IMF Working Papers

Working Paper 12/196

A Financial Conditions Index for South Africa

Gumata, Nombulelo; Klein, Nir; Ndou, Eliphas

Working Paper 12/197

Intergenerational Implications of Fiscal Consolidation in Japan

Tokuoka, Kiichi

Working Paper 12/198

Bond Yields in Emerging Economies: It Matters What State You Are In

Jaramillo, Laura; Weber, Anke

Working Paper 12/199

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Coibion, Olivier; Gorodnichenko, Yuriy; Kueng, Lorenz; Silvia, John

Working Paper 12/200

Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity

Arezki, Rabah; Dupuy, Arnaud; Gelb, Alan H.

Working Paper 12/201

Reforming the Public Pension System in the Russian Federation

Eich, Frank; Gust, Charleen; Soto, Mauricio

Working Paper 12/202

The Chicago Plan Revisited

Benes, Jaromir; Kumhof, Michael

Working Paper 12/203

Sovereign Debt Restructurings 1950–2010: Literature Survey, Data, and Stylized Facts

Das, Udaibir S.; Papaioannou, Michael G; Trebesch, Christoph

Working Paper 12/204

Donor Competition for Aid Impact and Aid Fragmentation

Annen, Kurt; Moers, Luc

Working Paper 12/205

How Much Should I Hold? Reserve Adequacy in Emerging Markets and Small Islands

Mwase, Nkunde

Working Paper 12/206

Household Production, Services, and Monetary Policy

Lonkeng Ngouana, Constant

Working Paper 12/207

The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee

Working Paper 12/208

Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters

Thomas, Alun H.

Working Paper 12/209

Measuring Systemic Risk-Adjusted Liquidity (SRL)—A Model Approach

Jobst, Andreas

Working Paper 12/210

Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis

Mihet, Roxana

Working Paper 12/211

What (Really) Accounts for the Fall in Hours After a Technology Shock?

Rebei, Nooman

Working Paper 12/212

Emerging Market Sovereign Bond Spreads: Estimation and Back-Testing

Comelli, Fabio

Working Paper 12/213

Private Information, Capital Flows, and Exchange Rates

Gyntelberg, Jacob; Loretan, Mico; Tientip, Subhanij

Working Paper 12/214

Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand

Gyntelberg, Jacob; Loretan, Mico; Tientip, Subhanij

Working Paper 12/215

What Drives the POLONIA Spread in Poland?

Lu, Yinqiu

Working Paper 12/216

A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing

Taleb, Nassim N.; Canetti, Elie; Kinda, Tidiane; Loukoianova, Elena; Schmieder, Christian

Working Paper 12/217

Global Housing Cycles

Igan, Deniz; Loungani, Prakash

Working Paper 12/218

Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis

Crivelli, Ernesto; Furceri, Davide; Toujas-Bernate, Joël

Working Paper 12/219

Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects

Carroll, Christopher; Slacalek, Jiri; Sommer, Martin

Working Paper 12/220

Taxation and Development—Again

Keen, Michael

Working Paper 12/221

The Trade Impact of China on EMU: Is It Even Across Members?

Mikkelsen, Uffe; Pérez Ruiz, Esther

Working Paper 12/222

The Pre-Crisis Capital Flow Surge to Emerging Europe: Did Countercyclical Fiscal Policy Make a Difference?

Atoyan, Ruben; Jaeger, Albert; Smith, Dustin

Working Paper 12/224

Brazil’s Capital Market: Current Status and Issues for Further Development

Park, Joonkyu

Working Paper 12/225

Inflation Responses to Commodity Price Shocks—How and Why Do Countries Differ?

Ustyugova, Yulia; Gelos, Gaston

Working Paper 12/226

The Exchange Rate Pass-Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice

Choudhri, Ehsan U.; Hakura, Dalia

Working Paper 12/227

Determinants of Growth Spells: Is Africa Different?

Tsangarides, Charalambos G.

Working Paper 12/228

Some Algebra of Fiscal Transparency: How Accounting Devices Work and How to Reveal Them

Irwin, Timothy

Working Paper 12/229

“Puts” in the Shadow

Singh, Manmohan

Working Paper 12/230

Public Debt Dynamics: The Effects of Austerity, Inflation, and Growth Shocks

Cherif, Reda; Hasanov, Fuad

Working Paper 12/231

Education Attainment in Public Administration Around the World: Evidence from a New Dataset

Arezki, Rabah; Lui, Herbert; Quintyn, Marc; Toscani, Frederik

Working Paper 12/232

Structural Reforms, IMF Programs, and Capacity Building: An Empirical Investigation

Arezki, Rabah; Quintyn, Marc; Toscani, Frederik

Working Paper 12/233

Assessing the Cost of Financial Regulation

Elliott, Douglas; Santos, Andre

Working Paper 12/234

Central America, Panama, and the Dominican Republic: Trade Integration and Economic Performance

