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Global Shocks, Institutional Development, and Trade Restrictions : What Can We Learn from Crises and Recoveries Between 1990 and 2022?

Aizenman, Joshua; Itō, Hiro; Park, Donghyun; Saadaoui, … - National Bureau of Economic Research - 2025

The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century …

Persistent link: https://www.econbiz.de/10015409788

How Institutions Interact with Exchange Rates After the 2024 US Presidential Election : New High-Frequency Evidence

Aizenman, Joshua; Saadaoui, Jamel - National Bureau of Economic Research - 2024

This paper is a case study of the exchange rate adjustments during the first week following the swapping US election results. We compute three measures of exchange rate depreciation: the maximum depreciation during the 1st trading day after November 6 UTC 0:00 to capture the reaction on the...

Persistent link: https://www.econbiz.de/10015145144

Allander Series : Skill Policies for Scotland

Heckman, James J. - 2005

This paper argues that skill formation is a life-cycle process and develops the implications of this insight for Scottish social policy. Families are major producers of skills, and a successful policy needs to promote effective families and to supplement failing ones. We present evidence that...

Persistent link: https://www.econbiz.de/10012467655

Managing Volatility and Crises : A Practitioner's Guide Overview

Aizenman, Joshua - 2004

This overview introduces and summarizes the findings of a practical volume on managing volatility and crises. The interest in these topics stems from the growing recognition that non-linearities tend to magnify the impact of economic volatility leading to large output and economic growth costs,...

Persistent link: https://www.econbiz.de/10012468091

Military Expenditure, Threats, and Growth

Aizenman, Joshua - 2003

This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of...

Persistent link: https://www.econbiz.de/10012469080

The Impacts of Crises on the Trilemma Configurations

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022

The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...

Persistent link: https://www.econbiz.de/10013362059

Newer Need Not be Better : Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights

Pinkovskiy, Maxim - 2016

Penn World Tables and of the World Development Indicators better estimate true income per capita. We find that revisions of …-price series in both PWT 8.0 and PWT 8.1, the two most recent vintages of the PWT. We additionally find that the World Development … Indicators are as good, and often better, measures of unobserved true income as are any recent vintages of the Penn World Tables …

Persistent link: https://www.econbiz.de/10012456459

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Pasricha, Gurnain - 2015

Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...

Persistent link: https://www.econbiz.de/10012457844

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

Aizenman, Joshua - 2014

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...

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

China's Growth, Stability, and Use of International Reserves

Aizenman, Joshua - 2013

Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a...

Persistent link: https://www.econbiz.de/10012458924