The September 2011 issue of the IMF's quarterly "Research Bulletin" features a Q&A discussion about economic recovery in countries emerging after war or other open. The research summaries in this issue include: "Revisiting Capital Controls"; and "Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses." The September issue also provides details on IMF visiting scholars (mainly during the September - December 2011 period), as well as recent Working Papers and Staff Discussion Notes published by the IMF.


The September 2011 issue of the IMF's quarterly "Research Bulletin" features a Q&A discussion about economic recovery in countries emerging after war or other open. The research summaries in this issue include: "Revisiting Capital Controls"; and "Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses." The September issue also provides details on IMF visiting scholars (mainly during the September - December 2011 period), as well as recent Working Papers and Staff Discussion Notes published by the IMF.

Working Paper 11/101

Development of Financial Markets in Central Europe: The Case of the CE4 Countries

Adarov, Amat; Tchaidze, Robert

Working Paper 11/102

Oil Spill(over)s: Linkages in Petroleum Product Pricing Policies in West African Countries

David, Antonio; El Harrak, Mohamed; Mills, Marshall; Ocampos, Lorraine

Working Paper 11/103

Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements

Roger, Scott; Vlcek, Jan

Working Paper 11/104

Ghana: Will It Be Gifted or Will It Be Cursed?

Aydin, Burcu

Working Paper 11/105

Has the Great Recession Raised U.S. Structural Unemployment?

Estevão, Marcello M.; Tsounta, Evridiki

Working Paper 11/106

New Evidence on Cyclical and Structural Sources of Unemployment

Chen, Jinzhu; Kannan, Prakash; Loungani, Prakash; Trehan, Bharat

Working Paper 11/107

Identifying Fiscal Policy Transmission in Stochastic Debt Forecasts

Kawakami, Kei; Romeu, Rafael

Working Paper 11/108

Estimating a Small Open-Economy Model for Egypt: Spillovers, Inflation Dynamics, and Implications for Monetary Policy

Arbatli, Elif C; Moriyama, Kenji

Working Paper 11/109

Real Unit Labor Costs Differentials in EMU: How Big, How Benign, and How Reversible?

Lebrun, Igor; Perez Ruiz, Esther

Working Paper 11/110

New Shocks and Asset Price Volatility in General Equilibrium

Matsumoto, Akito; Cova, Pietro; Pisani, Massimiliano; Rebucci, Alessandro

Working Paper 11/111

Identifying Vulnerabilities in Systemically-Important Financial Institutions in a Macro-financial Linkages Framework

Sun, Tao

Working Paper 11/112

Words vs. Deeds: What Really Matters?

Ghosh, Atish R.; Qureshi, Mahvash Saeed; Tsangarides, Charalambos G.

Working Paper 11/113

On Brazil’s Term Structure: Stylized Facts and Analysis of Macroeconomic Interactions

Alves, Luiz; Cabral, Rodrigo; Munclinger, Richard; Rodriguez Waldo, Marco

Working Paper 11/114

Causes of Asset Shortages in Emerging Markets

Chen, Jiaqian; Imam, Patrick A.

Working Paper 11/115

Impact of the Global Crisis on Banking Sector Soundness in Asian Low-Income Countries

Ree, Jack Joo K.

Working Paper 11/116

In Which Exchange Rate Models Do Forecasters Trust?

Hauner, David; Lee, Jaewoo; Takizawa, H.

Working Paper 11/117

Search Frictions and the Labor Wedge

Pescatori, Andrea; Tasci, Murat

Working Paper 11/118

Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle

Zhang, Yuanyan Sophia

Working Paper 11/119

Bank Behavior in Response to Basel III: A Cross-Country Analysis

Cosimano, Thomas F.; Hakura, Dalia

Working Paper 11/120

From West to East: Estimating External Spillovers to Australia and New Zealand

Sun, Yan

Working Paper 11/121

Inflation Dynamics and the Great Recession

Ball, Laurence M.; Mazumder, Sandeep

Working Paper 11/122

Precautionary Savings and Global Imbalances in World General Equilibrium

Sandri, Damiano

Working Paper 11/123

Sectoral Composition of Foreign Direct Investment and External Vulnerability in Eastern Europe

Kinoshita, Yuko

Working Paper 11/124

Reforming the Tax System to Promote Environmental Objectives: An Application to Mauritius

Parry, Ian W.H.

Working Paper 11/125

Information Rigidity in Growth Forecasts: Some Cross-Country Evidence

Loungani, Prakash; Stekler, Herman; Tamirisa, Natalia T.

