Abstract
This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of �IMF Economic Review� with a link to an article by Paul Krugman.
Working Paper 14/77
Hysteresis in Unemployment and Jobless Recoveries
Dmitry Plotnikov
Working Paper 14/78
SMEs’ Access to Finance in the Euro Area: What Helps or Hampers?
Bahar Öztürk; Mico Mrkaic
Working Paper 14/79
European Productivity, Innovation, and Competitiveness: The Case of Italy
Andrew Tiffin
Working Paper 14/80
Export Spillovers from Global Shocks for the Middle East and Central Asia
Alberto Behar; Jaime Espinosa-Bowen
Working Paper 14/81
Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices
Franziska Ohnsorge; Marcin Wolski; Yuanyan Sophia Zhang
Working Paper 14/82
Determinants of International Tourism
Alexander Culiuc
Working Paper 14/83
With Great Power Comes Great Responsibility: Macroprudential Tools at Work in Canada
Ivo Krznar; James Morsink
Working Paper 14/84
Time-Varying Neutral Interest Rate—The Case of Brazil
Roberto Perrelli; Shaun K. Roache
Working Paper 14/85
Fiscal Adjustment and Income Inequality: Sub-National Evidence from Brazil
João Pedro Azevedo; Antonio David; Fabiano Rodrigues Bastos; Emilio Pineda
Working Paper 14/86
Are Banks Really Lazy? Evidence from Middle East and North Africa
Simon Gray; Philippe D Karam; Rima Turk Ariss
Working Paper 14/87
Central Bank Financial Strength in Central America and the Dominican Republic
Andrew Swiston; Florencia Frantischek; Przemek Gajdeczka; Alexander Herman
Working Paper 14/88
Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence
Sophia Chen
Working Paper 14/89
Inflation Targeting and Fiscal Rules: Do Interactions and Sequencing Matter?
Jean-Louis Combes; Xavier Debrun; Alexandru Minea; Rene Tapsoba
Working Paper 14/90
Optimal Prudential Regulation of Banks and the Political Economy of Supervision
Thierry Tressel; Thierry Verdier
Working Paper 14/91
Inflation Reports and Models: How Well Do Central Banks Really Write?
Ales Bulir; Jaromír Hurník; Katerina Smidkova
Working Paper 14/92
The Case for a Long-Run Inflation Target of Four Percent
Laurence M. Ball
Working Paper 14/93
A Simple Method to Compute Fiscal Multipliers
Nicoletta Batini; Luc Eyraud; Anke Weber
Working Paper 14/94
Does Openness Matter for Financial Development in Africa?
Antonio David; Montfort Mlachila; Ashwin Moheeput
Working Paper 14/95
Managing Credit Bubbles
Alberto Martin; Jaume Ventura
Working Paper 14/96
Inflation and Public Debt Reversals in the G7 Countries
Bernardin Akitoby; Takuji Komatsuzaki; Ariel J. Binder
Working Paper 14/97
After the Fall: Lessons for Policy Cooperation from the Global Crisis
Tamim Bayoumi
Working Paper 14/98
Small and Medium Size Enterprises, Credit Supply Shocks, and Economic Recovery in Europe
Nir Klein
Working Paper 14/99
Ms. Muffet, the Spider(gram) and the Web of Macrofinancial Linkages
Ricardo Cervantes; Phakawa Jeasakul; Joseph Maloney; Li Lian Ong
Working Paper 14/100
Economic Impact of Selected Conflicts in the Middle East: What Can We Learn from the Past?
Randa Sab
Working Paper 14/101
National Income and Its Distribution
Markus Bruckner; Era Dabla-Norris; Mark Gradstein
Working Paper 14/102
An Application of the “Fan-Chart Approach” to Debt Sustainability in Post-HIPC Low-Income Countries
Maximilien Kaffo Melou; Mariusz A. Sumlinski; Chris Geiregat
Working Paper 14/103
How to Capture Macro-Financial Spillover Effects in Stress Tests?
