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In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.

Abstract

In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.

Working Paper 13/179

Dismal Employment Growth in EU Countries: The Role of Corporate Balance Sheet Repair and Dual Labor Markets

Bas B. Bakker; Li Zeng

Working Paper 13/180

Testing the Prebisch-Singer Hypothesis since 1650: Evidence from Panel Techniques that Allow for Multiple Breaks

Rabah Arezki; Kaddour Hadri; Prakash Loungani; Yao Rao

Working Paper 13/181

The Driving Force Behind the Boom and Bust in Construction in Europe

Yan Sun; Pritha Mitra; Alejandro Simone

Working Paper 13/182

Assessing the Impact and Phasing of Multi-Year Fiscal Adjustment: A General Framework

Ran Bi; Haonan Qu; James Roaf

Working Paper 13/183

Capital Flows Are Fickle: Anytime, Anywhere

John C. Bluedorn; Rupa Duttagupta; Jaime Guajardo; Petia Topalova

Working Paper 13/184

Cooperative and Islamic Banks: What Can They Learn from Each Other?

Saeed Al-Muharrami; Daniel C. Hardy

Working Paper 13/185

Two Sides of the Same Coin?

Rebalancing and Inclusive Growth in China

Il Houng Lee; Murtaza Syed; Xin Wang

Working Paper 13/186

Collateral and Monetary Policy

Manmohan Singh

Working Paper 13/187

Waste Not, Want Not: The Efficiency of Health Expenditure in Emerging and Developing Economies

Francesco Grigoli; Javier Kapsoli

Working Paper 13/188

Resource Dependence and Fiscal Effort in Sub-Saharan Africa

Alun H. Thomas; Juan P. Treviño

Working Paper 13/189

Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Tamim Bayoumi; Franziska Ohnsorge

Working Paper 13/190

Unconventional Monetary Policy and Asset Price Risk

Shaun K. Roache; Marina V. Rousset

Working Paper 13/191

Shock from Graying: Is the Demographic Shift Weakening Monetary Policy Effectiveness

Patrick A. Imam

Working Paper 13/192

Inflation and Output Comovement in the Euro Area: Love at Second Sight?

Michal Andrle; Jan Bruha; Serhat Solmaz

Working Paper 13/193

Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges

Michael G. Papaioannou; Joonkyu Park; Jukka Pihlman; Han van der Hoorn

Working Paper 13/194

Cross-Country Linkages in Europe: A Global VAR Analysis

Yan Sun; Frigyes F Heinz; Giang Ho

Working Paper 13/195

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?

Jaejoon Woo; Elva Bova; Tidiane Kinda; Yuanyan Sophia Zhang

Working Paper 13/196

Is Labor Market Mismatch a Big Deal in Japan?

Ippei Shibata

Working Paper 13/197

The Monetary Transmission Mechanism in the Tropics: A Narrative Approach

Andrew Berg; Luisa Charry; Rafael A Portillo; Jan Vlcek

Working Paper 13/198

The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?

Davide Furceri; Aleksandra Zdzienicka

Working Paper 13/199

Addressing Interconnectedness: Concepts and Prudential Tools

Nicolas Arregui; Mohamed Norat; Antonio Pancorbo; Jodi G. Scarlata; Eija Holttinen; Fabiana Melo; Jay Surti; Christopher Wilson; Rodolfo Wehrhahn; Mamoru Yanase

Working Paper 13/200

Solving and Estimating Indeterminate DSGE Models

Roger Farmer; Vadim Khramov

Working Paper 13/201

Africa’s Got Work to Do: Employment Prospects in the New Century

Louise Fox; Cleary Haines; Jorge Huerta Munoz; Alun H. Thomas

Working Paper 13/202

The Path to Higher Growth: Does Revamping Japan’s Dual Labor Market Matter?

Chie Aoyagi; Giovanni Ganelli

Working Paper 13/203

Do Asset Price Drops Foreshadow Recessions?

John C. Bluedorn; Jörg Decressin; Marco Terrones

Working Paper 13/204

Enhancing China’s Medium-Term Growth Prospects: The Path to a High-Income Economy

Malhar Nabar; Papa N’Diaye

Working Paper 13/205

Territorial vs. Worldwide Corporate Taxation: Implications for Developing Countries

Thornton Matheson; Victoria J. Perry; Chandara Veung

Working Paper 13/206

State-Owned Banks and Fiscal Discipline

Jesus Gonzalez-Garcia; Francesco Grigoli

Working Paper 13/207

The Composition of Fiscal Consolidation Matters: Policy Simulations for Hungary

Alejandro D. Guerson

Working Paper 13/208

Fragmentation and Monetary Policy in the Euro Area

A. J. Al-Eyd; Pelin Berkmen

Working Paper 13/209

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Dominic Quint; Pau Rabanal

Working Paper 13/210

Trade Linkages, Balance Sheets, and Spillovers: The Germany-Central European Supply Chain

Selim Elekdag; Dirk Muir

Working Paper 13/211

Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?

