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
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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.