Working Paper 15/184

Integrated Ownership and Control in the GCC Corporate Sector

Andre Santos

Working Paper 15/185

Sub-Saharan Employment Developments: The Important Role of Household Enterprises with an Application to Rwanda

Alun H. Thomas

Working Paper 15/186

Portfolio Rebalancing in Japan: Constraints and Implications for Quantitative Easing

Serkan Arslanalp, Dennis P. J. Botman

Working Paper 15/187

Exports in a Tariff-Free Environment: What Structural Reforms Matter? Evidence from the European Union Single Market

Jesmin Rahman, Ara Stepanyan, Jessie Yang, Li Zeng

Working Paper 15/188

Trends in Fiscal Transparency: Evidence from a New Database of the Coverage of Fiscal Reporting

Rachel F. Wang, Timothy Irwin, Lewis K. Murara

Working Paper 15/189

On the Drivers of Inflation in Sub-Saharan Africa

Anh D. M. Nguyen, Jemma Dridi, D. Filiz Unsal, Oral Williams

Working Paper 15/190

Systemic Risk Assessment in Low Income Countries: Balancing Financial Stability and Development

Daniela Marchettini, Rodolfo Maino

Working Paper 15/191

Comparing the Employment-Output Elasticities of Expatriates and Nationals in the Gulf Cooperation Council

Alberto Behar

Working Paper 15/192

Innovation, Deregulation, and the Life Cycle of a Financial Service Industry

Fumiko Hayashi, Grace Bin Li, Zhu Wang

Working Paper 15/193

Capital Inflows, Credit Growth, and Financial Systems

Deniz Igan, Zhibo Tan

Working Paper 15/194

Normalization of Global Financial Conditions: The Implications for Brazil

Troy Matheson

Working Paper 15/195

A New Look at the Determinants of Growth in Asian Countries

Manuk Ghazanchyan, Janet Gale Stotsky, Qianqian Zhang

Working Paper 15/196

Aid and Growth at the Regional Level

Axel Dreher, Steffen Lohmann

Working Paper 15/197

Is There a Debt-Threshold Effect on Output Growth?

Alexander Chudik, Kamiar Mohaddes, M. Hashem Pesaran, Mehdi Raissi

Working Paper 15/198

Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets

Deniz Igan, Marcelo Pinheiro

Working Paper 15/199

Demand for Value Added and Value-Added Exchange Rates

Rudolfs Bems, Robert C. Johnson

Working Paper 15/200

“But We Are Different!”: 12 Common Weaknesses in Banking Laws and What to Do About Them

Wouter Bossu, Dawn Chew

Working Paper 15/201

Building a Better Union: Incentivizing Structural Reforms in the Euro Area

Angana Banerji, Bergljot Barkbu, James John, Tidiane Kinda, Sergejs Saksonovs, Hanni Schoelermann, Tao Wu

Working Paper 15/202

Managing the Fed’s Liftoff and Transmission of Monetary Policy

Manmohan Singh

Working Paper 15/203

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

Sami Ben Naceur, Amr Hosny, Gregory Hadjian

Working Paper 15/204

Reaping the Benefits from Global Value Chains

Kevin C. Cheng, Sidra Rehman, Dulani Seneviratne, Shiny Zhang

Working Paper 15/205

What Measure of Inflation Should a Developing Country Central Bank Target?

Rahul Anand, Eswar Prasad, Boyang Zhang

Working Paper 15/206

Financial Inclusion: Zooming in on Latin America

Era Dabla-Norris, Yixi Deng, Anna Ivanova, Izabela Karpowicz, D. Filiz Unsal, Eva VanLeemput, Joyce Wong

Working Paper 15/207

Monetary Policy Transmission in Emerging Asia: The Role of Banks and the Effects of Financial Globalization

Nasha Ananchotikul, Dulani Seneviratne

Working Paper 15/208

Getting the Dog to Bark: Disclosing Fiscal Risks from the Financial Sector

Timothy Irwin

Working Paper 15/209

News Shocks in Open Economies: Evidence from Giant Oil Discoveries

Rabah Arezki, Valerie A. Ramey, Liugang Sheng

Working Paper 15/210

How Does Bank Competition Affect Solvency, Liquidity and Credit Risk? Evidence from the MENA Countries

Raja Almarzoqi, Sami Ben Naceur, Alessandro Scopelliti

Working Paper 15/211

The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries

Tao Sun

Working Paper 15/212

Credit Expansion in Emerging Markets: Propeller of Growth?