Derek Anderson; Ben Hunt; Stephen Snudden

Working Paper 13/212

Estimating Parameters of Short-Term Real Interest Rate Models

Vadim Khramov

Working Paper 13/213

Outlook for Interest Rates and Japanese Banks’ Risk Exposures Under Abenomics

Serkan Arslanalp; Raphael W. Lam

Working Paper 13/214

The Economic Performance Index (EPI): An Intuitive Indicator for Assessing a Country’s Economic Performance Dynamics in an Historical Perspective

Vadim Khramov; John Ridings Lee

Working Paper 13/215

Inclusive Growth and Inequality in Senegal

Alexei Kireyev

Working Paper 13/216

Fiscal Discipline in WAEMU: Rules, Institutions, and Markets

Ermal Hitaj; Yasin Kursat Onder

Working Paper 13/217

Growth Following Investment and Consumption-Driven Current Account Crises

Alexander Klemm

Working Paper 13/218

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR

Dale F. Gray

Working Paper 13/219

Shining a Light on the Mysteries of State: The Origins of Fiscal Transparency in Western Europe

Timothy Irwin

Working Paper 13/220

The Role of Domestic and External Shocks in Poland: Results from an Agnostic Estimation Procedure

Michal Andrle; Roberto Garcia-Saltos; Giang Ho

Working Paper 13/221

Taxation and Corporate Debt: Are Banks Any Different?

Jost Heckemeyer; Ruud A. de Mooij

Working Paper 13/222

The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?

Agnes Isnawangsih; Vladimir Klyuev; Longmei Zhang

Working Paper 13/223

Global Factors in the Term Structure of Interest Rates

Mirko Abbritti; Salvatore Dell’Erba; Antonio Moreno; Sergio Sola

Working Paper 13/224

The International Monetary System: Where Are We and Where Do We Need to Go?

Rakesh Mohan; Michael Debabrata Patra; Muneesh Kapur

Working Paper 13/225

Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis

Francis Vitek

Working Paper 13/226

Making Monetary Policy More Effective: The Case of the Democratic Republic of the Congo

Felix Fischer; Charlotte J. Lundgren; Samir Jahjah

Working Paper 13/227

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

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

Working Paper 13/228

The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis

Dennis P. J. Botman; Irineu E. Carvalho Filho; Raphael W. Lam

Working Paper 13/229

Cyclical Fiscal Rules for Oil-Exporting Countries

Stephen Snudden

Working Paper 13/230

Fiscal Consolidations and Growth: Does Speed Matter?

Steven Pennings; Esther Pérez Ruiz

Working Paper 13/231

Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management

Abdullah Al-Hassan; Michael G. Papaioannou; Martin Skancke; Cheng Chih Sung

Working Paper 13/232

Rules of Thumb for Bank Solvency Stress Testing

Daniel C. Hardy; Christian Schmieder

Working Paper 13/233

Bailouts and Systemic Insurance

Giovanni Dell’Ariccia; Lev Ratnovski

Working Paper 13/234

International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions

Rui Albuquerque; Luis Brandao-Marques; Miguel A. Ferreira; Pedro Matos

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

Financial Crises

Causes, Consequences, and Policy Responses

edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabian Valencia

February 2014. Approx 288 pp. Paperback ISBN 978-1-48430-393-1. $40

“A fact-filled, integrated, and highly policy-relevant account of the current global pandemic of crises, this unparalleled volume identifies crisis causes, consequences, and policy implications in an intellectually deep but accessible way. The star-studded cast of authors do so by combining microeconomic and macroeconomic perspectives on banking crises in a way that is absent in other volumes.”

— Charles W. Calomiris, Columbia University

“Even with the 2008 explosion of the literature on financial crises, it has been impossible to find a single source that covers the key aspects of crises—until now. This book assembles the wisdom of top experts in the field on crises, covering everything from the key database on banking crises since 1970, crisis management and short term economic impacts to longer-run growth effects, crisis prevention and mitigation, and resolution. Simply a must-have volume for anyone interested in the area.”

— Jerry Caprio, Williams College

For a free preview, please visit: www.elibrary.imf.org/page/financialcrises

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