The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements


The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements

Working Paper 12/44

The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements

Roger, Scott; Vitek, Francis

Working Paper 12/45

Fiscal Performance, Institutional Design and Decentralization in European Union Countries

Escolano, Julio; Eyraud, Luc; Moreno Badia, Marialuz; Sarnes, Juliane; Tuladhar, Anita

Working Paper 12/46

Short-term Wholesale Funding and Systemic Risk: A Global CoVaR Approach

Lopez-Espinosa, German; Moreno, Antonio; Rubia, Antonio; Valderrama, Laura

Working Paper 12/47

Inclusive Growth, Institutions, and the Underground Economy

Singh, Anoop; Jain-Chandra, Sonali; Mohommad, Adil

Working Paper 12/48

Debt, Taxes, and Banks

Keen, Michael; Mooij, Ruud A. de

Working Paper 12/49

Spillovers to Low-Income Countries: Importance of Systemic Emerging Markets

Dabla-Norris, Era; Espinoza, Raphael A.; Jahan, Sarwat

Working Paper 12/50

The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks

Goetz, Martin; Laeven, Luc; Levine, Ross

Working Paper 12/51

Fiscal Policy and the Current Account: Are Microstates Different?

Endegnanew, Yehenew; Yartey, Charles Amo; Turner-Jones, Therese

Working Paper 12/52

Fiscal Policy and the Real Exchange Rate

Chatterjee, Santanu; Mursagulov, Azer

Working Paper 12/53

From Stress to CoStress: Stress Testing Interconnected Banking Systems

Maino, Rodolfo; Tintchev, Kalin

Working Paper 12/54

Can Institutional Reform Reduce Job Destruction and Unemployment Duration? Yes It Can

Pérez, Esther; Yao, Yao

Working Paper 12/55

Coincident Indicators of Capital Flows

Miao, Yanliang; Pant, Malika

Working Paper 12/56

India’s Growth Spillovers to South Asia

Ding, Ding; Masha, Iyabo

Working Paper 12/57

An Integrated Framework for Financial Positions and Flows on a From-Whom-to-Whom Basis: Concepts, Status, and Prospects

Shrestha, Manik L.; Mink, Reimund; Fassler, Segismundo

Working Paper 12/58

Systemic Real and Financial Risks: Measurement, Forecasting, and Stress Testing

De Nicoló, Gianni; Lucchetta, Marcella

Working Paper 12/59

Structural Transformation and the Sophistication of Production

Anand, Rahul; Mishra, Saurabh; Spatafora, Nicola

Working Paper 12/60

Does Central Bank Capital Matter for Monetary Policy?

Adler, Gustavo; Castro, Pedro; Tovar Mora, Camilo Ernesto

Working Paper 12/61

Current Account Imbalances: Can Structural Policies Make a Difference?

Ivanova, Anna

Working Paper 12/62

The Puzzle of Brazil’s High Interest Rates

Segura-Ubiergo, Alex

Working Paper 12/63

Operative Principles of Islamic Derivatives—Towards a Coherent Theory

Jobst, Andreas; Sole, Juan

Working Paper 12/64

Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects

Bernal-Verdugo, Lorenzo E.; Furceri, Davide; Guillaume, Dominique M.

Working Paper 12/65

Crises, Labor Market Policy, and Unemployment

Bernal-Verdugo, Lorenzo E.; Furceri, Davide; Guillaume, Dominique M.

Working Paper 12/66

Exchange-Rate Dark Matter

Evans, Martin D. D.

Working Paper 12/67

Are Foreign Aid and Remittance Inflows a Hedge against Food Price Shocks?

Combes, Jean-Louis; Ebeke, Christian H; Etoundi, Mireille Ntsama; Yogo, Thierry

Working Paper 12/68

Balance-Sheet Shocks and Recapitalizations

Sandri, Damiano; Valencia, Fabian

Working Paper 12/69

How Do Exchange Rate Regimes Affect Firms’ Incentives to Hedge Currency Risk? Micro Evidence for Latin America

Kamil, Herman

Working Paper 12/70

Does the Business Environment Affect Corporate Investment in India?

Tokuoka, Kiichi

Working Paper 12/71

Bank Asset Quality in Emerging Markets: Determinants and Spillovers

De Bock, Reinout; Demyanets, Alexander

Working Paper 12/72

Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking

De Nicoló, Gianni; Gamba, Andrea; Lucchetta, Marcella

Working Paper 12/73

Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?

