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Trade Reforms, Credibility, and Development

Aizenman, Joshua - 1991

This paper analyzes the role of investment policies in regimes undergoing trade liberalization with policy makers of uncertain credibility. We consider an economy producing exportable and importable goods. The economy is liberalized, and tariffs are eliminated. The public views the reform...

Persistent link: https://www.econbiz.de/10012475420

Tariff Liberalization Policy and Financial Restrictions

Aizenman, Joshua - 1983

The purpose of this paper is to assess how restrictions on capital mobility affect adjustment to a tariff liberalization policy. This is done by comparing the adlustment process under free and restricted convertibility of foreign assets in a regime where the commercial exchange rate is pegged....

Persistent link: https://www.econbiz.de/10012477844

Endogenous Financial and Trade Openness

Aizenman, Joshua - 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/10012468197

On the Hidden Links Between Financial and Trade Opening

Aizenman, Joshua - 2003

's (exports + imports)/GDP is associated with a highly significant increase in financial openness [measured by (gross private … exports with the scale of these activities being proportional to the commercial openness of the economy. This linkage is …

Persistent link: https://www.econbiz.de/10012468791

Controlled Openness and Foreign Direct Investment

Aizenman, Joshua - 1997

The purpose of this paper is to offer an explanation of why a developing country may adopt a partial reform under which foreign direct investments are controlled. We consider a country where the ruling elite [referred to as State capital] prevents the entry of Foreign capital and taxes the...

Persistent link: https://www.econbiz.de/10012472688

The Fiscal Stimulus of 2009-10 : Trade Openness, Fiscal Space and Exchange Rate Adjustment

Aizenman, Joshua - 2011

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Persistent link: https://www.econbiz.de/10012461231

Inward Versus Outward Growth Orientation in the Presence of Country Risk

Aizenman, Joshua - 1989

The purpose of this paper is to model the role of trade dependency in determining the access of a developing economy to the international credit market, and its desirable growth strategy. With full integration of capital markets the choice with respect to the inwardness of a technology is...

Persistent link: https://www.econbiz.de/10012476188

The US as the "Demander of Last Resort" and its Implications on China's Current Account

Aizenman, Joshua - 2008

regressions account for not more than 2/3 of the variation. We apply the regression results to assess China's current account over …

Persistent link: https://www.econbiz.de/10012464194

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality

Aizenman, Joshua - 2008

This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...

Persistent link: https://www.econbiz.de/10012464794

Large Hoarding of International Reserves and the Emerging Global Economic Architecture

Aizenman, Joshua - 2007

patterns; and possibly even export promotion, though this mercantilist use of reserves remains debatable due to possible … coordination issues. Countries following an export oriented growth strategy may end up with competitive hoarding, akin to … competitive devaluations. The sheer size of China, and its lower sterilization costs suggests that China may be the winner of a …

Persistent link: https://www.econbiz.de/10012465374