Working Paper 14/206

Does Conditionality in IMF-Supported Programs Promote Revenue Reform?

Ernesto Crivelli; Sanjeev Gupta

Working Paper 14/207

The Transmission of Liquidity Shocks: The Role of Internal Capital Markets and Bank Funding Strategies

Philippe D. Karam; Ouarda Merrouche; Moez Souissi; Rima Turk

Working Paper 14/208

Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework

Bradley Jones

Working Paper 14/209

Vertical Fiscal Imbalances and the Accumulation of Government Debt

Inaki Aldasoro; Mike Seiferling

Working Paper 14/210

Impact of Demographic Changes on Inflation and the Macroeconomy

Jong-Won Yoon; Jinill Kim; Jungjin Lee

Working Paper 14/211

Regional Labor Market Adjustments in the United States

Mai Dao; Davide Furceri; Prakash Loungani

Working Paper 14/212

Borrower Protection and the Supply of Credit: Evidence from Foreclosure Laws

Jihad Dagher; Yangfan Sun

Working Paper 14/213

Medium-Term Fiscal Multipliers during Protracted Recessions

Salvatore Dell’Erba; Marcos Poplawski-Ribeiro; Ksenia Koloskova

Working Paper 14/214

An Overview of Macroprudential Policy Tools

Stijn Claessens

Working Paper 14/215

Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises

Julio Escolano; Christina Kolerus; Constant Lonkeng Ngouana

Working Paper 14/216

A Fiscal Job? An Analysis of Fiscal Policy and the Labor Market

Elva Bova; Christina Kolerus; Sampawende J.-A. Tapsoba

Working Paper 14/217

Motives and Effectiveness of Forex Interventions: Evidence from Peru

Melesse Tashu

Working Paper 14/218

Oil Price Volatility and the Role of Speculation

Samya Beidas-Strom; Andrea Pescatori

Working Paper 14/219

Regulation and Supervision of Islamic Banks

Aledjandro Lopez Mejia; Suliman Aljabrin; Rachid Awad; Mohamed Norat; Inwon Song

Working Paper 14/220

Islamic Banking Regulation and Supervision: Survey Results and Challenges

Inwon Song; Carel Oosthuizen

Working Paper 14/221

Cashing in for Growth: Corporate Cash Holdings as an Opportunity for Investment in Japan

Galen Sher

Working Paper 14/222

Does Inflation Slow Long-Run Growth in India?

Kamiar Mohaddes; Mehdi Raissi

Working Paper 14/223

Private Saving Accelerations

Christian Ebeke

Working Paper 14/224

Demand Composition and Income Distribution

David Pothier; Damien Puy

Working Paper 14/225

The Rich and the Great Recession

Bas B. Bakker; Joshua Felman

Working Paper 14/226

Resolving Residential Mortgage Distress: Time to Modify?

Jochen R. Andritzky

Working Paper 14/227

Das Public Kapital: How Much Would Higher German Public Investment Help Germany and the Euro Area?

Selim Elekdag; Dirk Muir

Working Paper 14/228

Taxing Fossil Fuels under Speculative Storage

Semih Tumen; Deren Unalmis; Ibrahim Unalmis; D. Filiz Unsal

Working Paper 14/229

Revisiting Tourism Flows to the Caribbean: What is Driving Arrivals?

Nicole Laframboise; Nkunde Mwase; Joonkyu Park; Yingke Zhou

Working Paper 14/230

Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth

Sandra Marcelino; Ivetta Hakobyan

Working Paper 14/231

Safe Debt and Uncertainty in Emerging Markets: An Application to South Africa

Magnus Saxegaard

Working Paper 14/232

Corporate Vulnerabilities in India and Banks’ Loan Performance

Peter Lindner; Sung Eun Jung

Working Paper 14/233

Fragmentation and Vertical Fiscal Imbalances Lessons from Moldova

Serhan Cevik

Working Paper 14/234

The Development of Local Capital Markets: Rationale and Challenges

Luc Laeven

Working Paper 14/235

A Simple Macroprudential Liquidity Buffer

Daniel C. Hardy; Philipp Hochreiter

Working Paper 14/236

The Size Distribution of Manufacturing Plants and Development

Siddharth Kothari

Working Paper 14/237

Centrality-Based Capital Allocations

Adrian Alter; Ben Craig; Peter Raupach

Working Paper 14/238

Financial Frictions in Data: Evidence and Impact

Marzie Taheri Sanjani

Working Paper 14/239

Market Signals and the Cost of Credit Risk Protection: An Analysis of CDS Settlement Auctions

L. Zanforlin; Nobuyuki Kanazawa

Working Paper 14/240

Spillovers from United States Monetary Policy on Emerging Markets: Different This Time?