Mercedes Garcia-Escribano, Fei Han

Working Paper 15/213

Domestic Market Integration and the Law of One Price in Brazil

Carlos Góes, Troy Matheson

Working Paper 15/214

Estimating VAT Pass Through

Dora Benedek, Ruud A. de Mooij, Philippe Wingender

Working Paper 15/215

Big Players Out of Synch: Spillovers Implications of US and Euro Area Shocks

Carolina Osorio Buitron, Esteban Vesperoni

Working Paper 15/216

Stress Testing Corporate Balance Sheets in Emerging Economies

Julian T. S. Chow

Working Paper 15/217

Optimal Bank Recovery

C. A. E. Goodhart, Miguel A. Segoviano Basurto

Working Paper 15/218

Capital Controls or Macroprudential Regulation?

Anton Korinek, Damiano Sandri

Working Paper 15/219

Emerging Powers and Global Governance: Whither the IMF?

Rakesh Mohan, Muneesh Kapur

Working Paper 15/220

A Financial Conditions Index for Greece

Jonathan F. Manning, Maral Shamloo

Working Paper 15/221

Spillovers from China onto Sub-Saharan Africa: Insights from the Flexible System of Global Models (FSGM)

Derek Anderson, Jorge Iván Canales Kriljenko, Paulo Drummond, Pedro Espaillat, Dirk Muir

Working Paper 15/222

Fragilities in the U.S. Treasury Market: Lessons from the “Flash Rally” of October 15, 2014

Antoine Bouveret, Peter Breuer, Yingyuan Chen, David Jones, Tsuyoshi Sasaki

Working Paper 15/223

Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-Ins or Official Transfers?

Damiano Sandri

Working Paper 15/224

Breaking Through the Zero Lower Bound

Ruchir Agarwal, Miles Kimball

Working Paper 15/225

Fiscal Consequences of Terrorism

Serhan Cevik, John Ricco

Working Paper 15/226

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Olivier J. Blanchard, Jonathan David Ostry, Atish R. Ghosh, Marcos Chamon

Working Paper 15/227

Macrofinancial Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Francis Vitek

Working Paper 15/228

Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Christian Ebeke, Armand Fouejieu

Working Paper 15/229

Employment and the Great Recession: The Role of Real Wages

Bas B. Bakker

Working Paper 15/230

Inflation and Activity–Two Explorations and their Monetary Policy Implications

Olivier J. Blanchard, Eugenio Cerutti, Lawrence Summers

Working Paper 15/231

Monetary Policy Transmission and Financial Stability in a LIC: The Case of Bangladesh

Sohrab Rafiq

Working Paper 15/232

The Evolving Functions and Organization of Finance Ministries

Richard Allen, Yasemin Hurcan, Peter Murphy, Maximilien Queyranne, Sami Yläoutinen

Working Paper 15/233

Steady as She Goes—Estimating Potential Output During Financial “Booms and Busts”

Helge Berger, Thomas Dowling, Sergi Lanau, Mico Mrkaic, Pau Rabanal, Marzie Taheri Sanjani

Working Paper 15/234

Monetary Operations and Islamic Banking in the GCC: Challenges and Options

Ritu Basu, Ananthakrishnan Prasad, Sergio L. Rodriguez

Working Paper 15/235

Financial Inclusion and Development in the CEMAC

Adrian Alter, Boriana Yontcheva

Working Paper 15/236

Public Investment in a Developing Country Facing Resource Depletion

Adrian Alter, Matteo Ghilardi, Dalia Hakura

Working Paper 15/237

Natural Resource Booms in the Modern Era: Is the Curse Still Alive?

Andrew M. Warner

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