Working Paper 16/30

Quality and the Great Trade Collapse

Natalie Chen, Luciana Juvenal

Working Paper 16/31

Being Poor, Feeling Poorer: Inequality, Poverty and Poverty Perceptions in the Western Balkans

Zsoka Koczan

Working Paper 16/32

Financial Development, Inequality and Poverty: Some International Evidence

Sami Ben Naceur, RuiXin Zhang

Working Paper 16/33

Flying to Paradise: The Role of Airlift in the Caribbean Tourism Industry

Sebastian Acevedo Mejia, Lu Han, Hye S Kim, Nicole Laframboise

Working Paper 16/34

Central Bank Governance and the Role of Nonfinancial Risk Management

Ashraf Khan

Working Paper 16/35

Private Sector Activity in Hong Kong SAR and the Fed: Transmission Effects through the Currency Board

Joong Shik Kang

Working Paper 16/36

Macroeconomic Stability in Resource-Rich Countries: The Role of Fiscal Policy

Elva Bova, Paulo A. Medas, Tigran Poghosyan

Working Paper 16/37

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

Tamon Asonuma

Working Paper 16/38

Institutionalizing Countercyclical Investment: A Framework for Long-Term Asset Owners

Bradley Jones

Working Paper 16/39

Improving Public Infrastructure in the Philippines

Takuji Komatsuzaki

Working Paper 16/40

The Welfare Multiplier of Public Infrastructure Investment

Giovanni Ganelli, Juha Tervala

Working Paper 16/41

How Do Fiscal and Labor Policies in France Affect Inequality?

Raphael A. Espinoza, Esther Perez Ruiz

Working Paper 16/42

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Nadim Kyriakos-Saad, Manuel Vasquez, Chady El Khoury, Arz El Murr

Working Paper 16/43

G-20 Data Gaps Initiative II: Meeting the Policy Challenge

Robert M. Heath, Evrim Bese Goksu

Working Paper 16/44

What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?

Adolfo Barajas, Ralph Chami, Christian Ebeke, Anne Oeking

Working Paper 16/45

A Closer Look at Sectoral Financial Linkages in Brazil I: Corporations’ Financial Statements

Izabela Karpowicz, Fabian Lipinsky, Jongho Park

Working Paper 16/46

Sustainability and Equity Challenges: Some Arithmetic on Lebanon’s Pension System

Mariusz Jarmuzek, Najla Nakhle

Working Paper 16/47

Macroeconomic Impact of Product and Labor Market Reforms on Informality and Unemployment in India

Rahul Anand, Purva Khera

Working Paper 16/48

Sharing the Growth Dividend: Analysis of Inequality in Asia

Sonali Jain-Chandra, Tidiane Kinda, Kalpana Kochhar, Shi Piao, Johanna Schauer

Working Paper 16/49

Individual Choice or Policies? Drivers of Female Employment in Europe

Lone Engbo Christiansen, Huidan Lin, Joana Pereira, Petia Topalova, Rima Turk

Working Paper 16/50

Gender Diversity in Senior Positions and Firm Performance: Evidence from Europe

Lone Engbo Christiansen, Huidan Lin, Joana Pereira, Petia Topalova, Rima Turk

Working Paper 16/51

China’s Imports Slowdown: Spillovers, Spillins, and Spillbacks

Alexei Kireyev, Andrei Leonidov

Working Paper 16/52

Singapore’s Export Elasticities: A Disaggregated Look into the Role of Global Value Chains and Economic Complexity

Elif Arbatli, Gee Hee Hong

Working Paper 16/53

Caribbean Energy: Macro-Related Challenges

Arnold McIntyre, Ahmed El-Ashram, Marcio Ronci, Julien Reynaud, Natasha Xingyuan Che, Ke Wang, Sebastian Acevedo Mejia, Mark Scott Lutz

Working Paper 16/54

Has Globalization Really Increased Business Cycle Synchronization?

Eric Monnet, Damien Puy

Working Paper 16/55

Inflation Targeting and Exchange Rate Management in Less Developed Countries

Marco Airaudo, Edward F. Buffie, Luis-Felipe Zanna

Working Paper 16/56

Seeing in the Dark: A Machine-Learning Approach to Nowcasting in Lebanon

Andrew Tiffin

Working Paper 16/57

Dynamic Connectedness of Asian Equity Markets

Roberto Guimarães-Filho, Gee Hee Hong

Working Paper 16/58

Unconventional Policy Instruments in the New Keynesian Model

Zineddine Alla, Raphael A. Espinoza, Atish R. Ghosh

Working Paper 16/59

Stochastic Trends, Debt Sustainability and Fiscal Policy

Karim Barhoumi, Reda Cherif, Nooman Rebei

Working Paper 16/60

Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

Shafik Hebous, Tom Zimmermann

Working Paper 16/61

Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth

Tiago Cavalcanti, Daniel Da Mata, Frederik G. Toscani

Working Paper 16/62

When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies

Anna Rose Bordon, Christian Ebeke, Kazuko Shirono

Working Paper 16/63

China’s Slowdown and Global Financial Market Volatility: Is World Growth Losing Out?