Medina Cas, Stephanie; Swiston, Andrew; Barrot, Luis-Diego

Working Paper 12/235

Caribbean Growth in an International Perspective: The Role of Tourism and Size

Thacker, Nita; Acevedo Mejia, Sebastian; Perrelli, Roberto

Working Paper 12/236

External Imbalances in the Euro Area

Chen, Ruo; Milesi-Ferretti, Gian-Maria; Tressel, Thierry

Working Paper 12/237

Emerging Market Business Cycles: The Role of Labor Market Frictions

Boz, Emine; Durdu, Ceyhun Bora; Li, Nan

Working Paper 12/238

Banking and Trading

Boot, Arnoud; Ratnovski, Lev

Working Paper 12/239

Tests of German Resilience

Bornhorst, Fabian; Mody, Ashoka

Working Paper 12/240

Deciding to Enter a Monetary Union: The Role of Trade and Financial Linkages

Lama, Ruy; Rabanal, Pau

Working Paper 12/241

Sovereign Risk and Asset and Liability Management—Conceptual Issues

Das, Udaibir; Lu, Yinqiu; Papaioannou, Michael; Petrova, Iva

Working Paper 12/242

The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS

Hashimoto, Yuko; Wacker, Konstantin

Working Paper 12/243

To Cut or Not to Cut? That is the (Central Bank’s) Question in Search of the Neutral Interest Rate in Latin America

Magud, Nicolas; Tsounta, Evridiki

Working Paper 12/244

Jamaica Debt Exchange

Grigorian, David; Alleyne, Trevor; Guerson, Alejandro

Working Paper 12/245

Natural Disasters: Mitigating Impact, Managing Risks

Laframboise, Nicole; Loko, Boileau

Working Paper 12/246

Exploring the Dynamics of Global Liquidity

Chen, Sally; Liu, Philip; Maechler, Andrea; Marsh, Chris; Saksonovs, Sergejs; Shin, Hyun

Working Paper 12/247

Ukraine Gas Pricing Policy: Distributional Consequences of Tariff Increases

Mitra, Pritha; Atoyan, Ruben

Working Paper 12/248

Can Women Save Japan?

Steinberg, Chad; Nakane, Masato

Working Paper 12/249

Financing Growth in the WAEMU Through the Regional Securities Market: Past Successes and Current Challenges

Diouf, Mame Astou; Boutin-Dufresne, Francois

Working Paper 12/250

Social Spending in Korea: Can it Foster Sustainable and Inclusive Growth?

Elekdag, Selim

Working Paper 12/251

Workers’ Remittances: An Overlooked Channel of International Business Cycle Transmission?

Barajas, Adolfo; Chami, Ralph; Ebeke, Christian; Tapsoba, Sampawende

Working Paper 12/252

Globalization and Corporate Taxation

Kumar, Manmohan; Quinn, Dennis

Working Paper 12/253

The Differential Effects of Oil Demand and Supply Shocks on the Global Economy

Cashin, Paul; Mohaddes, Kamiar; Raissi, Mehdi; Raissi, Maziar

Working Paper 12/254

Financial Spillovers to Chile

Podpiera, Jiri

Working Paper 12/255

The Global Impact of the Systemic Economies and MENA Business Cycles

Cashin, Paul; Mohaddes, Kamiar; Raissi, Mehdi

Working Paper 12/256

Oil and the World Economy: Some Possible Futures

Kumhof, Michael; Muir, Dirk

Working Paper 12/257

Tax Composition and Growth: A Broad Cross-Country Perspective

Acosta Ormaechea, Santiago; Yoo, Jiae

Working Paper 12/258

The Domestic Credit Supply Response to International Bank Deleveraging: Is Asia Different?

Aiyar, Shekhar; Jain-Chandra, Sonali

Working Paper 12/259

Customs Administration Reform and Modernization in Francophone Sub-Saharan Africa, 1995–2010

Montagnat-Rentier, Gilles; Parent, Gilles

Working Paper 12/260

Measures of Fiscal Risk in Hydrocarbon-Exporting Countries

Caceres, Carlos; Medina, Leandro

Working Paper 12/261

Performance of Publicly Listed Chilean Firms During the 2008–09 Global Financial Crisis

Wu, Yi

Working Paper 12/262

The Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy

Elekdag, Selim; Rungcharoenkitkul, Phurichai; Wu, Yiqun

Working Paper 12/263

Allocating Business Income Between Capital and Labor Under a Dual Income Tax: The Case of Iceland

Matheson, Thornton; Kollbeins, Pall

Working Paper 12/264

Exogenous Shocks and Growth Crises in Low-Income Countries: A Vulnerability Index

Dabla-Norris, Era; Bal-Gunduz, Yasemin

Working Paper 12/265

The Effectiveness of Monetary Policy Transmission Under Capital Inflows: Evidence from Asia

Jain-Chandra, Sonali; Unsal, D. Filiz

Working Paper 12/266

The Spillover Effects of a Downturn in China’s Real Estate Investment

Ahuja, Ashvin; Myrvoda, Alla

Working Paper 12/267

Investment-Led Growth in China: Global Spillovers

Ahuja, Ashvin; Nabar, Malhar

Working Paper 12/268

FX Funding Risks and Exchange Rate Volatility–Korea’s Case

Ree, Jack; Yoon, Kyoungsoo; Park, Hail

Working Paper 12/269

Shock Therapy! What Role for Thai Monetary Policy?

Alp, Harun; Elekdag, Selim

Working Paper 12/270

On the Sources and Consequences of Oil Price Shocks: The Role of Storage

Unalmis, Deren; Unalmis, Ibrahim; Unsal, D. Filiz

Working Paper 12/271

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies

Poghosyan, Tigran

IMF Working Papers and other IMF publications can be downloaded from the Research at the IMF website: www.imf.org/research