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The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."

Abstract

The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."

Working Paper 11/268

Oil-Price Boom and Real Exchange Rate Appreciation: Is There Dutch Disease in the CEMAC?

Treviño, Juan Pedro

Working Paper 11/269

The Eurozone Crisis: How Banks and Sovereigns Came to be Joined at the Hip

Mody, Ashoka; Sandri, Damiano

Working Paper 11/270

Assessing the Variability of Tax Elasticities in Lithuania

Poghosyan, Tigran

Working Paper 11/271

Intangible Capital, Relative Asset Shortages and Bubbles

Giglio, Stefano; Severo, Tiago

Working Paper 11/272

Evaluating Designs for a Fiscal Rule in Bulgaria

Andritzky, Jochen R.

Working Paper 11/273

On the Stability of Money Demand in Ghana: A Bounds Testing Approach

Dagher, Jihad; Kovanen, Arto

Working Paper 11/274

Does Money Matter for Inflation in Ghana?

Kovanen, Arto

Working Paper 11/275

Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work?

Kovanen, Arto

Working Paper 11/276

What Can Low-Income Countries Expect from Adopting Inflation Targeting?

Gemayel, Edward R.; Jahan, Sarwat; Peter, Alexandra

Working Paper 11/277

Determinants of Property Prices in Hong Kong SAR: Implications for Policy

Craig, R. Sean; Hua, Changchun

Working Paper 11/278

Credit Growth and Bank Soundness: Fast and Furious?

Igan, Deniz; Pinheiro, Marcelo

Working Paper 11/279

The Relative Volatility of Commodity Prices: A Reappraisal

Arezki, Rabah; Lederman, Daniel; Zhao, Hongyan

Working Paper 11/280

How Costly Are Debt Crises?

Furceri, Davide; Zdzienicka, Aleksandra

Working Paper 11/281

Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s

Baba, Chikako; Kokenyne, Annamaria

Working Paper 11/282

Market Discipline and Conflicts of Interest between Banks and Pension Funds

Barajas, Adolfo; Catalán, Mario

Working Paper 11/283

Commodity Price Cycles: The Perils of Mismanaging the Boom

Adler, Gustavo; Sosa, Sebastian

Working Paper 11/284

Safeguarding Banks and Containing Property Booms: Cross-Country Evidence on Macroprudential Policies and Lessons from Hong Kong SAR

Ahuja, Ashvin; Nabar, Malhar

Working Paper 11/285

Using Credit Subsidies to Counteract a Credit Bust: Evidence from Serbia

Podpiera, Jiri

Working Paper 11/286

Desynchronized: The Comovement of Non-Hydrocarbon Business Cycles in the GCC

Cevik, Serhan

Working Paper 11/287

Inflation Dynamics in FYR Macedonia

Shamloo, Maral

Working Paper 11/288

The Determinants of Economic Growth in the Philippines: A New Look

Tolo, Willa Boots J. Working Paper 11/289

The Nonbank-Bank Nexus and the Shadow Banking System

Pozsar, Zoltan; Singh, Manmohan

Working Paper 11/290

Are There Spillover Effects from Munis?

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

Working Paper 11/291

Oil Prices, External Income, and Growth: Lessons from Jordan

Mohaddes, Kamiar; Raissi, Mehdi

Working Paper 11/292

Assessing the Risks to the Japanese Government Bond (JGB) Market

Lam, Raphael W.; Tokuoka, Kiichi

Working Paper 11/293

Employment Protection and Business Cycles in Emerging Economies

Lama, Ruy; Urrutia, Carlos

Working Paper 11/294

Inflation Differentials in the GCC: Does the Oil Cycle Matter?

Mohaddes, Kamiar; Williams, Oral

Working Paper 11/295

Bank Competition and Financial Stability: A General Equilibrium Exposition

De Nicoló, Gianni; Lucchetta, Marcella

Working Paper 11/296

Who’s Going Green and Why? Trends and Determinants of Green Investment

Eyraud, Luc; Wane, Abdoul Aziz; Zhang, Changchang; Clements, Benedict J.

Working Paper 11/297

Do Loan-to-Value and Debt-to-Income Limits Work? Evidence from Korea

Igan, Deniz; Kang, Heedon

Working Paper 11/298

The New Economics of Capital Controls Imposed for Prudential Reasons

Korinek, Anton

Working Paper 11/299

Developments in Financial Supervision and the Use of Macroprudential Measures in Central America

Delgado, Fernando L; Meza, Mynor

Working Paper 11/300

The Impact of the Global Crisis on South-Eastern Europe

Cocozza, Emidio; Colabella, Andrea; Spadafora, Francesco

Working Paper 12/1

Financial Stability Reports: What Are They Good For?

Cihák, Martin; Muñoz, Sònia; Sharifuddin, Shakira Teh; Tintchev, Kalin

Working Paper 12/2

Bank of Japan’s Quantitative and Credit Easing: Are They Now More Effective?

Berkmen, Pelin

Working Paper 12/3

Next Generation System-Wide Liquidity Stress Testing

Schmieder, Christian; Hesse, Heiko; Neudorfer, Benjamin; Puhr, Claus; Schmitz, Stefan W.

Working Paper 12/4

Oil Exporters’ Dilemma: How Much to Save and How Much to Invest

Cherif, Reda; Hasanov, Fuad

Working Paper 12/5

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008–09?

Alp, Harun; Elekdag, Selim; Lall, Subir

Working Paper 12/6

Money as Indicator for the Natural Rate of Interest

Berger, Helge; Weber, Henning

Working Paper 12/7

“International Reserves in Low Income Countries: Have They Served as Buffers?”

