June 2011: The Q&A in this issue features seven questions on the global trade collapse of 2008-09 (by Rudolfs Bems); the research summaries are "The Impact of the Great Recession on Emerging Markets" (by Ricardo Llaudes, Ferhan Salman, and Mali Chivakul) and "The Missing Link between Dutch Disease, Appreciation, and Growth (by Nicolás E. Magud and Sebastián Sosa). The issue also lists the contents of the June 2011 issue of the IMF Economic Review, Volume 59 Number 2; visiting scholars at the IMF during April-June 2011; and recent IMF Working Papers and Staff Discussion Notes.

Abstract

June 2011: The Q&A in this issue features seven questions on the global trade collapse of 2008-09 (by Rudolfs Bems); the research summaries are "The Impact of the Great Recession on Emerging Markets" (by Ricardo Llaudes, Ferhan Salman, and Mali Chivakul) and "The Missing Link between Dutch Disease, Appreciation, and Growth (by Nicolás E. Magud and Sebastián Sosa). The issue also lists the contents of the June 2011 issue of the IMF Economic Review, Volume 59 Number 2; visiting scholars at the IMF during April-June 2011; and recent IMF Working Papers and Staff Discussion Notes.

No. 11/25

Globalization, the Business Cycle, and Macroeconomic Monitoring

Aruoba, S. Boragan; Diebold, Francis X.; Kose, M. Ayhan; Terrones, Marco

No. 11/26

Reversing the Financial Accelerator: Credit Conditions and Macro-Financial Linkages

Bayoumi, Tamim; Darius, Reginald

No. 11/27

Global Shocks and their Impact on Low-Income Countries: Lessons from the Global Financial Crisis

Berg, Andrew; Papageorgiou, Chris; Pattillo, Catherine A.; Schindler, Martin; Spatafora, Nicola; Weisfeld, Hans

No. 11/28

An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy

Beidas-Strom, Samya; Poghosyan, Tigran

No. 11/29

Stress Tests for Defined Benefit Pension Plans—A Primer

Impavido, Gregorio

No. 11/30

The Electricity Sector in FYR Macedonia

Tieman, Alexander F.

No. 11/31

Classifications of Countries Based on Their Level of Development: How It Is Done and How It Could be Done

Nielsen, Lynge

No. 11/32

Recession and Policy Transmission to Latin American Tourism: Does Expanded Travel to Cuba Offset Crisis Spillovers?

Wolfe, Andrew M.; Romeu, Rafael

No. 11/33

Conformism and Public News

Desgranges, Gabriel; Rochon, Céline

No. 11/34

What Drives the Performance of Selected MENA Banks? A Meta-Frontier Analysis

Ben Naceur, Sami; Ben-Khedhiri, Hichem; Casu, Barbara

No. 11/35

The Great Rebalancing Act: Can Investment Be a Lever in Asia?

Nabar, Malhar S.; Syed, Murtaza H.

No. 11/36

Central Bank Balances and Reserve Requirements

Gray, Simon

No. 11/37

Investing in Public Investment: An Index of Public Investment Efficiency

Dabla-Norris, Era; Brumby, Jim; Kyobe, Annette; Papageorgiou, Chris; Mills, Zac

No. 11/38

The Demographic Dividend: Evidence from the Indian States

Aiyar, Shekhar; Mody, Ashoka

No. 11/39

Measuring Energy Security: Trends in the Diversification of Oil and Natural Gas Supplies

Cohen, Gail; Joutz, Frederick L.; Loungani, Prakash

No. 11/40

Growth in Africa Under Peace and Market Reforms

Korbut, Olessia; Salinas, Gonzalo; Gueye, Cheikh A.

No. 11/41

Fiscal Policy during Absorption Cycles

Dobrescu, Gabriela; Salman, Ferhan

No. 11/42

Limits of Floating Exchange Rates: The Role of Foreign Currency Debt and Import Structure

Weber, Sebastian; Towbin, Pascal

No. 11/43

New Indicators for Tracking Growth in Real Time

Matheson, Troy

No. 11/44

Sovereign Credit Ratings and Spreads in Emerging Markets: Does Investment Grade Matter?