Jiaqian Chen; Tommaso Mancini Griffoli; Ratna Sahay

Working Paper 14/241

Global Financial Transmission into Sub-Saharan Africa—A Global Vector Autoregression Analysis

Jorge Iván Canales Kriljenko; Mehdi Hosseinkouchack; Alexis Meyer-Cirkel

Working Paper 15/1

Shedding Light on Shadow Banking

Artak Harutyunyan; Alexander Massara; Giovanni Ugazio; Goran Amidzic; Richard Walton

Working Paper 15/2

Increasing Productivity Growth in Middle Income Countries

Aidar Abdychev; La-Bhus Fah Jirasavetakul; Andrew W. Jonelis; Lamin Leigh; Ashwin Moheeput; Friska Parulian; Ara Stepanyan; Albert Touna Mama

Working Paper 15/3

Identifying Binding Constraints to Growth: Does Firm Size Matter?

Mauricio Vargas

Working Paper 15/4

Uncertainty and the Employment Dynamics of Small and Large Businesses

Vivek Ghosal; Yang Ye

Working Paper 15/6

The Global Trade Slowdown: Cyclical or Structural?

Cristina Constantinescu; Aaditya Mattoo; Michele Ruta

Working Paper 15/7

The Liquidation of Government Debt

Carmen Reinhart; M. Belen Sbrancia

Working Paper 15/8

A Volatility and Persistence-Based Core Inflation

Tito Nícias Teixeira da Silva Filho; Francisco Marcos Rodrigues Figueiredo

Working Paper 15/9

Fiscal Transparency and the Performance of Government Financial Assets

Mike Seiferling; Shamsuddin Tareq

Working Paper 15/10

Corporate Financing Trends and Balance Sheet Risks in Latin America

Fabiano Rodrigues Bastos; Herman Kamil; Bennett Sutton

Working Paper 15/11

Credit Booms and Macroeconomic Dynamics: Stylized Facts and Lessons for Low-Income Countries

Marco Arena; Serpil Bouza; Era Dabla-Norris; Kerstin Gerling; Lamin Njie

Working Paper 15/12

Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries

Nkunde Mwase; Francis Y. Kumah

Working Paper 15/13

Governments’ Payment Discipline: The Macroeconomic Impact of Public Payment Delays and Arrears

Cristina Checherita-Westphal; Alexander Klemm; Paul Viefers

Working Paper 15/14

Output Gap Uncertainty and Real-Time Monetary Policy

Francesco Grigoli; Alexander Herman; Andrew Swiston; Gabriel Di Bella

Working Paper 15/15

Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe

Greetje Everaert; Natasha Xingyuan Che; Nan Geng; Bertrand Gruss; Gregorio Impavido; Yinqiu Lu; Christian Saborowski; Jérôme Vandenbussche; Li Zeng

Working Paper 15/16

Learning, Monetary Policy and Asset Prices

Marco Airaudo; Salvatore Nisticò; Luis-Felipe Zanna

Working Paper 15/17

Fiscal Policy Implications for Labor Market Outcomes in Middle-Income Countries

Ara Stepanyan; Lamin Leigh

Working Paper 15/18

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Sohrab Rafiq

Working Paper 15/19

IMF Lending and Banking Crises

Luca Papi; Andrea Presbitero; Alberto Zazzaro

Working Paper 15/20

A World Trade Leading Index (WTLI)

Karim Barhoumi; Laurent Ferrara

Working Paper 15/21

Central Counterparties: Addressing Their Too Important to Fail Nature

Froukelien Wendt

Working Paper 15/22

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy

Era Dabla-Norris; Yan Ji; Robert Townsend; D. Filiz Unsal

Working Paper 15/23

Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies

Ambrogio Cesa-Bianchi; Luis Felipe Cespedes; Alessandro Rebucci

Working Paper 15/24

A Strategy for Developing a Market for Nonperforming Loans in Italy

Nadège Jassaud; Kenneth Kang

Working Paper 15/25

Harnessing Resource Wealth for Inclusive Growth in Fragile States

Corinne Delechat; Will Clark; Pranav Gupta; Malangu Kabedi-Mbuyi; Mesmin Koulet-Vickot; Carla Macario; Toomas Orav; Manuel Rosales; Rene Tapsoba; Dmitry Zhdankin; Susan Yang

Working Paper 15/26

Drivers of Peru’s Equilibrium Real Exchange Rate: Is the Nuevo Sol a Commodity Currency?

Melesse Tashu

Working Paper 15/27

Asset Bubbles: Re-Thinking Policy for the Age of Asset Management

Bradley Jones

Working Paper 15/28

Employment Impacts of Upstream Oil and Gas Investment in the United States

Mark Agerton; Peter Hartley; Kenneth Medlock III; Ted Temzelides

Working Paper 15/29

Expenditure Rules: Effective Tools for Sound Fiscal Policy?

Till Cordes; Tidiane Kinda; Priscilla S. Muthoora; Anke Weber

Working Paper 15/30

Energy Subsidies in Latin America and the Caribbean: Stocktaking and Policy Challenges

Gabriel Di Bella; Lawrence Norton; Joseph Ntamatungiro; Sumiko Ogawa; Issouf Samaké; Marika Santoro

Working Paper 15/31

Can Islamic Banking Increase Financial Inclusion?

Sami Ben Naceur; Adolfo Barajas; Alexander Massara

Working Paper 15/32

Investment in the Euro Area: Why Has It Been Weak?

Bergljot Barkbu; Pelin Berkmen; Pavel Lukyantsau; Sergejs Saksonovs; Hanni Schoelermann