Working Paper 12/272

The East African Community: Prospects for Sustained Growth

McAulife, Catherine; Saxena, Sweta; Yabara, Masafumi

Working Paper 12/273

Fiscal Rules at a Glance: Country Details from a New Dataset

Budina, Nina; Kinda, Tidiane; Schaechter, Andrea; Weber, Anke

Working Paper 12/274

Public Investment in Resource-Abundant Developing Countries

Berg, Andrew; Portillo, Rafael; Yang, Shu-Chun; Zanna, Luis-Felipe

Working Paper 12/275

Effects of Capital Flow Liberalization—What is the Evidence from Recent Experiences of Emerging Market Economies?

Saadi Sedik, Tahsin; Sun, Tao

Working Paper 12/276

The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean

Yartey, Charles Amo; Narita, Machiko; Peron Nicholls, Garth; Chiedu Okwuokei, Joel

Working Paper 12/277

Is China Over-Investing and Does It Matter?

Lee, Il Houng; Syed, Murtaza; Xueyan, Liu

Working Paper 12/278

Modeling the Impact of Taxes on Petroleum Exploration and Development

Smith, James

Working Paper 12/279

Nonfinancial Firms in Latin America: A Source of Vulnerability?

Gonzalez, Maria

Working Paper 12/280

Striking an Appropriate Balance Among Public Investment, Growth, and Debt Sustainability in Cape Verde

Mu, Yibin

Working Paper 12/281

Taxation and Leverage in International Banking

Gu, Grace Weishi; Mooij, Ruud A.; Poghosyan, Tigran

Working Paper 12/282

Systemic Risk from Global Financial Derivatives:

A Network Analysis of Contagion and Its Mitigation with Super-Spreader Tax

Markose, Sheri

Working Paper 12/283

A Tradeoff Between the Output and Current Account Effects of Pension Reform

Catalan, Mario; Magud, Nicolas

Working Paper 12/284

Tracking Global Demand for Advanced Economy Sovereign Debt

Arslanalp, Serkan; Tsuda, Takahiro

Working Paper 12/285

Pension Reforms in Japan

Kashiwase, Kenichiro; Nozaki, Masahiro; Tokuoka, Kiichi

Working Paper 12/286

Fiscal Multipliers and the State of the Economy

Baum, Anja; Poplawski-Ribeiro, Marcos; Weber, Anke

Working Paper 12/287

Issues in Extractive Resource Taxation: A Review of Research Methods and Models

Smith, James

Working Paper 12/288

The Need for “Un-consolidating” Consolidated Banks’ Stress Tests

Cerutti, Eugenio; Schmieder, Christian

Working Paper 12/289

Coordinating Climate and Trade Policies: Pareto Efficiency and the Role of Border Tax Adjustments

Keen, Michael; Kotsogiannis, Christos

Working Paper 12/290

Inequalities and Growth in the Southern African Customs Union (SACU) Region

Basdevant, Olivier; Benicio, Dalmacio; Yakhshilikov, Yorbol

Working Paper 12/291

What Role Can Financial Policies Play in Revitalizing SMEs in Japan?

Lam, Raphael; Shin, Jongsoon

Working Paper 12/292

Spring Forward or Fall Back? The Post-Crisis Recovery of Firms

Medina, Leandro

Working Paper 12/293

Global Financial Crisis, Financial Contagion, and Emerging Markets

Ozkan, F. Gulcin; Unsal, D. Filiz

Working Paper 12/294

Optimal Oil Production and the World Supply of Oil

Aleksandrov, Nikolay; Gyurko, lajos; Espinoza, Raphael

Working Paper 12/295

Income and Democracy: Lipset’s Law Revisited

Hoefer, Anke; Bates, Robert H.; Fayad, Ghada

Working Paper 12/296

Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts

Coibion, Olivier; Gorodnichenko, Yuriy

Working Paper 12/297

Trade Flows, Multilateral Resistance, and Firm Heterogeneity

Behar, Alberto; Nelson, Benjamin D.

Working Paper 12/298

Global Bonding: Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?

Bayoumi, Tamim; Bui, Trung

Working Paper 12/299

Bank Debt in Europe “Are Funding Models Broken”

Le Lesle, Vanessa

Working Paper 12/300

The Rising Resilience of Emerging Market and Developing Economies

Abiad, Abdul; Bluedorn, John; Guajardo, Jaime; Topalova, Petia

Working Paper 12/301

The Determinants of Banks’ Liquidity Buffers in Central America

Delechat, Corinne; Henao Arbelaez, Camila; Muthoora, Priscilla; Vtyurina, Svetlana

Working Paper 12/302

Accounting for Reserves

Bayoumi, Tamim; Saborowski, Christian

Working Paper 12/303

Macroprudential Policies and Housing Prices—A New Database and Empirical Evidence for Central, Eastern, and Southeastern Europe

Vandenbussche, Jerome; Vogel, Ursula; Detragiache, Enrica

Working Paper 13/1

Growth Forecast Errors and Fiscal Multipliers

Blanchard, Olivier; Leigh, Daniel

Working Paper 13/2

Breaking the Curse of Sisyphus: An Empirical Analysis of Post-Conflict Economic Transitions

Cevik, Serhan; Rahmati, Mohammad

Working Paper 13/3

Capital Requirements for Over-the-Counter Derivatives Central Counterparties

Lin, Li; Surti, Jay

Working Paper 13/4

Macroeconomic Model Spillovers and Their Discontents

Bayoumi, Tamim; Vitek, Francis

Working Paper 13/5

A Modern History of Fiscal Prudence and Profligacy

Mauro, Paolo; Romeu, Rafael; Binder, Ariel; Zaman, Asad

Working Paper 13/6

Why Are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis?

