The Q&A in this issue features seven questions about Large Fiscal Consolidation Attempts in the Past and Implications for Policymakers Today (by Fuad Hasanov and Paolo Mauro). The research summaries are "Booms and Busts" (by Roberto Piazza) and " Did Export Diversification Soften the Impact of the Global Financial Crisis?" (by Rafael Romeu). The issue also provides details on visiting scholars at the IMF (mainly from September through December 2011), as well as recently published IMF Working Papers and Staff Discussion Notes.
Working Paper No. 11/184
Customs Administration Reform and Modernization in Anglophone Africa—Early 1990s to Mid-2010
Zake, Justin O.
Working Paper No. 11/185
Taxing Financial Transactions: An Assessment of Administrative Feasibility
Working Paper No. 11/186
The Bright and the Dark Side of Cross-Border Banking Linkages
Cihák, Martin; Muñoz, Sònia; Scuzzarella, Ryan
Working Paper No. 11/187
Possible Unintended Consequences of Basel III and Solvency II
Al-Darwish, Ahmed I.; Hafeman, Michael; Impavido, Gregorio; Kemp, Malcolm; O’Malley, Padraic
Working Paper No. 11/188
Capital Regulation and Tail Risk
Perotti, Enrico; Ratnovski, Lev; Vlahu, Razvan
Working Paper No. 11/189
Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses
Unsal, D. Filiz
Working Paper No. 11/190
Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System
Working Paper No. 11/191
Home Sweet Home: Government’s Role in Reaching the American Dream
Working Paper No. 11/192
Economic Policies and FDI Inflows to Emerging Market Economies
Working Paper No. 11/193
Systemic Risk and Optimal Regulatory Architecture
Espinosa-Vega, Marco A.; Kahn, Charles; Matta, Rafael; Sole, Juan
Working Paper No. 11/194
Oil Shocks in a Global Perspective: Are They Really Tat Bad?
Rasmussen, Tobias N.; Roitman, Agustin
Working Paper No. 11/195
Are Middle Eastern Current Account Imbalances Excessive?
Beidas-Strom, Samya; Cashin, Paul
Working Paper No. 11/196
Financial Deepening, Property Rights and Poverty: Evidence from Sub-Saharan Africa
Singh, Raju Jan; Huang, Yifei
Working Paper No. 11/197
External Adjustment and the Global Crisis
Lane, Philip R.; Milesi-Ferretti, Gian Maria
Working Paper No. 11/198
De Jure versus De Facto Exchange Rate Regimes in Sub-Saharan Africa
Slavov, Slavi T.
Working Paper No. 11/199
Shocks, Financial Dependence, and Efficiency: Evidence from U.S. and Canadian Industries
Estevão, Marcello M.; Severo, Tiago
Working Paper No. 11/200
Remittances in Pakistan—Why Have They Gone Up, and Why Aren’t They Coming Down?
Kock, Udo; Sun, Yan
Working Paper No. 11/201
Financial Linkages across Korean Banks
Aydin, Burcu; Kim, Myeong-Suk; Moon, Ho-Seong
Working Paper No. 11/202
Burkina Faso—Policies to Protect the Poor from the Impact of Food and Energy Price Increases
Arze del Granado, Javier; Adenauer, Isabell
Working Paper No. 11/203
Public Debt Targeting: An Application to the Caribbean
Guerson, Alejandro D.; Melina, Giovanni
Working Paper No. 11/204
South Africa: The Cyclical Behavior of the Markups and Its Implications for Monetary Policy
Working Paper No. 11/205
The Cyclicality of Fiscal Policies in the CEMAC Region
Mpatswe, Gaston K.; Tapsoba, Sampawende J.; York, Robert C.
Working Paper No. 11/206
The Taxation and Regulation of Banks
Working Paper No. 11/207
External Sustainability of Oil-Producing Sub-Saharan African Countries
Takebe, Misa; York, Robert C.
Working Paper No. 11/208
Global Economic Governance: IMF Quota Reform
Working Paper No. 11/209
Communication of Central Bank Thinking and Inflation Dynamics
Tang, Man-Keung; Yu, Xiangrong
Working Paper No. 11/210
Public Debt in Advanced Economies and Its Spillover Effects on Long-Term Yields
Alper, Emre; Forni, Lorenzo
Working Paper No. 11/211
Do Fiscal Spillovers Matter?
