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

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

Volume/Issue: 2015/205

Series: IMF Working Papers

Author(s): Rahul Anand , Eswar Prasad , and Boyang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513572574.001

ISBN: 9781513572574

Keywords: monetary policy framework, core inflation, headline inflation, financial frictions, inflation, economies, welfare, Monetary Policy (Targets, Instruments, and Effects),

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of d...

Rising BRICs and Changes in Sub-Saharan Africa's Business Cycle Patterns

Rising BRICs and Changes in Sub-Saharan Africa's Business Cycle Patterns »

Volume/Issue: 2014/35

Series: IMF Working Papers

Author(s): Oumar Diallo , and Sampawende Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2014

DOI: http://dx.doi.org/10.5089/9781484306598.001

ISBN: 9781484306598

Keywords: Business Cycle Synchronicity, and the BRICs., trade intensity, trading partners, industry trade, impact of trade, General,

This paper assesses the extent to which Sub-Saharan Africa (SSA)'s business cycle is synchronized with that of the rest of the world (RoW). Findings suggest that SSA's business cycle has not only moved in the same...

Exchange Rate Volatility Under Peg
			: Do Trade Patterns Matter?

Exchange Rate Volatility Under Peg : Do Trade Patterns Matter? »

Volume/Issue: 2012/73

Series: IMF Working Papers

Author(s): Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502251.001

ISBN: 9781475502251

Keywords: Basket peg, hard peg, exchange rate volatility, WAEMU, exchange rate, effective exchange rate, trading partners, nominal effective exchange rate, International Monetary Arrangements and Institutions,

This paper assesses the role of trade patterns in shaping the volatility of the effective exchange rate under two alternative peg regimes: a hard peg to a single currency and a peg to a basket of currencies. I link...

Firm Productivity, innovation and Financial Development

Firm Productivity, innovation and Financial Development »

Volume/Issue: 2010/49

Series: IMF Working Papers

Author(s): Genevieve Verdier , Erasmus Kersting , and Era Dabla-Norris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

DOI: http://dx.doi.org/10.5089/9781451963250.001

ISBN: 9781451963250

Keywords: innovation, survey data, financial development., survey, dummy variable, equation, stock market, Innovation and Invention: Processes and Incentives, Financial Development, General Financial Markets,

How do firm-specific actions-in particular, innovation-affect firm productivity? And what is the role of the financial sector in facilitating higher productivity? Using a rich firm-level dataset, we find that innov...

Tourism Specialization and Economic Development
			: Evidence from the UNESCO World Heritage List

Tourism Specialization and Economic Development : Evidence from the UNESCO World Heritage List »

Volume/Issue: 2009/176

Series: IMF Working Papers

Author(s): John Piotrowski , Rabah Arezki , and Reda Cherif

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

DOI: http://dx.doi.org/10.5089/9781451873238.001

ISBN: 9781451873238

Keywords: economic development and growth and instrumental variables, unesco world heritage, heritage, world heritage,

The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumenta...

Robbing the Riches
			: Capital Flight, Institutions, and Instability

Robbing the Riches : Capital Flight, Institutions, and Instability »

Volume/Issue: 2005/199

Series: IMF Working Papers

Author(s): Sweta Saxena , Meenakshi Rishi , and Valerie Cerra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

DOI: http://dx.doi.org/10.5089/9781451862188.001

ISBN: 9781451862188

Keywords: Institutions, external debt, debt accumulation, external borrowing, short-term debt, International Factor Movements and International Business: General, International Lending and Debt Problems,

Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the first attempt to test whether unsound macroeconomic policies or weak institutions lead to capital...