Heath, Robert

Working Paper 13/7

New Zealand Banks’ Vulnerabilities and Capital Adequacy

Jang, B.; Kataoka, Masahiko

Working Paper 13/8

The Behavior of Currencies During Risk-Off Episodes

De Bock, Reinout; Carvalho Filho, Irineu

Working Paper 13/9

Banks’ Foreign Credit Exposures and Borrowers’ Rollover Risks Measurement, Evolution and Determinants

Cerutti, Eugenio

Working Paper 13/10

Okun’s Law: Fit at 50?

Ball, Laurence; Leigh, Daniel; Loungani, Prakash

Working Paper 13/11

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Benes, Jaromir; Berg, Andrew; Portillo, Rafael; Vavra, David

Working Paper 13/12

Bond Markets in Africa

Mu, Yibin; Phelps, Peter; Stotsky, Janet

Working Paper 13/13

Explaining ASEAN-3’s Investment Puzzle: A Tale of Two Sectors

Zhou, Yong Sarah

Working Paper 13/14

Connected to Whom? International Interbank Borrowing During the Global Crisis

Tintchev, Kalin

Working Paper 13/15

Recent Improvements to the Government Finance Statistics Yearbook Database in Response to Analytical Needs

Seiferling, Mike

Working Paper 13/16

Liquidity and Transparency in Bank Risk Management

Ratnovski, Lev

Working Paper 13/17

A Fiscal Stimulus and Jobless Recovery

Cantore, Cristiano; Levine, Paul; Melina, Giovanni

Working Paper 13/18

Macroprudential Policies for a Resource Rich Economy: The Case of Mongolia

Maino, Rodolfo; Imam, Patrick; Ojima, Yasuhisa

Working Paper 13/19

Regionalization vs. Globalization

Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher

Working Paper 13/20

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

Committeri, Marco; Spadafora, Francesco

Working Paper 13/21

Inflation Targeting and Country Risk: An Empirical Investigation

Fouejieu, Armand; Roger, Scott

Working Paper 13/22

Assessing the Macroeconomic Impact of Structural Reforms: The Case of Italy

Lusinyan, Lusine; Muir, Dirk

Working Paper 13/23

Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions

Saborowski, Christian; Weber, Sebastian

Working Paper 13/24

Income Mobility and Welfare

Krebs, Tom; Krishna, Pravin; Maloney, William

Working Paper 13/25

The Changing Collateral Space

Singh, Manmohan

Working Paper 13/26

Chronicle of a Decline Foretold: Has China Reached the Lewis Turning Point?

Das, Mitali; N’Diaye, Papa

Working Paper 13/27

External Conditions and Debt Sustainability in Latin America

Adler, Gustavo; Sosa, Sebastian

Working Paper 13/28

Financial Crises Explanations, Types, and Implications

Claessens, Stijn; Kose, M. Ayhan

Working Paper 13/29

Revisiting the Link Between Finance and Macroeconomic Volatility

Dabla-Norris, Era; Srivisal, Narapong

Working Paper 13/30

Wholesale Bank Funding, Capital Requirements, and Credit Rationing

Agur, Itai

Working Paper 13/31

Inward and Outward Spillovers in the SACU Area

Canales Kriljenko, Jorge; Gwenhamo, Farayi; Tomas, Saji

Working Paper 13/32

Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons

Mæhle, Nils; Teferra, Haimanot; Khachatryan, Armine

Working Paper 13/33

International Reserves and Rollover Risk

Bianchi, Javier; Hatchondo, Juan Carlos; Martinez, Leonardo

Working Paper 13/34

Determinants of Bank Interest Margins in Sub-Saharan Africa

Ahokpossi, Calixte

Working Paper 13/35

Boosting Competitiveness to Grow Out of Debt—Can Ireland Find a Way Back to Its Future?

Nkusu, Mwanza

Working Paper 13/36

Fiscal Consolidation and the Cost of Credit: Evidence from Syndicated Loans

Agca, Senay; Igan, Deniz

Working Paper 13/37

Competition Among Exchanges and Enforcement Policy

Caglio, Cecilia; Pescatori, Andrea

Working Paper 13/38

Global House Price Fluctuations: Synchronization and Determinants

Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher; Terrones, Marco

Working Paper 13/39

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Davoodi, Hamid; Dixit, Shiv; Pinter, Gabor

Working Paper 13/40

Growth and Employment in the Dominican Republic: Options for a Job-Rich Growth

Abdullaev, Umidjon; Estevao, Marcello

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