Ivanova, Anna; Weber, Sebastian
Working Paper No. 11/212
Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis
Bayoumi, Tamim; Bui, Trung
Working Paper No. 11/213
Market Phoenixes and Banking Ducks: Are Recoveries Faster in Market-Based Financial Systems?
Allard, Julien; Blavy, Rodolphe
Working Paper No. 11/214
Assessing Systemic Trade Interconnectedness—An Empirical Approach
Errico, Luca; Massara, Alexander
Working Paper No. 11/215
What Fuels the Boom Drives the Bust: Regulation and the Mortgage Crisis
Dagher, Jihad; Fu, Ning
Working Paper No. 11/216
Data-Rich DSGE and Dynamic Factor Models
Working Paper No. 11/217
Effciency-Adjusted Public Capital and Growth
Gupta, Sanjeev; Kangur, Alvar; Papageorgiou, Chris; Wane, Abdoul Aziz
Working Paper No. 11/218
Growth Spillover Dynamics from Crisis to Recovery
Poirson, Hélène; Weber, Sebastian
Working Paper No. 11/219
Bayesian Dynamic Factor Analysis of a Simple Monetary DSGE Model
Working Paper No. 11/220
A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic
Bannister, Geofrey J.; Barrot, Luis-Diego
Working Paper No. 11/221
Spatial Spillovers in Emerging Market Spreads
Baldacci, Emanuele; Dell’Erba, Salvatore; Poghosyan, Tigran
Working Paper No. 11/222
Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?
Cerutti, Eugenio; Claessens, Stijn; McGuire, Patrick
Working Paper No. 11/223
Targets, Interest Rates, and Household Saving in Urban China
Working Paper No. 11/224
Incorporating Financial Stability in Inflation Targeting Frameworks
Aydin, Burcu; Volkan, Engin
Working Paper No. 11/225
Understanding Chinese Bond Yields and Their Role in Monetary Policy
Cassola, Nuno; Porter, Nathan
Working Paper No. 11/226
Decentralizing Spending More Tan Revenue: Does It Hurt Fiscal Performance?
Eyraud, Luc; Lusinyan, Lusine
Working Paper No. 11/227
Did the Euro Crisis Affect Non-Financial Firm Stock Prices through a Financial or Trade Channel?
Claessens, Stijn; Tong, Hui; Zuccardi, Igor
Working Paper No. 11/228
Incorporating Financial Sector Risk into Monetary Policy Models: Application to Chile
Gray, Dale F.; Garcia, Carlos; Luna, Leonardo; Restrepo, Jorge
Working Paper No. 11/229
Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies
Mukherjee, Sanchita; Bhattacharya, Rina
Working Paper No. 11/230
Limited Information Bayesian Model Averaging for Dynamic Panels with an Application to a Trade Gravity Model
Chen, Huigang; Mirestean, Alin; Tsangarides, Charalambos G.
Working Paper No. 11/231
How Long Do Housing Cycles Last? A Duration Analysis for 19 OECD Countries
Working Paper No. 11/232
Inflation Dynamics in the CEMAC Region
Caceres, Carlos; Poplawski-Ribeiro, Marcos; Tartari, Darlena
Working Paper No. 11/233
Determinants of Non-Oil Growth in the CFA-Zone Oil Producing Countries: How Do They Differ?
Tabova, Alexandra; Baker, Carol L.
Working Paper No. 11/234
Global Poverty Estimates: A Sensitivity Analysis
Dhongde, Shatakshee; Minoiu, Camelia
Working Paper No. 11/235
Predicting Recessions: A New Approach for Identifying Leading Indicators and Forecast Combinations
Baba, Chikako; Kisinbay, Turgut
Working Paper No. 11/236
Making Banks Safer: Can Volcker and Vickers Do It?
Chow, Julian T. S.; Surti, Jay
Working Paper No. 11/237
Does G-4 Liquidity Spill Over?
Psalida, L. Effie; Sun, Tao
Working Paper No. 11/238
Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences
Lim, Cheng Hoon; Columba, Francesco; Costa, Alejo; Kongsamut, Piyabha; Otani, Akira; Saiyid, Mustafa; Wezel, Torsten; Wu, Xiaoyong
Working Paper No. 11/239
Global Rebalancing: Implications for Low-Income Countries
Working Paper No. 11/240
The Policy Interest-Rate Pass-Trough in Central America
Medina Cas, Stephanie; Carrion-Menendez, Alejandro; Frantischek, Florencia P.
