The Q&A in this issue features seven questions on the role of precautionary savings in open economies (by Damiano Sandri); the research summaries are "The Macroeconomics of Aid (by Andrew Berg, Rafael Portillo, and Luis-Felipe Zanna) and "The Building Blocks to Measure Inflation" (by Mick Silver). The issue also lists the contents of the March 2011 issue of the IMF Economic Review, Volume 59 Number 1; visiting scholars at the IMF during January?March 2011; and recent IMF Working Papers and Staff Discussion Notes.


The Q&A in this issue features seven questions on the role of precautionary savings in open economies (by Damiano Sandri); the research summaries are "The Macroeconomics of Aid (by Andrew Berg, Rafael Portillo, and Luis-Felipe Zanna) and "The Building Blocks to Measure Inflation" (by Mick Silver). The issue also lists the contents of the March 2011 issue of the IMF Economic Review, Volume 59 Number 1; visiting scholars at the IMF during January?March 2011; and recent IMF Working Papers and Staff Discussion Notes.

No. 10/241

On the Distributive Effects of Terms of Trade Shocks: The Role of Non-tradable Goods

Galiani, Sebastian; Heymann, Daniel; Magud, Nicolas E.

No. 10/242

Crisis and Recovery: Role of the Exchange Rate Regime in Emerging Market Countries

Tsangarides, Charalambos G.

No. 10/243

Monetary and Fiscal Policy Interactions in the Post-war U.S.

Traum, Nora; Yang, Shu-Chun S.

No. 10/244

After the Crisis: Assessing the Damage in Italy

Morsy, Hanan; Sgherri, Silvia

No. 10/245

A Historical Public Debt Database

Abbas, S. M. Ali; Belhocine, Nazim; ElGanainy, Asmaa A; Horton, Mark A.

No. 10/246

Forecasting U.S. Investment

Lee, Jaewoo; Rabanal, Pau

No. 10/247

Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks

Cerutti, Eugenio; Ilyina, Anna; Makarova, Yulia; Schmieder, Christian

No. 10/248

Structural Breaks in Fiscal Performance: Did Fiscal Responsibility Laws Have Anything to Do with Them?

Caceres, Carlos; Corbacho, Ana; Medina, Leandro

No. 10/249

Asset Prices in Affine Real Business Cycle Models

Malkhozov, Aytek; Shamloo, Maral

No. 10/250

Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries

Herzberg, Valerie

No. 10/251

Riding the Roller Coaster: Fiscal Policies of Nonrenewable Resource Exporters in Latin America and the Caribbean

Villafuerte, Mauricio; Lopez Murphy, Pablo; Ossowski, Rolando

No. 10/252

Post-Crisis Fiscal Policy Priorities for the ASEAN-5

Budina, Nina T; Tuladhar, Anita

No. 10/253

IMF Applications of Purchasing Power Parity Estimates

Silver, Mick

No. 10/254

Should Advanced Countries Adopt a Fiscal Responsibility Law?

Lienert, Ian

No. 10/255

Determinants of the Foreign Exchange Risk Premium in Gulf Cooperation Council Countries

Poghosyan, Tigran

No. 10/256

Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis: Supply or Demand Driven?

Poghosyan, Tigran

No. 10/257

Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis

Milesi-Ferretti, Gian Maria; Strobbe, Francesco; Tamirisa, Natalia T.

No. 10/258

On the Estimation of Term Structure Models and An Application to the United States

Gasha, Jose Giancarlo; He, Ying; Medeiros, Carlos I.; Rodriguez, Marco; Salvati, Jean; Yi, Jiangbo

No. 10/259

Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility

Benigno, Pierpaolo; Ricci, Luca Antonio; Surico, Paolo

No. 10/260

Government Involvement in Corporate Debt Restructuring: Case Studies from the Great Recession

Grigorian, David A.; Raei, Faezeh

No. 10/261

Do Credit Shocks Matter? A Global Perspective

Helbling, Thomas; Huidrom, Raju; Kose, M. Ayhan; Otrok, Christopher

No. 10/262

Emerging Asia’s Impact on Australian Growth: Some Insights From GEM

Hunt, Ben

No. 10/263

A New Index of Currency Mismatch and Systemic Risk

Ranciere, Romain; Tornell, Aaron; Vamvakidis, Athanasios

No. 10/264

Private Sector Consumption and Government Consumption and Debt in Advanced Economies: An Empirical Study

Bhattacharya, Rina; Mukherjee, Sanchita

No. 10/265

What Caused the Global Financial Crisis - Evidence on the Drivers of Financial Imbalances 1999-2007

Nier, Erlend; Merrouche, Ouarda

No. 10/266

Financial Innovation and Risk: The Role of Information

Piazza, Roberto

No. 10/267

Growth and Crisis, Unavoidable Connection?