Tejada, Michelle; Jaramillo, Laura

No. 11/45

The Real Effects of Financial Sector Interventions During Crises

Laeven, Luc; Valencia, Fabian

No. 11/46

Current Account Rebalancing and Real Exchange Rate Adjustment between the U.S. and Emerging Asia

Méjean, Isabelle; Rabanal, Pau; Sandri, Damiano

No. 11/47

Additions to Market Indices and the Comovement of Stock Returns around the World

Claessens, Stijn; Yafeh, Yishay

No. 11/48

Fiscal Expectations under the Stability and Growth Pact: Evidence from Survey Data

Poplawski-Ribeiro, Marcos; Rulke, Jan-Christoph

No. 11/49

Dollarization in Cambodia: Causes and Policy Implications

Duma, Nombulelo

No. 11/50

Bank Ownership and the Effects of Financial Liberalization: Evidence from India

Gupta, Poonam; Kochhar, Kalpana; Panth, Sanjaya

No. 11/51

Determinants of Bank Credit in Emerging Market Economies

Guo, Kai; Stepanyan, Vahram

No. 11/52

How Big (Small?) are Fiscal Multipliers?

Ilzetzki, Ethan; Mendoza, Enrique G.; Végh, Carlos A.

No. 11/53

Evaluating GDP Forecasting Models for Korea

Zeng, Li

No. 11/54

Taxing Financial Transactions: Issues and Evidence

Matheson, Thornton

No. 11/55

The Impact of Legislation on Credit Risk—Comparative Evidence from the United States, the United Kingdom and Germany

Schmieder, Christian; Schmieder, Philipp

No. 11/56

Fiscal Rules in a Volatile World: A Welfare-Based Approach

Garcia, Carlos; Restrepo, Jorge; Tanner, Evan

No. 11/57

Modeling Inflation in Chad

Kinda, Tidiane

No. 11/58

Creditless Recoveries

Abiad, Abdul; Dell’Ariccia, Giovanni; Li, Bin (Grace)

No. 11/59

Inflation Uncertainty and Relative Price Variability in WAEMU Countries

Fernandez Valdovinos, Carlos; Gerling, Kerstin

No. 11/60

Imperfect Information and Saving in a Small Open Economy

Daude, Christian; Roitman, Agustin

No. 11/61

How Strong are Fiscal Multipliers in the GCC? An Empirical Investigation

Senhadji, Abdelhak S.; Espinoza, Raphael A.

No. 11/62

Food Prices and Political Instability

Arezki, Rabah; Bruckner, Markus

No. 11/63

Leadership Contestability, Monopolistic Rents and Growth

Piazza, Roberto

IMF Economic Review

Volume 59 Number 2

Macroeconomic and Financial Policies after the Crisis

Pierre-Olivier Gourinchas and M. Ayhan Kose

The Macroprudential Toolkit

Anil Kashyap, Charles A.E. Goodhart, and Richard Berner

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

Patrick Bolton and Olivier Jeanne

Monetary Policy and Credit Supply Shocks

Simon Gilchrist and Egon Zakrajsek

Temporarily Unstable Government Debt and Inflation

Eric Leeper and Troy Davig

Was the U.S. Crisis a Financial Black-Hole?

Romain Ranciere and Aaron Tornell

Hot Money and Serial Financial Crises

Anton Korinek

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

Oscar Jorda, Moritz Schularick, and Alan M. Taylor

Jacques J. Polak and the Evolution of the International Monetary System

James Boughton

For information on ordering and pricing, please point your browser to www.palgrave-journals.com/imfer.

No. 11/64

Reviving the Competitive Storage Model: A Holistic Approach to Food Commodity Prices

Miao, Yanliang; Wu, Weifeng; Funke, Norbert

No. 11/65

Effects of Fiscal Consolidation in the Czech Republic

Klyuev, Vladimir; Snudden, Stephen

No. 11/66

Making OTC Derivatives Safe—A Fresh Look

Singh, Manmohan

No. 11/67

Capital Flows to EU New Member States: Does Sector Destination Matter?

Mitra, Pritha

No. 11/68

Sovereign Rating News and Financial Markets Spillovers: Evidence from the European Debt Crisis

Arezki, Rabah; Candelon, Bertrand; Sy, Amadou N. R.

No. 11/69

Fiscal Sustainability and the Fiscal Reaction Function for South Africa

Burger, Philippe; Cuevas, Alfredo; Stuart, Ian; Jooste, Charl

No. 11/70

Debt Dilution and Sovereign Default Risk

Hatchondo, Juan Carlos; Martinez, Leonardo; Sosa Padilla, Cesar

No. 11/71

Reconsidering the Role of Food Prices in Inflation

Walsh, James P.

