Similar Search Results

From the great moderation to the global crisis : exchange market pressure in the 2000s

Aizenman, Joshua; Yi, Chae-u; Sushko, Vladyslav - 2010

This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...

Persistent link: https://www.econbiz.de/10008688979

Exchange market pressure and absorption by international reserves : emerging markets and fear of reserve loss during the 2008-09 crisis

Aizenman, Joshua; Hutchison, Michael M. - 2010

This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...

Persistent link: https://www.econbiz.de/10008689043

The financial crisis and sizable international reserves depletion : from "fear of floating" to the "fear of losing international reserves"?

Aizenman, Joshua; Sun, Yi - 2009

This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...

Persistent link: https://www.econbiz.de/10003921456

Macro prudential supervision in the open economy, and the role of central banks in emerging markets

Aizenman, Joshua - 2010

In this paper we explore lessons from the global liquidity crisis pertaining to the prudential supervision role of central bank in an open economy. The narrow view of the role of central banks has been seriously challenged by the global liquidity crisis of 2008-9. The crisis validates central...

Persistent link: https://www.econbiz.de/10003921542

Managing financial integration and capital mobility : policy lessons from the past two decades

Aizenman, Joshua; Pinto, Brian - 2011

The accumulated experience of emerging markets over the last two decades has laid bare the tenuous links between external financial integration and faster growth on the one hand and the proclivity of such integration to fuel costly crises on the other. These crises have not gone without...

Persistent link: https://www.econbiz.de/10009270003

Selective swap arrangements and the global financial crisis : analysis and interpretation

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2009

The onset of the US credit crisis in 2008, and its rapid globalization induced the FED to extend unprecedented swap-lines of 30 billion dollars to four emerging markets, and the proliferation of other cross-countries selective swap arrangements. This paper explores the logic for these...

Persistent link: https://www.econbiz.de/10003840319

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-09

Adrian, Tobias - 2012

The financial crisis of 2007-09 has sparked keen interest in models of financial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence suggests that although bank lending contracted during...

Persistent link: https://www.econbiz.de/10013113163

Determinants of financial stress and recovery during the great recession

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2010

In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price...

Persistent link: https://www.econbiz.de/10008689040

What is the risk of European sovereign debt defaults? : fiscal space, CDS spreads and market mispricing of risk

Aizenman, Joshua; Hutchison, Michael M.; Jinjarak, Yothin - 2011

model predicts CDS spreads based on fundamentals, and determine whether the model explains spreads equally well in the Euro … sovereign debt crisis swept over Euro area. To gain further insight, we "match" the PIIGS with 5 middle income countries outside … countries. -- CDS spreads ; sovereign risk ; fiscal space ; PIIGS and the Euro area ; fiscal space …

Persistent link: https://www.econbiz.de/10008857043

Net fiscal stimulus during the great recession

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2011

This paper studies the patterns of fiscal stimuli in the OECD countries propagated by the global crisis. Overall, we find that the USA net fiscal stimulus was modest relative to peers, despite it being the epicenter of the crisis, and having access to relatively cheap funding of its twin...

Persistent link: https://www.econbiz.de/10008857046