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Toward New Horizons : Arab Economic Transformation amid Political Transition

Author/Editor: Harald Finger, Daniela Gressani.

Release Date: April, 2014

Price: $25.00

The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of more...



Efficient Energy Investment and Fiscal Adjustment in Senegal

Author/Editor: Salifou Issoufou, Edward F. Buffie, Mouhamadou Bamba Diop, Kalidou Thiaw.

Release Date: March, 2014

Price: $18.00

Senegal's fiscal deficit and public debt have been on the rise in recent years owing partly to an ailing and inefficient oil-based energy sector. In this paper we use a two-sector, open-economy, more...



Deep Roots of Fiscal Behavior

Author/Editor: Serhan Cevik, Katerina Teksoz.

Release Date: March, 2014

Price: $18.00

This paper investigates the determinants of fiscal policy behavior and its time-varying volatility, using panel data for a broad set of advanced and emerging market economies during the period more...



Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?

Author/Editor: Eva Jenkner, Zhongjin Lu.

Release Date: January, 2014

Price: $18.00

Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these entities would be bailed out by their central government in case of financial more...



Real Exchange Rate Appreciation in Emerging Markets: Can Fiscal Policy Help?

Author/Editor: Marialuz Moreno Badia, Alex Segura-Ubiergo.

Release Date: January, 2014

Price: $18.00

A number of emerging markets have experienced substantial real exchange rate appreciationin recent years, generating concerns about competitiveness and prompting policymakers torespond with a more...



Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach

Author/Editor: Lorenzo Forni, Massimiliano Pisani.

Release Date: December, 2013

Price: $18.00

We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical more...



The Benefits of International Policy Coordination Revisited

Author/Editor: Jaromir Benes, Michael Kumhof, Douglas Laxton, Dirk Muir, Susanna Mursula.

Release Date: December, 2013

Price: $18.00

This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in more...



Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Author/Editor: Laura Jaramillo, Anke Weber.

Release Date: December, 2013

Price: $18.00

While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper more...



Policy Analysis and Forecasting in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Author/Editor: Francis Vitek.

Release Date: December, 2013

Price: $18.00

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate more...



This Time They Are Different: Heterogeneity and Nonlinearity in the Relationship Between Debt and Growth

Author/Editor: Markus Eberhardt, Andrea Presbitero.

Release Date: December, 2013

Price: $18.00

We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the more...



Local Government Financing Platforms in China : A Fortune or Misfortune?

Author/Editor: Yinqiu Lu, Tao Sun.

Release Date: December, 2013

Price: $18.00

China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and more...



The Investment-Financing-Growth Nexus: The Case of Liberia

Author/Editor: Will Clark, Manuel Rosales.

Release Date: November, 2013

Price: $18.00

Liberia is facing large infrastructure gaps and developmental needs that constrain the country’s growth potential. The government has set an ambitious agenda to transform the economy and to reach more...



Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Author/Editor: Emanuele Baldacci, Sanjeev Gupta, Carlos Mulas-Granados.

Release Date: November, 2013

Price: $18.00

This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 more...



Fiscal Consolidations and Growth: Does Speed Matter?

Author/Editor: Steven Pennings, Esther Pérez Ruiz.

Release Date: November, 2013

Price: $18.00

Should fiscal consolidations be front-loaded or proceed at a more steady pace, and how does this affect growth? We make an attempt to address this question using a three-step methodology. First, we more...



Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Author/Editor: Giancarlo Corsetti, Keith Kuester, André Meier, Gernot J Mueller.

Release Date: November, 2013

Price: $18.00

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary more...



Cyclical Fiscal Rules for Oil-Exporting Countries

Author/Editor: Stephen Snudden.

Release Date: November, 2013

Price: $18.00

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other more...



Fiscal Discipline in WAEMU: Rules, Institutions, and Markets

Author/Editor: Ermal Hitaj, Yasin Kursat Onder.

Release Date: October, 2013

Price: $18.00

This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the more...



Growth Following Investment and Consumption-Driven Current Account Crises

Author/Editor: Alexander Klemm.

Release Date: October, 2013

Price: $18.00

Current account deficits imply increasing liabilities to the rest of the world. External sustainability then depends on whether these can be met in the future without defaulting, i.e., normally more...



Fiscal Consolidation in the Euro Area : How Much Can Structural Reforms Ease the Pain?

Author/Editor: Derek Anderson, Benjamin L Hunt, Stephen Snudden.

Release Date: October, 2013

Price: $18.00

The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation more...



Trade Linkages, Balance Sheets, and Spillovers: The Germany-Central European Supply Chain

Author/Editor: Selim Elekdag, Dirk Muir.

Release Date: October, 2013

Price: $18.00

Germany and the Czech Republic, Hungary, Poland, and Slovakia (the CE4) have been in aprocess of deepening economic integration which has lead to the development of a dynamicsupply chain within more...



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