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.

Abstract

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.

IMF Research Bulletin

M. Ayhan Kose

Editor

Patricia Loo

Assistant Editor

Tracey Lookadoo

Editorial Assistant

Feras Abu Amra

Systems Consultant

Multimedia Services

Composition

The IMF Research Bulletin

(ISSN: 1020-8313) is a quarterly publication in English and is available free of charge. Material from the Bulletin may be reprinted with proper attribution. Editorial correspondence may be addressed to The Editor, IMF Research Bulletin, IMF, Room HQ1-9-612, Washington, DC 20431 USA; or e-mailed to resbulletin@imf.org.

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Staff Discussion Notes showcase new policy-related analysis and research by IMF departments. These papers are generally brief and written in nontechnical language, and are aimed at a broad audience interested in economic policy issues.

No. 11/15

What Happens to Social Spending in IMF-Supported Programs?

Benedict Clements, Sanjeev Gupta, and Masahiro Nozaki

No. 11/16

Financial Deepening and International Monetary Stability

Rishi Goyal, Chris Marsh, Narayanan Raman, Shengzu Wang, and Swarnali Ahmed

No. 11/17

Internationalization of Emerging Market Currencies: A Balance between Risks and Rewards

Samar Maziad, Pascal Farahmand, Shengzu Wang, Stephanie Segal, and Faisal Ahmed, directed by Udaibir Das and Isabelle Mateosy Lago

No. 11/18

Institutional Models for Macroprudential Policy

Erlend W. Nier, Jacek Osiński, Luis I. Jácome, and Pamela Madrid