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Challenges to Globalization : Analyzing the Economics

Aizenman, Joshua (contributor); … - 2007

People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO,...

Persistent link: https://www.econbiz.de/10014488302

The financial crisis and sizable international reserves depletion: From ‘fear of floating’ to the ‘fear of losing international reserves’?

Aizenman, Joshua; Sun, Yi - In: International Review of Economics & Finance 24 (2012) C, pp. 250-269

We explain the size of international reserve depletion during the global crisis, where only about half of the EMs drew down their reserves as part of the adjustment mechanism. Countries that internalized their large exposure to trade shocks before the crisis, used their IR as a buffer stock in...

Persistent link: https://www.econbiz.de/10010943004

Financial Opening: Evidence and Policy Options

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2002

This paper evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of financial crises. We point out that there is solid evidence...

Persistent link: https://www.econbiz.de/10005084567

Ex Ante Carrots instead of Ex Post Sticks: Two Examples

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2005

. IFIs financing may shift the equilibrium from an inefficient outcome with a low tax base and high inflation to a superior … outcome, associated with a more sound tax system. …

Persistent link: https://www.econbiz.de/10005084580

Endogenous Financial and Trade Openness

Aizenman, Joshua; Noy, Ilan - National Bureau of Economic Research (NBER) - 2004

This paper studies the endogenous determination of financial and trade openness. First, we outline a theoretical framework leading to two-way feedbacks between the different modes of openness; next, we identify these feedbacks empirically. We find that one standard deviation increase in...

Persistent link: https://www.econbiz.de/10005084772

Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007

Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries …, unlike their negative impact on the average manufacturing growth rate. FDI inflows exhibit a positive association with …

Persistent link: https://www.econbiz.de/10009226941

Capital flows: Catalyst or Hindrance to economic takeoffs?

Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011

inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and … commodity terms of trade. Average level of FDI inflows is associated with a 23 percent higher takeoff probability relative to a … zero FDI inflow benchmark, and this effect is highest for the Latin America subsample, with a 65 rise in takeoff …

Persistent link: https://www.econbiz.de/10009228892

Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010

Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - National Bureau of Economic Research (NBER) - 2011

We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI … FDI - both inflows and outflows - and growth. The relationship between growth and equity flows is smaller and less stable …

Persistent link: https://www.econbiz.de/10009325532

The internationalization of venture capital

Aizenman, Joshua; Kendall, Jake - In: Journal of Economic Studies 39 (2012) 5, pp. 488-511

Purpose – The purpose of this paper is to investigate the factors which affect the market for international venture capital (VC) investments, relying on comprehensive deal-level data sources, covering three decades and about 100 countries. Design/methodology/approach – A gravity analysis...

Persistent link: https://www.econbiz.de/10010814560

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma

Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...

Persistent link: https://www.econbiz.de/10008634683