Visiting Scholars, September–December 2011

Chris Rodrigo; 2/27/10-12/31/11

Larry Ball; 5/1/2011-12/30/2011

Thomas Sargent; 5/1/2011-4/30/2012

Anton Korinek; 5/2/2011-10/30/2011

Takatoshi Ito; 7/25/2011-9/2/2011

Takeo Hoshi; 7/25/2011-9/2/2011

Jon Willian Faust; 6/15/2011-12/31/2011

Marcella Lucchetta; 5/1/2011-12/30/2011

Kevin Clinton; 7/13/2011-8/1/2011

Zoltan Pozsar; 7/5/2011-10/4/2011

David Vavra; 8/8/2011-8/11/2011

Working Paper 11/126

Measuring Fiscal Decentralization—Exploring the IMF’s Databases

Dziobek, Claudia Helene; Gutierrez Mangas, Carlos A; Kufa, Phebby

Working Paper 11/127

The IMF’s Government Finance Statistics Yearbook—Maps of Government for 74 Countries

Dziobek, Claudia Helene; Alves, Miguel; El Rayess, Majdeline; Gutierrez Mangas, Carlos A; Kufa, Phebby

Working Paper 11/128

A New Action-Based Dataset of Fiscal Consolidation

Devries, Pete; Guajardo, Jaime; Leigh, Daniel; Pescatori, Andrea

Working Paper 11/129

Official Dollarization as a Monetary Regime: Its Effects on El Salvador

Swiston, Andrew

Working Paper 11/130

Risky Bank Lending and Optimal Capital Adequacy Regulation

Benes, Jaromir; Kumhof, Michael

Working Paper 11/131

The Distributive Effects of Land Title on Labor Supply: Evidence from Brazil

Moura, Mauricio; Piza, Caio; Poplawski-Ribeiro, Marcos

Working Paper 11/132

The Development of Local Debt Markets in Asia

Goswami, Mangal; Sharma, Sunil

Working Paper 11/133

Business Cycles in Emerging Markets: The Role of Durable Goods and Financial Frictions

Alvarez-Parra, Fernando; Brandao Marques, Luis; Toledo, Manuel

Working Paper 11/134

Sovereign Spreads and Contagion Risks in Asia

Caceres, Carlos; Unsal, D. Filiz

Working Paper 11/135

Developing ASEAN5 Bond Markets: What Still Needs to Be Done?

Gray, Simon; Felman, Joshua; Carvajal, Ana; Jobst, Andreas

Working Paper 11/136

Global Liquidity: Availability of Funds for Safe and Risky Assets

Matsumoto, Akito

Working Paper 11/137

ASEAN5 Bond Market Development: Where Does It Stand? Where Is It Going?

Felman, Joshua; Gray, Simon; Goswami, Mangal; Jobst, Andreas; Pradhan, Mahmood; Peiris, Shanaka J.; Seneviratne, Dulani

Working Paper 11/138

Global and Regional Spillovers to GCC Equity Markets

Saadi Sedik, Tahsin; Williams, Oral

Working Paper 11/139

Protectionist Responses to the Crisis: Damage Observed in Product-Level Trade

Henn, Christian; McDonald, Bradley J.

Working Paper 11/140

Euro Area Export Performance and Competitiveness

Bayoumi, Tamim; Harmsen, Richard T.; Turunen, Jarkko

Working Paper 11/141

Exchange Rate Pass-Through over the Business Cycle in Singapore

Chew, Joey; Ouliaris, Sam; Tan, Siang Meng

Working Paper 11/142

Resource Windfalls, Macroeconomic Stability, and Growth: The Role of Political Institutions

Arezki, Rabah; Hamilton, Kirk; Kazimov, Kazim

Working Paper 11/143

Will Natural Gas Prices Decouple from Oil Prices across the Pond?

De Bock, Reinout; Gijon, Jose G

Working Paper 11/144

International Reserve Adequacy in Central America

Magnusson Bernard, Kristin

Working Paper 11/145

Should Unconventional Balance Sheet Policies Be Added to the Central Bank Toolkit? A Review of the Experience So Far

Stone, Mark R.; Fujita, Kenji; Ishi, Kotaro

Working Paper 11/146

Recent Developments in European Bank Competition

Sun, Yu

Working Paper 11/147

Policy Coordination in Fiscal Federalism: Drawing Lessons from the Dubai Debt Crisis

Cevik, Serhan

Working Paper 11/148

The Real Exchange Rate and Employment in China

Chen, Ruo; Dao, Mai

Working Paper 11/149

Post-Conflict Recovery: Institutions, Aid, or Luck?