No. 11/72

“An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?”

Batini, Nicoletta; Callegari, Giovanni; Guerreiro, Julia

No. 11/73

ICT, Financial Inclusion, and Growth Evidence from African Countries

Andrianaivo, Mihasonirina; Kpodar, Kangni

No. 11/74

A Network Analysis of Global Banking: 1978–2009

Minoiu, Camelia; Reyes, Javier A.

No. 11/75

Probabilities of Default and the Market Price of Risk in a Distressed Economy

Espinoza, Raphael A.; Segoviano Basurto, Miguel A.

No. 11/76

Financial Cycles: What? How? When?

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

No. 11/77

Evidence on Productivity, Comparative Advantage, and Networks in the Export Performance of Firms

Ricci, Luca Antonio; Trionfetti, Federico

No. 11/78

Deposit Formation in Georgia

Tvalodze, Salome; Tchaidze, Robert

No. 11/79

Mongolia: Measuring the Output Gap

Bersch, Julia; Sinclair, Tara

No. 11/80

Feeling the Elephant’s Weight: The Impact of Côte d’Ivoire’s Crisis on WAEMU Trade

Egoumé-Bossogo, Philippe; Nayo, Ankouvi

No. 11/81

Toward Inflation Targeting in Sri Lanka

Anand, Rahul; Ding, Ding; Peiris, Shanaka J.

No. 11/82

Fat Tails and their (Un)happy Endings: Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

Chan Lau, Jorge A.

No. 11/83

Next Generation Balance Sheet Stress Testing

Schmieder, Christian; Puhr, Claus; Hasan, Maher

No. 11/84

The Dynamics of the Term Structure of Interest Rates in the United States in Light of the Financial Crisis of 2007–10

Medeiros, Carlos I.; Rodriguez Waldo, Marco

No. 11/85

Corporate and Household Debt Distress in Latvia: Strengthening the Incentives for a Market-Based Approach to Debt Resolution

Erbenova, Michaela; Liu, Yan; Saxegaard, Magnus

No. 11/86

Identifying the Linkages Between Major Mining Commodity Prices and China’s Economic Growth-Implications for Latin America

Yu, Yongzhen

No. 11/87

Monetary Transmission in Dollarized and Non-Dollarized Economies: The Cases of Chile, New Zealand, Peru and Uruguay

Acosta Ormaechea, Santiago; Coble Fernandez, David O.

No. 11/88

How Do Business and Financial Cycles Interact?

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

No. 11/89

France: Lessons from Past Fiscal Consolidation Plans

Martin, Edouard; Tytell, Irina; Yakadina, Irina

No. 11/90

Growth from International Capital Flows: The Role of Volatility Regimes

Mody, Ashoka; Murshid, Antu Panini

No. 11/91

How to Deal with Real Estate Booms: Lessons from Country Experiences

Crowe, Christopher W.; Dell’Ariccia, Giovanni; Igan, Deniz; Rabanal, Pau

No. 11/92

International Mutual Funds, Capital Flow Volatility, and Contagion—A Survey

Gelos, Gaston

No. 11/93

Financial Conditions Indexes for the United States and Euro Area

Matheson, Troy

No. 11/94

Measuring Fiscal Vulnerability and Fiscal Stress: A Proposed Set of Indicators

Baldacci, Emanuele; McHugh, James; Petrova, Iva

No. 11/95

The Tax Elasticity of Corporate Debt: A Synthesis of Size and Variations

de Mooij, Ruud A.

No. 11/96

Monetary Policy Transmission Mechanisms in Pacific Island Countries

Yang, Yongzheng; Davies, Matt; Wang, Shengzu; Dunn, Jonathan C.; Wu, Yiqun

No. 11/97

Lessons for Monetary Policy: What Should the Consensus Be?

Issing, Otmar

No. 11/98

Real-time Forecasts of Economic Activity for Latin American Economies

Liu, Philip; Matheson, Troy; Romeu, Rafael

No. 11/99

Did Export Diversification Soften the Impact of the Global Financial Crisis?

Camanho da Costa Neto, Nelson; Romeu, Rafael

No. 11/100

Assessing Fiscal Stress

Baldacci, Emanuele; Petrova, Iva; Belhocine, Nazim; Dobrescu, Gabriela

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.