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