Lonkeng Ngouana, Constant

Working Paper 12/74

BRICs’ Philosophies for Development Financing and Their Implications for LICs

Mwase, Nkunde; Yang, Yongzheng

Working Paper 12/75

De-Monopolization Toward Long-Term Prosperity in China

Ahuja, Ashvin

Working Paper 12/76

Strengthening Russia’s Fiscal Framework

Gust, Charleen; Zakharova, Daria

Working Paper 12/77

CDS Spreads in European Periphery—Some Technical Issues to Consider

Bilal, Mohsan; Singh, Manmohan

Working Paper 12/78

Macrofinance Model of the Czech Economy: Asset Allocation Perspective

Kollar, Miroslav

Visiting Scholars, April–June 2012

Laurence Ball, Johns Hopkins University:


Robert Johnson, Dartmouth College: 2/23/12-8/31/12

Andrea Filippo Presbitero: 5/1/12-5/14/12

Jay Shambaugh, Dartmouth College:


IMF Fellowship Program

The IMF recently announced the selection of three new IMF Fellows under a new program to further policy-relevant research of interest to the international financial community. To read more on the fellowship program and the new fellows please visit:

Working Paper 12/79

The Global Welfare Impact of China: Trade Integration and Technological Change

di Giovanni, Julian; Levchenko, Andrei A.; Zhang, Jing

Working Paper 12/80

Determinants of Corporate Investment in China: Evidence from Cross-Country Firm Level Data

Geng, Nan; N’Diaye, Papa

Working Paper 12/81

Trade and Financial Spillover on Hong Kong SAR from a Downturn in Europe and Mainland China

N’Diaye, Papa; Ahuja, Ashvin

Working Paper 12/82

Fiscal Policy Response to External Crises: The Case of Moldova 1998-2010

Qehaja, Driton

Working Paper 12/83

Assessing DSGE Models with Capital Accumulation and Indeterminacy

Khramov, Vadim

Working Paper 12/84

Institutions, Informality, and Wage Flexibility: Evidence from Brazil

Estevão, Marcello M.; Carvalho Filho, Irineu E.

Working Paper 12/85

“Fiscal Devaluation” and Fiscal Consolidation: The VAT in Troubled Times

Mooij, Ruud A. de; Keen, Michael

Working Paper 12/86

Global Food Price Inflation and Policy Responses in Central Asia

Al-Eyd, A. J.; Amaglobeli, David; Shukurov, Bahrom; Sumlinski, Mariusz A.

Working Paper 12/87

Institutional Transformations, Polity and Economic Outcomes: Testing the North-Wallis-Weingast Doorsteps Framework

Gollwitzer, Sophia; Quintyn, Marc

Working Paper 12/88

Spillover Effects of Exchange Rates: A Study of the Renminbi

Mattoo, Aaditya; Mishra, Prachi; Subramanian, Arvind

Working Paper 12/89

Commodity Prices and Inflation Expectations in the United States

Celasun, Oya; Mihet, Roxana; Ratnovski, Lev

Working Paper 12/90

Revisiting Risk-Weighted Assets

Le Leslé, Vanessa; Avramova, Sofiya

Working Paper 12/91

Narrowing Vertical Fiscal Imbalances in Four European Countries

Karpowicz, Izabela

Working Paper 12/92

Real Wage, Labor Productivity, and Employment Trends in South Africa: A Closer Look

Klein, Nir

Working Paper 12/93

Fiscal Policies and Rules in the Face of Revenue Volatility Within Southern Africa Customs Union Countries (SACU)

Basdevant, Olivier

Working Paper 12/94

Monetary Policy in Low Income Countries in the Face of the Global Crisis: The Case of Zambia

Baldini, Alfredo; Benes, Jaromir; Berg, Andrew; Dao, Mai; Portillo, Rafael

Working Paper 12/95

Money and Collateral

Singh, Manmohan; Stella, Peter

Working Paper 12/96

Modeling with Limited Data: Estimating Potential Growth in Cambodia

Rungcharoenkitkul, Phurichai

Working Paper 12/97

Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis

Khramov, Vadim

Working Paper 12/98

Financial Regulation and the Current Account

Lanau, Sergi; Wieladek, Tomasz

Working Paper 12/99

Unemployment and Labor Market Issues in Algeria

Furceri, Davide

Working Paper 12/100

An End To China’s Imbalances?

Ahuja, Ashvin; Chalk, Nigel Andrew; Nabar, Malhar; N’Diaye, Papa; Porter, Nathan

Working Paper 12/101

Central Bank Independence and Macroprudential Regulation

Ueda, Kenichi; Valencia, Fabian

Working Paper 12/102

Consequences of Asset Shortages in Emerging Markets

Chen, Jiaqian; Imam, Patrick A.

Working Paper 12/103

Bank Credit, Asset Prices and Financial Stability: Evidence from French Banks

Pouvelle, Cyril

Working Paper 12/104

Remittances Channel and Fiscal Impact in the Middle East, North Africa, and Central Asia

Abdih, Yasser; Barajas, Adolfo; Chami, Ralph; Ebeke, Christian

Working Paper 12/105

Post-Laspeyres: The Case for a New Formula for Compiling Consumer Price Indexes

Armknecht, Paul A.; Silver, Mick

Working Paper 12/106

Structural Reforms and Regional Convergence

Spilimbergo, Antonio; Che, Natasha Xingyuan

IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: