The June 2015 Research Bulletin features summaries and updates on current research topics at the IMF.


The June 2015 Research Bulletin features summaries and updates on current research topics at the IMF.

Staff Discussion Notes showcase new policy-related analysis and research by IMF departments. These papers are generally brief and written in nontechnical language, and are aimed at a broad audience interested in economic policy issues. For more information on this series and to download the papers in this series, please visit:

No. 15/03

The New Normal: A Sector-Level Perspective on Growth and Productivity Trends in Advanced Economies (with Technical Appendix)

Era Dabla-Norris, Si Guo, Vikram Haksar, Minsuk Kim, Kalpana Kochhar, KevinWiseman, and Aleksandra Zdzienicka

No. 15/04

Tackling Small and Medium-Sized Enterprise Problem Loans in Europe

Wolfgang Bergthaler, Kenneth Kang, Yan Liu, and Dermot Monaghan

No. 15/05

Islamic Finance: Opportunities, Challenges, and Policy Options

Alfred Kammer, Mohamed Norat, Marco Piñón, Ananthakrishnan Prasad, Christopher Towe, Zeine Zeidane, and an IMF Staff Team

No. 15/06

Fiscal Policy in Latin America: Lessons and Legacies of the Global Financial Crisis (with Technical Appendix)

Oya Celasun, Francesco Grigoli, Keiko Honjo, Javier Kapsoli, Alexander Klemm, Bogdan Lissovolik, Jan Luksic, Marialuz Moreno-Badia, Joana Pereira, Marcos Poplawski-Ribeiro, Baoping Shang, and Yulia Ustyugova

No. 15/07

Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe

Shekhar Aiyar, Ali Al-Eyd, Bergljot Barkbu, and Andreas A. Jobst and

Proposed Attributes of High-Quality Securitization in Europe – Annex II of “Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe

Andreas A. Jobst

No. 15/08

Rethinking Financial Deepening: Stability and Growth in Emerging Markets

Ratna Sahay, Martin Čihák, Papa N’Diaye, Adolfo Barajas, Ran Bi, Diana Ayala, Yuan Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, and Seyed Reza Yousefi

IMF Research Bulletin

Rabah Arezki


Prakash Loungani


Patricia Loo

Assistant Editor

Tracey Lookadoo

Editorial Assistant

Multimedia Services


The IMF Research Bulletin (ISSN: 1020-8313) is a quarterly publication in English and is available free of charge. The views expressed in the Bulletin are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Material from the Bulletin may be reprinted with proper attribution. Editorial correspondence may be addressed to The Editor, IMF Research Bulletin, IMF, Room HQ1-9-612, Washington, DC 20431 USA; or e-mailed to

For Electronic Notification

Sign up at to receive notification of new issues of the IMF Research Bulletin and a variety of other IMF publications. Individual issues of the Bulletin are available at

IMF Research Bulletin, June 2015
Author: International Monetary Fund. Research Dept.