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Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard - 2000

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

Persistent link: https://www.econbiz.de/10012471007

Financial Liberalization in Latin-America in the 1990s : A Reassessment

Aizenman, Joshua - 2005

savings and investments were taxed in an arbitrary and unpredictable way, the credibility of a new regime could not be assumed …

Persistent link: https://www.econbiz.de/10012467540

Sources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries?

Aizenman, Joshua - 2004

' associated with increasing the financing share of foreign savings. In fact, the evidence suggests the opposite: throughout the …

Persistent link: https://www.econbiz.de/10012468068

Optimal Buffer Stocks and Precautionary Savings with Disappointment Aversion

Aizenman, Joshua - 1995

Developing countries use various risk reduction schemes, ranging from active management of buffer stocks and international reserves to commodity stabilization funds. The purpose of this paper is to reexamine the design of these schemes in a generalized expected utility maximization model where...

Persistent link: https://www.econbiz.de/10012473508

The Interest Rate Effect on Private Saving : Alternative Perspectives

Aizenman, Joshua - 2016

Using an uneven panel of 135 countries from 1995 to 2014, we investigate the link between interest rates and private saving, and focus on whether the interest rate effect is dominated by the income (i.e., negative) or the substitution (i.e., positive) effect. With the baseline estimation, we...

Persistent link: https://www.econbiz.de/10012455808

Precautionary Strategies and Household Saving

Aizenman, Joshua - 2015

Why do people save? A strand of the literature has emphasized the role of 'precautionary' motives; i.e., private agents save in order to mitigate unexpected future income shocks. An implication is that in countries faced with more macroeconomic volatility and risk, private saving should be...

Persistent link: https://www.econbiz.de/10012457649

International Reserves Before and After the Global Crisis : Is There No End to Hoarding?

Aizenman, Joshua - 2014

, possibly reflecting high-income countries' tendency to deploy their savings in the global capital markets. The presence of …

Persistent link: https://www.econbiz.de/10012458280

Saving and the Long Shadow of Macroeconomic Shocks

Aizenman, Joshua - 2013

The global crisis of 2008 raises many questions regarding the long-term response to crises. We know that households that lost access to credit, for example, were forced to adjust and increase saving. But, will households keep on saving more than they would have done otherwise had the global...

Persistent link: https://www.econbiz.de/10012459594

Sectoral Debt and Global Dollar Cycles in Developing Economies

Han, Bada; Ahmed, Rashad; Aizenman, Joshua; Jinjarak, Yothin - National Bureau of Economic Research - 2024

We explore the role of sectoral debt dynamics in shaping business cycles in a sample of 52 Emerging Market Economies (EMEs) and Frontier Market Economies (FMEs) from 2005 to 2021. Higher household debt levels and growth are associated with significantly slower GDP growth in more developed EMEs...

Persistent link: https://www.econbiz.de/10014486174