Piazza, Roberto

No. 10/268

Inequality, Leverage and Crises

Kumhof, Michael; Ranciere, Romain

No. 10/269

Export Tax and Pricing Power: Two Hypotheses on the Cocoa Market in Côte d’Ivoire

Kireyev, Alexei

No. 10/270

The Transmission Mechanism in Armenia: New Evidence from a Regime Switching VAR Analysis

Bordon, Anna R; Weber, Anke

No. 10/271

When and Why Worry About Real Exchange Rate Appreciation? The Missing Link between Dutch Disease and Growth

Magud, Nicolas E; Sosa, Sebastian

No. 10/272

A Status Update on Fiscal Exit Strategies

Bornhorst, Fabian; Budina, Nina T; Callegari, Giovanni; El-Ganainy, Asmaa A.; Gomez Sirera, Raquel; Lemgruber, Andrea; Schaechter, Andrea; Shin, Joong B

No. 10/273

Are House Prices Rising Too Fast in Hong Kong SAR?

Ahuja, Ashvin; Porter, Nathaniel John

No. 10/274

Are House Prices Rising Too Fast in China?

Ahuja, Ashvin; Cheung, Lillian; Han, Gaofeng; Porter, Nathaniel John; Zhang, Wenlang

No. 10/275

The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective

Bayoumi, Tamim; Tong, Hui; Wei, Shang-Jin

No. 10/276

Monetary Policy, Leverage, and Bank Risk-Taking

Dell’Ariccia, Giovanni; Laeven, Luc; Marquez, Robert

No. 10/277

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?

Surti, Jay

No. 10/278

U.S. Monetary Shocks and Global Stock Prices

Laeven, Luc; Tong, Hui

No. 10/279

A Note on Terms of Trade Shocks and the Wage Gap

Coble Fernandez, David O; Magud, Nicolas E

No. 10/280

Managing Public Debt and Its Financial Stability Implications

Das, Udaibir S.; Papaioannou, Michael G; Pedras, Guilherme; Ahmed, Faisal; Surti, Jay

No. 10/281

Determinants of Emerging Market Sovereign Bond Spreads: Fundamentals vs Financial Stress

Bellas, Dimitri; Papaioannou, Michael G; Petrova, Iva

No. 10/282

Into the Great Unknown: Stress Testing with Weak Data

Ong, Li L.; Maino, Rodolfo; Duma, Nombulelo

No. 10/283

The Cost of Private Debt Over the Credit Cycle

Aykut, Dilek; Francis, Johanna L.; Tereanu, Eugen

No. 10/284

Transforming China: Insights from the Japanese Experience of the 1980s

N’Diaye, Papa M’B. P.

No. 10/285

Estimating Potential Output with a Multivariate Filter

Benes, Jaromir; Clinton, Kevin; Garcia-Saltos, Roberto; Johnson, Marianne; Laxton, Douglas; Manchev, Petar; Matheson, Troy

No. 10/286

Bank Capital: Lessons from the Financial Crisis

DemirgüçKunt, Asli; Detragiache, Enrica; Merrouche, Ouarda

No. 10/287

Workers’ Remittances and the Equilibrium Real Exchange Rate: Theory and Evidence

Barajas, Adolfo; Chami, Ralph; Hakura, Dalia; Montiel, Peter

No. 10/288

Estimating a Structural Model of Herd Behavior in Financial Markets

Cipriani, Marco; Guarino, Antonio

No. 10/289

Income Uncertainty and Household Savings in China

Chamon, Marcos; Liu, Kai; Prasad, Eswar

No. 10/290

Export versus FDI in Services

Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay

No. 10/291

What Drives House Prices in Australia? A Cross-Country Approach

Tumbarello, Patrizia; Wang, Shengzu

No. 10/292

Weathering the Global Storm: The Benefits of Monetary Policy Reform in the LA5 Countries

