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The Financial Trilemma in China and a Comparative Analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Economics Department, University of California-Santa … - 2012
globalization. In thispaper we overview and contrast the Trilemma policy choices and tradeoffs faced by thetwo key drivers of global … countries. Indialike other emerging economies has overtime converged towards a middle ground betweenthe three policy objectives …
Persistent link: https://www.econbiz.de/10011130564
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Central Banks and Gold Puzzles
Aizenman, Joshua; Inoue, Kenta - Economics Department, University of California-Santa … - 2012
We study the curious patterns of gold holding and trading by central banksduring 1979-2010. With the exception of several discrete step adjustments,central banks keep maintaining passive stocks of gold, independently of thepatterns of the real price of gold. We also observe the synchronization...
Persistent link: https://www.econbiz.de/10011130574
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From the Great Moderation to the global crisis: Exchange market pressure in the 2000s
Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - Economics Department, University of California-Santa … - 2010
This paper investigates the factors explaining exchange market pressures (EMP) and thehoarding and use of international reserves (IR) by emerging markets during the 2000s, as the GreatModeration turned to the 2008-9 global crisis and great recession. According to our results, bothfinancial and...
Persistent link: https://www.econbiz.de/10011130586
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Using Inflation to Erode the U.S. Public Debt
Aizenman, Joshua; Marion, Nancy - Economics Department, University of California-Santa … - 2009
As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since 1955. Projections indicate the debt ratio may be in the 70- 100 percent range within ten years. In many respects, the temptation to inflate away some of this debt burden is...
Persistent link: https://www.econbiz.de/10011130587
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What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - Economics Department, University of California-Santa … - 2011
We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax;deficits/tax) and other economic fundamentals over 2005-10. We measure how accurately themodel predicts sovereign credit default swap (CDS) spreads, focusing in particular on the fivecountries in the...
Persistent link: https://www.econbiz.de/10011130589
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Regional Inequality in India in the 1990s: A Further Look
Singh, Nirvikar; Kendall, Jake; Jain, R.K.; Chander, Jai - Economics Department, University of California-Santa … - 2013
This paper examines changes in regional inequality in India in the 1990s, using data for 59 of India’s 78 agro-climatic regions from the National Sample Survey. It extends the work of Singh et al. (2003) in two ways. First, it allows for differences in baseline growth performance across...
Persistent link: https://www.econbiz.de/10011130595
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The Impossible Trinity – from the Policy Trilemma to the Policy Quadrilemma
Aizenman, Joshua - Economics Department, University of California-Santa … - 2011
The policy Trilemma (the ability to accomplish only two policy objectives out of financialintegration, exchange rate … policy Quadrilemma. Emergingmarkets frequently coupled their growing financial integration with sizable hoarding of reserves … useful insights about the trade-offs andchallenges facing policy makers, investors, and central banks. …
Persistent link: https://www.econbiz.de/10011130601
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Capital flows and economic growth in the era of financial integration and crisis, 1990-2010
Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - Economics Department, University of California-Santa … - 2011
We investigate the relationship between economic growth and lagged internationalcapital flows, disaggregated into FDI, portfolio investment, equity investment, and shorttermdebt. We follow about 100 countries during 1990-2010 when emerging marketsbecame more integrated into the international...
Persistent link: https://www.econbiz.de/10011130605
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Macro prudential supervision in the open economy, and the role of central banks in Emerging Markets
Aizenman, Joshua - Economics Department, University of California-Santa … - 2010
at reducing susceptibility of economies to crises, and the need for external debt management policy in emerging markets …
Persistent link: https://www.econbiz.de/10011130610
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The Effects of Home Computers on Educational Outcomes: Evidence from a Field Experiment with Community College Students
Fairlie, Robert - Economics Department, University of California-Santa … - 2014
There is no clear theoretical prediction regarding whether home computers are an important input in the educational production function. To investigate the hypothesis that access to a home computer affects educational outcomes, we conduct the first-ever field experiment involving the provision...
Persistent link: https://www.econbiz.de/10011130611