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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...



Toward A Fiscal Union for the Euro Area

Author/Editor: Céline Allard, Petya Koeva Brooks, John C Bluedorn, Fabian Bornhorst, Franziska L Ohnsorge, Katharine M Christopherson Puh.

Release Date: September, 2013

Price: $10.00

This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged more...



Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery

Author/Editor: Manuela Goretti, Marcos Souto.

Release Date: June, 2013

Price: $18.00

High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of more...



External Imbalances in the Euro Area

Author/Editor: Ruo Chen, Gian-Maria Milesi-Ferretti, Thierry Tressel.

Release Date: September, 2012

Price: $18.00

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional more...



The Trade Impact of China on EMU: Is It Even Across Members?

Author/Editor: Uffe Mikkelsen, Esther Pérez Ruiz.

Release Date: September, 2012

Price: $18.00

This paper investigates the asymmetries in trade spillovers from sector-specific technology shocks in China to selected euro area countries. We use a Ricardian-gravity trade model to estimate more...



Euro Area Policies : Staff Report for the 2012 Article IV Consultation with Member Countries

Release Date: July, 2012

Price: $18.00

The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north” and abroad to perceived more...



Euro Area Policies : 2012 Article IV Consultation: Selected Issues Paper

Release Date: July, 2012

Price: $18.00

This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the more...



Republic of Poland: Selected Issues

Release Date: July, 2012

Price: $18.00

Paths to Eurobonds

Author/Editor: Stijn Claessens, Ashoka Mody, Shahin Vallée.

Release Date: July, 2012

Price: $18.00

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the more...



Fiscal Rules in Response to the Crisis - Toward the "Next-Generation" Rules. A New Dataset

Author/Editor: Andrea Schaechter, Tidiane Kinda, Nina Budina, Anke Weber.

Release Date: July, 2012

Price: $18.00

Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles more...



Fostering Growth in Europe Now

Author/Editor: Bergljot Barkbu, Jesmin Rahman, Rodrigo O. Valdes.

Release Date: June, 2012

Price: $10.00

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are more...



Government Bonds and Their Investors: What Are the Facts and Do They Matter?

Author/Editor: Jochen R. Andritzky.

Release Date: June, 2012

Price: $18.00

This paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad more...



Welfare Effects of Monetary Integration: the Common Monetary Area and Beyond

Author/Editor: Tamon Asonuma, Xavier Debrun, Paul R. Masson.

Release Date: May, 2012

Price: $18.00

This paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) more...



Regional Economic Outlook, April 2012, Asia and Pacific : Managing Spillovers and Advancing Economic Rebalancing

Release Date: April, 2012

Price: $35.00

Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012, according to this report, and now more...



Structural Reforms and Regional Convergence

Author/Editor: Antonio Spilimbergo, Natasha Xingyuan Che.

Release Date: April, 2012

Price: $18.00

Which structural reforms affect the speed the regional convergence within a country? We found that domestic financial development, trade/current account openness, better institutional more...



Narrowing Vertical Fiscal Imbalances in Four European Countries

Author/Editor: Izabela Karpowicz.

Release Date: March, 2012

Price: $18.00

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues more...



The Eastern Caribbean Currency Union: Would a Fiscal Insurance Mechanism Mitigate National Income Shocks?

Author/Editor: Antonio Lemus, Paul Cashin.

Release Date: January, 2012

Price: $18.00

This paper studies the nature of the shocks affecting the Eastern Caribbean Currency Union (ECCU), and examines whether a hypothetical Eastern Caribbean fiscal insurance mechanism could insure member more...



Capital Market Integration: Progress Ahead of the East African Community Monetary Union

Author/Editor: Masafumi Yabara.

Release Date: January, 2012

Price: $18.00

Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in more...



Kingdom of the Netherlands - Curaao and Sint Maarten: 2011 Article IV Consultation - Staff Report; Informational Annex; and Public Information Notice on the Executive Board Discussion

Release Date: December, 2011

Price: $18.00

Desynchronized : The Comovement of Non-Hydrocarbon Business Cycles in the GCC

Author/Editor: Serhan Cevik.

Release Date: December, 2011

Price: $18.00

This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of more...



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