Canales Kriljenko, Jorge Iván; Jácome, Luis Ignacio; Alichi, Ali; de Oliveira Lima, Ivan Luis

No. 10/293

Rebalancing in Japan: The Role of Private Consumption

Tokuoka, Kiichi

No. 10/294

Japan’s Quest for Growth: Exploring the Role of Capital and Innovation

Syed, Murtaza H.; Lee, Jinsook

No. 10/295

European Financial Linkages: A New Look at Imbalances

Waysand, Claire; Ross, Kevin; De Guzman, John C

No. 10/296

Learning About Inflation Measures for Interest Rate Rules

Airaudo, Marco; Zanna, Luis-Felipe

No. 10/297

Macroeconomic Effects of Public Pension Reforms

Karam, Philippe D; Muir, Dirk; Pereira, Joana; Tuladhar, Anita

No. 11/1

A Barrel of Oil or a Bottle of Wine: How Do Global Growth Dynamics Affect Commodity Prices?

Cevik, Serhan; Sedik, Tahsin Saadi

No. 11/2

The Chilean Output Gap

Magud, Nicolas E.; Medina, Leandro

No. 11/3

How Does Trade Evolve in the Aftermath of Financial Crises?

Abiad, Abdul; Mishra, Prachi; Topalova, Petia

No. 11/4

Asian Financial Integration: Trends and Interruptions

Borensztein, Eduardo; Loungani, Prakash

No. 11/5

Monetary Policy Transmission in an Emerging Market Setting

Bhattacharya, Rudrani; Patnaik, Ila; Shah, Ajay

No. 11/6

The Effects of Housing Prices and Monetary Policy in a Currency Union

Aspachs-Bracons, Oriol; Rabanal, Pau

No. 11/7

India’s Financial Globalisation

Shah, Ajay; Patnaik, Ila

No. 11/8

Sources of Corporate Profits in India—Business Dynamism or Advantages of Entrenchment?

Mody, Ashoka; Nath, Anusha; Walton, Michael

No. 11/9

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

Kinda, Tidiane; Combes, Jean-Louis; Plane, Patrick

No. 11/10

What Is Driving Financial De-dollarization in Latin America?

Garcia-Escribano, Mercedes; Sosa, Sebastian

No. 11/11

The Spanish Labor Market in a Cross-Country Perspective

Jaumotte, Florence

No. 11/12

How Does Political Instability Affect Economic Growth?

Aisen, Ari; Veiga, Francisco José

No. 11/13

The Impact of Fiscal Consolidation and Structural Reforms on Growth in Japan

Berkmen, Pelin

No. 11/14

Interpreting Currency Movements During the Crisis: What’s the Role of Interest Rate Differentials?

Dowling, Thomas; Batini, Nicoletta

No. 11/15

To Fire or to Hoard? Explaining Japan’s Labor Market Response in the Great Recession

Nakane, Masato; Steinberg, Chad

No. 11/16

Trade and Trade Finance in the 2008-09 Financial Crisis

Niculcea, Ioana; Asmundson, Irena; Dorsey, Thomas William; Khachatryan, Armine; Saito, Mika

No. 11/17

Strengthening Chile’s Rule-Based Fiscal Framework

Dabán Sánchez, Teresa

No. 11/18

Determinants of Remittances: Evidence from Tonga

Lin, Huidan

No. 11/19

Investment Objectives of Sovereign Wealth Funds - A Shifting Paradigm

Kunzel, Peter; Lu, Yinqiu; Petrova, Iva; Pihlman, Jukka

No. 11/20

Armenia: An Assessment of the Real Exchange Rate and Competitiveness

Weber, Anke; Yang, Chunfang

No. 11/21

Government Debt Issuance in the Euro Area: The Impact of the Financial Crisis

de Broeck, Mark; Guscina, Anastasia

No. 11/22

Exploration of the Brazilian Term Structure in a Hidden Markov Framework

Munclinger, Richard

No. 11/23

Consolidated Regulation and Supervision in the United States

Bhatia, Ashok Vir

No. 11/24

Overborrowing, Financial Crises and “Macro-prudential” Policy?

Bianchi, Javier; Mendoza, Enrique G.

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IMF Research Bulletin, March 2011
Author: International Monetary Fund. Research Dept.