Paul Cashin, Kamiar Mohaddes, Mehdi Raissi

Working Paper 16/64

Bank Solvency and Funding Cost

Christoph Aymanns, Carlos Caceres, Christina Daniel, Liliana Schumacher

Working Paper 16/65

Natural Disasters and Food Crises in Low-Income Countries: Macroeconomic Dimensions

Olumuyiwa Adedeji, Jana Gieck-Bricco, Vera V. Kehayova

Working Paper 16/66

Serial Sovereign Defaults and Debt Restructurings

Tamon Asonuma

Working Paper 16/67

Foreign Exchange Intervention under Policy Uncertainty

Gustavo Adler, Ruy Lama, Juan Pablo Medina Guzman

Working Paper 16/68

Tax Administration Reform in China: Achievements, Challenges, and Reform Priorities

John Brondolo, Zhiyong Zhang

Working Paper 16/69

Optimal Fiscal Adjustment under Uncertainty

Rossen Rozenov

Working Paper 16/70

Implications of Food Subsistence for Monetary Policy and Inflation

Rafael Portillo, Luis-Felipe Zanna, Stephen A. O’Connell, Richard Peck

Working Paper 16/71

Nowcasting Annual National Accounts with Quarterly Indicators: An Assessment of Widely Used Benchmarking Methods

Marco Marini

Working Paper 16/72

Monetary Policy in the Presence of Islamic Banking

Mariam El Hamiani Khatat

Working Paper 16/73

Financial Stability and Interest-Rate Policy: A Quantitative Assessment of Costs and Benefits

Andrea Pescatori, Stefan Laseen

Working Paper 16/74

Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden

Jiaqian Chen, Francesco Columba

Working Paper 16/75

Trilemma or Dilemma: Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates

Luca Antonio Ricci, Wei Shi

Working Paper 16/76

Credit, Securitization, and Monetary Policy: Watch Out for Unintended Consequences

Andrea Pescatori, Juan Sole

Working Paper 16/77

Reassessing the Productivity Gains from Trade Liberalization

JaeBin Ahn, Era Dabla-Norris, Romain A. Duval, Bingjie Hu, Lamin Njie

Working Paper 16/78

Macroeconomic Dimensions of Public-Private Partnerships

Edward F. Buffie, Michele Andreolli, Bin Grace Li, Luis- Felipe Zanna

Working Paper 16/79

Fiscal Multipliers for Brazil

Troy Matheson, Joana Pereira

Working Paper 16/80

Understanding Corporate Vulnerabilities in Latin America

Carlos Caceres, Fabiano Rodrigues Bastos

Working Paper 16/81

Advancing Financial Development in Latin America and the Caribbean

Dyna Heng, Anna Ivanova, Rodrigo Mariscal, Uma Ramakrishnan, Joyce Wong

Working Paper 16/82

Structural Reform and Growth: What Really Matters? Evidence from the Caribbean

Kevin Greenidge, Meredith A. McIntyre, Hanlei Yun

Working Paper 16/83

Amortization Requirements May Increase Household Debt: A Simple Example

Lars E. O. Svensson

Working Paper 16/84

Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe

Ananya Kotia, Victor Duarte Lledo

Working Paper 16/85

Power It Up: Strengthening the Electricity Sector to Improve Efficiency and Support Economic Activity

Gabriel Di Bella, Francesco Grigoli

Working Paper 16/86

Fiscal Councils: Rationale and Effectiveness

Roel M. W. J. Beetsma, Xavier Debrun

Working Paper 16/87

Mitigating the Deadly Embrace in Financial Cycles: Countercyclical Buffers and Loan-to-Value Limits

Jaromir Benes, Douglas Laxton, Joannes Mongardini

Working Paper 16/88

Post-Crisis International Banking: An Analysis with New Regulatory Survey Data

Hibiki Ichiue, Frederic Lambert

Working Paper 16/89

The Cost of Foreign Exchange Intervention: Concepts and Measurement

Gustavo Adler, Rui Mano

Working Paper 16/90

VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries

Bin Grace Li, Stephen A. O’Connell, Christopher Adam, Andrew Berg, Peter Montiel

Working Paper 16/91

Crisis Transmission in the Global Banking Network

Galina Hale, Tümer Kapan, Camelia Minoiu

Working Paper 16/92

Optimal Reserves in Financially Closed Economies

Olivier Jeanne, Damiano Sandri

Working Paper 16/93

Shifting the Beveridge Curve: What Affects Labor Market Matching?

Elva Bova, João Tovar Jalles, Christina Kolerus

Working Paper 16/94

Effective Macroprudential Policy: Cross-Sector Substitution from Price and Quantity Measures

Janko Cizel, Jon Frost, Aerdt Houben, Peter Wierts

Working Paper 16/95

Dispelling Fiscal Illusions: How Much Progress Have Governments Made in Getting Assets and Liabilities on Balance Sheet?

Timothy Irwin

Working Paper 16/96

Structural Reform in Germany

Tom Krebs, Martin Scheffel

Working Paper 16/97

Financial De-Dollarization: A Global Perspective and the Peruvian Experience

Luis Catão, Marco Terrones

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.