David, Antonio; Bastos, Fabiano Rodrigues; Mills, Marshall

Working Paper 11/150

The Role of Monetary Policy in Turkey during the Global Financial Crisis

Alp, Harun; Elekdag, Selim

Working Paper 11/151

Avoid Filling Swiss Cheese with Whipped Cream: Imputation Techniques and Evaluation Procedures for Cross-Country Time Series

Denk, Michaela; Weber, Michael

Working Paper 11/152

Towards a Best Practice of Modeling Unit of Measure and Related Statistical Metadata

Denk, Michaela; Grossmann, Wilfried

Working Paper 11/153

Rainfall, Financial Development, and Remittances: Evidence from Sub-Saharan Africa

Arezki, Rabah; Bruckner, Markus

Working Paper 11/154

Labor Market Regulations in Low-, Middle,- and High-Income Countries: A New Panel Database

Aleksynska, Mariya; Schindler, Martin

Working Paper 11/155

The External Impact of China’s Exchange Rate Policy: Evidence from Firm Level Data

Eichengreen, Barry J.; Tong, Hui

Working Paper 11/156

The Behavior of Conventional and Islamic Bank Deposit Returns in Malaysia and Turkey

Cevik, Serhan; Charap, Joshua

Working Paper 11/157

The Dynamic Implications of Debt Relief for Low-Income Countries

Romero-Barrutieta, Alma; Bulir, Ales; Rodríguez-Delgado, Jose Daniel

Working Paper 11/158

Expansionary Austerity New International Evidence

Guajardo, Jaime; Leigh, Daniel; Pescatori, Andrea

Working Paper 11/159

Policy Instruments to lean Against the Wind in Latin America

Terrier, G.; Valdés, Rodrigo O.; Tovar Mora, Camilo E; Chan Lau, Jorge A.; Fernandez Valdovinos, Carlos; Garcia-Escribano, Mercedes; Medeiros, Carlos I.; Tang, Man-Keung; Vera-Martin, Mercedes; Walker, W. Christopher

Working Paper 11/160

Inflation Inertia in Egypt and Its Policy Implications

Moriyama, Kenji

Working Paper 11/161

Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies

Nkusu, Mwanza

Working Paper 11/162

Revenue Administration Reforms in Anglophone Africa since the Early 1990s

Kloeden, David

Working Paper 11/163

J-Curve of Productivity and Growth: Indian Manufacturing Post-Liberalization

Virmani, Arvind; Hashim, Danish A

Working Paper 11/164

Modeling Optimal Fiscal Consolidation Paths in a Selection of European Countries

Kanda, Daniel

Working Paper 11/165

Foreign Exchange Intervention: A Shield against Appreciation Winds?

Adler, Gustavo; Tovar Mora, Camilo E

Working Paper 11/166

A General Equilibrium Model of Sovereign Default and Business Cycles

Mendoza, Enrique G.; Yue, Vivian Z.

Working Paper 11/167

Iran - The Chronicles of the Subsidy Reform

Guillaume, Dominique M.; Zytek, Roman; Reza Farzin, Mohammad

Working Paper 11/168

International Fuel Tax Assessment: An Application to Chile

Parry, Ian W.H.; Strand, Jon

Working Paper 11/169

Country Insurance Using Financial Instruments

Zhang, Yuanyan Sophia; Chamon, Marcos; Ricci, Luca Antonio

Working Paper 11/170

A Quantitative Assessment of Financial Conditions in Asia

Osorio, Carolina; Pongsaparn, Runchana; Unsal, D. Filiz

Working Paper 11/171

Is Fiscal Policy Procyclical in Developing Oil-Producing Countries?

Erbil, Nese

Working Paper 11/172

Fiscal Policy Implementation in Sub-Saharan Africa

Lledo, Victor Duarte; Poplawski-Ribeiro, Marcos

Working Paper 11/173

Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies

Debrun, Xavier

Working Paper 11/174

The Quest for Higher Growth in the WAEMU Region: The Role of Accelerations and Decelerations

Kinda, Tidiane; Mlachila, Montfort

Working Paper 11/175

The Impact of the Global Financial Crisis on Microfinance and Policy Implications

Di Bella, Gabriel

Working Paper 11/176

Determinants of Interest Rate Pass-Through: Do Macroeconomic Conditions and Financial Market Structure Matter?

Gigineishvili, Nikoloz

Working Paper 11/177

Compliance with the AML/CFT International Standard: Lessons from a Cross-Country Analysis

Verdugo Yepes, Concha

Working Paper 11/178

FDI from BRICs to LICs: Emerging Growth Driver?

Mlachila, Montfort; Takebe, Misa

Working Paper 11/179

A Newton’s Method for Benchmarking Time Series According to a Growth Rates Preservation Principle

Di Fonzo, Tommaso; Marini, Marco

Working Paper 11/180

Is There a Role for Funding in Explaining Recent U.S. Banks’ Failures?

Bologna, Pierluigi

Working Paper 11/181

Financing Infrastructure in India: Macroeconomic Lessons and Emerging Market Case Studies

Walsh, James P; Park, Chanho; Yu, Jiangyan

Working Paper 11/182

The Relationship Between Illicit Coca Production and Formal Economic Activity in Peru

Pedroni, Peter; Verdugo Yepes, Concha

Working Paper 11/183

Unforeseen Events Wait Lurking: Estimating Policy Spillovers from U.S. to Foreign Asset Prices

Bayoumi, Tamim; Bui, Trung

IMF Working Papers and other IMF publications can be downloaded from the Research at the IMF website:

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