can I trust the Government? Sustained Financial Deepening - A Political Institutions View

Quintyn, Marc; Verdier, Geneviève

No. 10/211

Protection for Free? The Political Economy of U.S. Tariff Suspensions

Mishra, Prachi; Mayda, Anna Maria; Ludema, Rodney D.

No. 10/212

Cyclical Behavior of Inventories and Growth Projections Recent Evidence from Europe and the United States

Clausen, Jens R.; Hoffmaister, Alexander W.

No. 10/213

Adjustment under a Currency Peg: Estonia, Latvia and Lithuania during the Global Financial Crisis 2008-09

Purfield, Catriona; Rosenberg, Christoph B.

No. 10/214

Monetary Transmission of Global Imbalances in Asian Countries

Choi, Woon Gyu; Lee, Il Houng

No. 10/215

International Reserve Adequacy in The Gambia

Tereanu, Eugen

No. 10/216

Cyclicality of Revenue and Structural Balances in South Africa

Aydin, Burcu

No. 10/217

Performance of Fiscal Accounts in South Africa in a Cross-Country Setting

Aydin, Burcu

No. 10/218

Factor Immobility and Regional Impacts of Trade Liberalization Evidence on Poverty from India

Topalova, Petia

No. 10/219

Recent Credit Stagnation in the MENA Region: What to Expect? What Can Be Done?

Barajas, Adolfo; Chami, Ralph; Espinoza, Raphael A.; Hesse, Heiko

No. 10/220

Macroprudential Regulation under Repo Funding

Valderrama, Laura

No. 10/221

Price Dynamics in China

Porter, Nathaniel John

No. 10/222

How Commodity Price Curves and Inventories React to a Short-Run Scarcity Shock

Roache, Shaun K.; Erbil, Nese

No. 10/223

Monetary Transmission in Low Income Countries

Mishra, Prachi; Montiel, Peter; Spilimbergo, Antonio

No. 10/224

Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects

Espinoza, Raphael A.; Prasad, Ananthakrishnan

No. 10/225

What Can International Cricket Teach Us About the Role of Luck in Labor Markets?

Aiyar, Shekhar; Ramcharan, Rodney

No. 10/226

The Euro’s Effect on Trade Imbalances

Berger, Helge; Nitsch, Volker

No. 10/227

A Perspective on Predicting Currency Crises

Flood, Robert P.; Marion, Nancy P.; Yepez, Juan

No. 10/228

Australian Banking System Resilience: What Should Be Expected Looking Forward? An International Perspective

Bologna, Pierluigi

No. 10/229

Government Investment and Fiscal Stimulus

Leeper, Eric M.; Walker, Todd B.; Yang, Shu-Chun S.

No. 10/230

Monetary Policy Matters: New Evidence Based on a New Shock Measure

Barakchian, S. Mahdi; Crowe, Christopher W.

No. 10/231

Financial Frictions, Investment, and Institutions

Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay

No. 10/232

Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos

No. 10/233

Bank Lending in Turkey: Effects of Monetary and Fiscal Policies

Aydin, Burcu; Igan, Deniz

No. 10/234

Is Social Spending Procyclical?

Arze del Granado, Javier; Gupta, Sanjeev; Hajdenberg, Alejandro

No. 10/235

International Capital Flows and Development: Financial Openness Matters

Reinhardt, Dennis B. S.; Ricci, Luca Antonio; Tressel, Thierry

No. 10/236

Financial Contagion through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis

Tressel, Thierry

No. 10/237

The Impact of the Great Recession on Emerging Markets

Llaudes, Ricardo; Salman, Ferhan; Chivakul, Mali

No. 10/238

Spillovers from Europe into Morocco and Tunisia

De Bock, Reinout; Florea, Daniel; Toujas-Bernate, Joël

No. 10/239

Deconstructing The International Business Cycle: Why Does A U.S. Sneeze Give The Rest Of The World A Cold?

Bayoumi, Tamim; Bui, Trung T

No. 10/240

Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence

Dabla-Norris, Era; Minoiu, Camelia; Zanna, Luis-Felipe

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/

IMF Research Bulletin, December 2010
Author: International Monetary Fund. Research Dept.