Heiko Hesse; Ferhan Salman; Christian Schmieder
Working Paper 14/104
The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives
Sophia Chen; Estelle Dauchy
Working Paper 14/105
Determinants of Interest Rate Spreads in Solomon Islands
Nooman Rebei
Working Paper 14/106
The Net Stable Funding Ratio: Impact and Issues for Consideration
Jeanne Gobat; Mamoru Yanase; Joseph Maloney
Working Paper 14/107
Structural Balance Targeting and Output Gap Uncertainty
Eugen Tereanu; Anita Tuladhar; Alejandro Simone
Working Paper 14/108
Monetary Policy in Hybrid Regimes: The Case of Kazakhstan
Natan P. Epstein; Rafael Portillo
Working Paper 14/109
Impact of Fed Tapering Announcements on Emerging Markets
Prachi Mishra; Kenji Moriyama; Papa M’B. P. N’Diaye; Lam Nguyen
Working Paper 14/110
Tax Buoyancy in OECD Countries
Vincent Belinga; Dora Benedek; Ruud A. de Mooij; John Norregaard
Working Paper 14/111
Financial Plumbing and Monetary Policy
Manmohan Singh
Working Paper 14/112
On the Use of Monetary and Macroprudential Policies for Small Open Economies
F. Gulcin Ozkan; D. Filiz Unsal
Working Paper 14/113
The EU Services Directive: Gains from Further Liberalization
Emilio Fernández Corugedo; Esther Pérez Ruiz
Working Paper 14/114
Labor Tax Cuts and Employment: A General Equilibrium Approach for France
Raphael A. Espinoza; Esther Pérez Ruiz
Working Paper 14/115
Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth
Magda E. Kandil; Genevieve Lindow; Mario Mansilla; Joel Chiedu Okwuokei; Jochen M. Schmittmann; Qiaoe Chen; Xin Li; Marika Santoro; Solomon Stavis
Working Paper 14/116
Bank Risk Within and Across Equilibria
Itai Agur
Working Paper 14/117
Growth: Now and Forever?
Giang Ho; Paolo Mauro
Working Paper 14/118
Deposit Insurance Database
Asli Demirgüç-Kunt; Edward Kane; Luc Laeven
Working Paper 14/119
Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers
Vanessa Le Lesle; Franziska Ohnsorge; Minsuk Kim; Srikant Seshadri
Working Paper 14/120
Banks, Government Bonds, and Default: What do the Data Say?
Nicola Gennaioli; Alberto Martin; Stefano Rossi
Working paper 14/121
Modeling Appropriate Fiscal Targets and Optimal Consolidation Paths for Resource-Rich Countries: The Case of Suriname
Daniel Kanda; Mario Mansilla
Working Paper 14/122
Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World
Elva Bova; Nathalie Carcenac; Martine Guerguil
Working Paper 14/123
Oversight Issues in Mobile Payments
Tanai Khiaonarong
Working Paper 14/124
What Is Behind Latin America’s Declining Income Inequality?
Evridiki Tsounta; Anayochukwu Osueke
Working Paper 14/125
Debt, Growth, and Natural Disasters: A Caribbean Trilogy
Sebastian Acevedo Mejia
Working Paper 14/126
Future of Asia’s Finance: How Can it Meet Challenges of Demographic Change and Infrastructure Needs?
Ding Ding; Raphael W. Lam; Shanaka J. Peiris
Working Paper 14/127
First-Time International Bond Issuance—New Opportunities and Emerging Risks
Anastasia Guscina; Guilherme Pedras; Gabriel Presciuttini
Working Paper 14/128
Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs
Francesco Furlanetto; Paolo Gelain; Marzie Taheri Sanjani
Working Paper 14/129
Liquidity Trap and Excessive Leverage
Anton Korinek; Alp Simsek
Working Paper 14/130
Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments
Thierry Tressel; Shengzu Wang
Working Paper 14/131
Progress Toward External Adjustment in the Euro Area Periphery and the Baltics
Joong Shik Kang; Jay C. Shambaugh
Working Paper 14/132
Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead
Tamon Asonuma; Gerardo Peraza; Kristine Vitola; Takahiro Tsuda
Working Paper 14/133
Macroprudential Solvency Stress Testing of the Insurance Sector
Andreas A. Jobst; Nobuyasu Sugimoto; Timo Broszeit
Working Paper 14/134
Mauritius the Drivers of Growth—Can the Past be Extended?
Katsiaryna Svirydzenka; Martin Petri
Working Paper 14/135
Middle East Transitions: A Long, Hard Road
Shahid Yusuf
Working Paper 14/136
Real and Financial Vulnerabilities from Crossborder Banking Linkages
Kyunghun Kim; Srobona Mitra
Working Paper 14/137
Strategies for Reforming Korea’s Labor Market to Foster Growth
Mai Dao; Davide Furceri; Tae-Jeong Kim; Meeyeon Kim; Jisoo Hwang
Working Paper 14/138
Japan’s Corporate Income Tax: Facts, Issues, and Reform Options
Ruud A. de Mooij; Ikuo Saito
Working Paper 14/139
Is Japan’s Population Aging Deflationary?
Derek Anderson; Dennis P. J. Botman; Ben Hunt
Working Paper 14/140
Unstash the Cash! Corporate Governance Reform in Japan
Chie Aoyagi; Giovanni Ganelli
Working Paper 14/141
Balance Sheet Repair and Corporate Investment in Japan
Joong Shik Kang
Working Paper 14/142
Health Spending in Japan: Macro-Fiscal Implications and Reform Options
Masahiro Nozaki; Kenichiro Kashiwase; Ikuo Saito
Working Paper 14/143
Africa Rising: Harnessing the Demographic Dividend
Paulo Drummond; Vimal Thakoor; Shu Yu
IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: http://www.imf.org/research.