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.