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A Comparison
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fas...
This paper studies the transmission of bank capital shocks to loan supply in Indonesia. A series of theoretically founded dynamic panel data models ar...
In the United States and a few European countries, inventory behavior is mainly the outcome of demand shocks: a standard buffer-stock model best chara...
What Can Bank Excess Liquid Assets Tell Us?
A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand sugges...
Statistical Appendix
The Selected Issues paper and Statistical Appendix assesses the prospects of future capital flows to Poland. The paper briefly reviews the theory behi...
We examine the extent to which developing countries that do little, if any, research and development themselves benefit from R&D that is performed in ...
Evidence From Uruguay
Both analytical models and casual empiricism suggest that the timing of the recessionary costs associated with inflation stabilization in chronic infl...
In the presence of adverse macroeconomic shocks, simultaneous capital losses in multiple banks can prompt them to contract their balance sheets. These...
This paper compares business cycles in Asia and in Latin America using structural vector autoregression analysis with panel data. The evidence for cou...
The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countrie...
A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shock...
This paper applies the models used to study yield curve dynamics and spillovers in the U.S. and other countries to Central and Eastern European countr...
Analytical Framework and Econometric Evidence
This paper examines the links between capital inflows and the real exchange rate under pegged exchange rates. The analytical framework is described, a...
Brazil and Korea
This paper studies the sources of macroeconomic fluctuations in developing countries using a structural VAR approach. Identification of the sources is...
An Empirical Exploration
The revised Bank of Korea Act states that the primary goal of monetary policy is price stability, suggesting that monetary policy will move toward an ...
The empirical analysis in "International R&D Spillovers" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation ...
Recurring balance of payments crises in countries that pursued import substitution have led some of them to establish a variety of export incentives, ...
The Role of Domestic and External Factors
This paper examines the effects of capital inflows and domestic factors on Brazil’s real exchange rate. It describes the analytical framework, and t...
Evidence From Costa Rica
This paper develops a model to estimate the effects of export subsidies on the supply of exports. Using data for Costa Rica over the 1980’s, it is s...
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, c...
This paper provides preliminary econometric evidence suggesting that the traditional trade-based business cycle linkages between the North and the Sou...
Keller (1998) reexamines Coe and Helpman’s (1995) analysis of international R&D spillovers focusing on the weights used to define the foreign R&D ca...
Is Africa Unusual?
We estimate a gravity model to address the question of whether Africa’s bilateral trade with industrial countries is “unusual” compared with oth...
This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go sys...
This Selected Issues paper for Austria looks at the fiscal burden facing Austria owing to aging, and the policy steps necessary to address it. It give...
Macroeconomic Insurance Through Pension Reform in Cyprus
How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower i...
Evidence from Uruguay
Research on the sources of inflation in developing countries has often led economists to distinguish between the fiscal view and the balance-of-paymen...
This paper examines the extent to which the Japanese asset price cycle of the 1980s was determined by monetary factors, the real business cycle, and f...
Evidence From Spain
Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail...
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