Crispolti, V.; Tsibouris, George C.

Working Paper 12/8

Income Inequality and Current Account Imbalances

Kumhof, Michael; Lebarz, Claire; Ranciere, Romain; Richter, Alexander W.; Throckmorton, Nathaniel A.

Working Paper 12/9

Clarity of Central Bank Communication About Inflation

Bulir, Ales; Cihák, Martin; Jansen, David-Jan

Working Paper 12/10

Foreign Banks: Trends, Impact and Financial Stability

Claessens, Stijn; Horen, Neeltje van

Working Paper 12/11

A Toolkit for Assessing Fiscal Vulnerabilities and Risks in Advanced Economies

Schaechter, Andrea; Alper, C. Emre; Arbatli, Elif; Caceres, Carlos; Callegari, Giovanni; Gerard, Marc; Jonas, Jiri; Kinda, Tidiane; Shabunina, Anna; Weber, Anke

Working Paper 12/12

Commodity Price Volatility and the Sources of Growth

Cavalcanti, Tiago V. de V.; Mohaddes, Kamiar; Raissi, Mehdi

Working Paper 12/13

Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?

Rabanal, Pau; Rubio-Ramirez, Juan F.

Working Paper 12/14

Central Banks Quasi-Fiscal Policies and Inflation

Park, Seok Gil

Working Paper 12/15

Price Subsidies and the Conduct of Monetary Policy

Ben Aissa, Mohamed Safouane; Rebei, Nooman

Working Paper 12/16

Central Bank Credit to the Government: What Can We Learn from International Practices?

Jácome, Luis Ignacio; Matamoros-Indorf, Marcela; Sharma, Mrinalini; Townsend, Simon Baker

Working Paper 12/17

The Eastern Caribbean Currency Union: Would a Fiscal Insurance Mechanism Mitigate National Income Shocks?

Lemus, Antonio; Cashin, Paul

Working Paper 12/18

Capital Market Integration: Progress Ahead of the East African Community Monetary Union

Yabara, Masafumi

Working Paper 12/19

Measuring Oil-Price Shocks Using Market-Based Information

Wu, Tao; Cavallo, Michele

Working Paper 12/20

Prudential Liquidity Regulation in Developing Countries: A Case Study of Rwanda

Sanya, Sarah; Mitchell, Wayne; Kantengwa, Angelique

Working Paper 12/21

Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions

Roger, Scott; Vlcek, Jan

Working Paper 12/22

Surges

Ghosh, Atish R.; Kim, Jun Il; Qureshi, Mahvash Saeed; Zalduendo, Juan

Working Paper 12/23

Are Rating Agencies Powerful? An Investigation into the Impact and Accuracy of Sovereign Ratings

Kiff, John; Nowak, Sylwia Barbara; Schumacher, Liliana

Working Paper 12/24

Pricing of Sovereign Credit Risk: Evidence from Advanced Economies During the Financial Crisis

Alper, C. Emre; Forni, Lorenzo; Gerard, Marc

Working Paper 12/25

Bank Capital Adequacy in Australia

Jang, B.; Sheridan, Niamh

Working Paper 12/26

Mortgage Defaults

Hatchondo, Juan Carlos; Martinez, Leonardo; Sanchez, Juan M.

Working Paper 12/27

Managing Non-Core Liabilities and Leverage of the Banking System: A Building Block for Macroprudential Policymaking in Korea

Alichi, Ali; Ryoo, Sang Chul; Hong, Cheol

Working Paper 12/28

A Partial Race to the Bottom: Corporate Tax Developments in Emerging and Developing Economies

Abbas, S. M. Ali; Klemm, Alexander; Bedi, Sukhmani; Park, Junhyung

Working Paper 12/29

Bank Funding Structures and Risk: Evidence from the Global Financial Crisis

Vázquez, Francisco F.; Federico, Pablo

Working Paper 12/30

Fiscal Rules and the Sovereign Default Premium

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco

Working Paper 12/31

Barbados: Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities

Yartey, Charles Amo

Working Paper 12/32

Assessing Bank Competition within the East African Community

Sanya, Sarah; Gaertner, Matthew

Working Paper 12/33

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Corsetti, Giancarlo; Kuester, Keith; Meier, André; Mueller, Gernot J.

Working Paper 12/34

Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s

Ghosh, Atish R.; Ostry, Jonathan D.; Tsangarides, Charalambos G.

Working Paper 12/35

An Assessment of Malaysian Monetary Policy during the Global Financial Crisis of 2008-09

Alp, Harun; Elekdag, Selim; Lall, Subir

Working Paper 12/36

How Risky Are Banks’ Risk Weighted Assets? Evidence from the Financial Crisis

Das, Sonali; Sy, Amadou N. R.

Working Paper 12/37

Determinants of Inflation in the Euro Area: The Role of Labor and Product Market Institutions

Jaumotte, Florence; Morsy, Hanan

Working Paper 12/38

Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances

Gruss, Bertrand; Torres, Jose L.

Working Paper 12/39

Stock-Flow Adjustments and Fiscal Transparency: A Cross-Country Comparison

Weber, Anke

Working Paper 12/40

Treasury Bills and/or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations

Nyawata, Obert

Working Paper 12/41

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Magud, Nicolas E.; Reinhart, Carmen; Vesperoni, Esteban

Working Paper 12/42

Precautionary Savings in the Great Recession

Mody, Ashoka; Ohnsorge, Franziska; Sandri, Damiano

Working Paper 12/43

What Drives Credit Growth in Emerging Asia?

Elekdag, Selim; Han, Fei

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.

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