Working Paper No. 11/241
Rapid Credit Growth: Boon or Boom-Bust?
Elekdag, Selim; Wu, Yiqun
Working Paper No. 11/242
Risk Sharing and Financial Contagion in Asia: An Asset Price Perspective
Working Paper No. 11/243
Financial Integration and Rebalancing in Asia
Pongsaparn, Runchana; Unteroberdoerster, Olaf
Working Paper No. 11/244
Monetary Policy, Bank Leverage, and Financial Stability
Working Paper No. 11/245
Improving the Monetary Policy Frameworks in Central America
Medina Cas, Stephanie; Carrion-Menendez, Alejandro; Frantischek, Florencia P.
Working Paper No. 11/246
Do Remittances Reduce Aid Dependency?
Kpodar, Kangni; Le Gof, Maelan
Working Paper No. 11/247
An Assessment of Estimates of Term Structure Models for the United States
He, Ying; Medeiros, Carlos I.
Working Paper No. 11/248
The Role of Structural Reforms in Raising Economic Growth in Central America
Swiston, Andrew; Barrot, Luis-Diego
Working Paper No. 11/249
Optimal Precautionary Reserves for Low-Income Countries: A Cost-Benefit Analysis
Dabla-Norris, Era; Kim, Jun Il; Shirono, Kazuko
Working Paper No. 11/250
Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models
Nier, Erlend; Osinski, Jacek; Jácome, Luis Ignacio; Madrid, Pamela
Working Paper No. 11/251
What Drives the Global Land Rush?
Arezki, Rabah; Deininger, Klaus; Selod, Harris
Working Paper No. 11/252
Unemployment in Latin America and the Caribbean
Ball, Laurence M.; De Roux, Nicolas; Hofstetter, Marc
Working Paper No. 11/253
Precautionary Savings in a Small Open Economy Revisited
Working Paper No. 11/254
Do Commodity Futures Help Forecast Spot Prices?
Reichsfeld, David A.; Roache, Shaun K.
Working Paper No. 11/255
Determinants of Development Financing Flows from Brazil, Russia, India, and China to Low-Income Countries
Working Paper No. 11/256
Velocity of Pledged Collateral: Analysis and Implications
Working Paper No. 11/257
Inflation Dynamics in Asia: Causes, Changes, and Spillovers from China
Osorio, Carolina; Unsal, D. Filiz
Working Paper No. 11/258
Can Emerging Market Central Banks Bail Out Banks? A Cautionary Tale from Latin America
Jácome, Luis Ignacio; Saadi Sedik, Tahsin; Townsend, Simon
Working Paper No. 11/259
Monetary Policy and Risk-Premium Shocks in Hungary: Results from a Large Bayesian VAR
Carare, Alina; Popescu, Adina
Working Paper No. 11/260
The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up?
Escolano, Julio; Shabunina, Anna; Woo, Jaejoon
Working Paper No. 11/261
Te Economic Crisis: Did Financial Supervision Matter?
Masciandaro, Donato; Vega Pansini, Rosaria; Quintyn, Marc
Working Paper No. 11/262
A Theory of Domestic and International Trade Finance
Working Paper No. 11/263
Modeling Correlated Systemic Liquidity and Solvency Risks in a Financial Environment with Incomplete Information
Schumacher, Liliana; Barnhill, Theodore M.
Working Paper No. 11/264
Bank of Japan’s Monetary Easing Measures: Are They Powerful and Comprehensive?
Lam, W. Raphael
Working Paper No. 11/265
The Problem That Wasn’t: Coordination Failures in Sovereign Debt Restructurings
Bi, Ran; Chamon, Marcos; Zettelmeyer, Jeromin
Working Paper No. 11/266
The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland
Basdevant, Olivier; Benicio, Dalmacio; Mircheva, Borislava; Mongardini, Joannes; Verdier, Geneviéve; Yang, Susan; Zanna, Luis-Felipe
Working Paper No. 11/267
Low-Income Countries’ BRIC Linkage: Are There Growth Spillovers?
Samaké, Issouf; Yang, Yongzheng
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.