Ukraine: The Cost of Weak Institutions; Andrew Tiffin; IMF Working Paper 06/167; July 1, 2006

Local Housing Market Cycle and Loss Given Default: Evidence from Sub-Prime Residential Mortgages; by Yanan Zhang, Lu Ji, and Fei Liu; IMF Working Paper 10/167; July 1, 2010

This paper studies the impact of housing market cycles on loss given default (LGD). Previous studies have shown that the current loan-to-value ratio (CLTV) is the most important determinant of LGD. This paper establishes another linkage which is between the house price cycles before the time of mortgage origination and LGD. The empirical analysis is based on a large loan-level sub-prime residen...

Corruption, Competition, and Contracts: A Model of Vote Buying; John Morgan and Felix Várdy; IMF Working Paper 06/11; January 1, 2006

Government Debt and Long-Term Interest Rates; Noriaki Kinoshita; IMF Working Paper 06/63; March 1, 2006

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper examines the relationship between government debt ...

Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies: Enrique G. Mendoza; IMF Working Paper No. 06/88; March 1, 2006

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper shows that the dominant view that the high variabi...

A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries; Luc Leruth and Elisabeth Paul; IMF Working Paper 06/204; September 1, 2006

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. A well-functioning public expenditure management (PEM) system...