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Volatility, employment and the patterns of FDI in emerging markets

Aizenman, Joshua - 2002

even for risk neutral multinationals, as their profit function is non-linear due to price and productivity effects. For … of productivity shocks in an emerging market producing the intermediate inputs reduces the multinationals' expected … in each country to productivity shocks, channeling the average employment from the more to the less volatile location …

Persistent link: https://www.econbiz.de/10012469306

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

Aizenman, Joshua - 2004

This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past...

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

Endogenous Financial Openness : Efficiency and Political Economy Considerations

Aizenman, Joshua - 2003

This paper studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital...

Persistent link: https://www.econbiz.de/10012468550

Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI

Aizenman, Joshua - 2002

to be lower for domestic entrepreneurs than for foreign ones, but foreign producers enjoy a countervailing productivity …

Persistent link: https://www.econbiz.de/10012469382

Investment in New Activities and the Welfare Cost of Uncertainty

Aizenman, Joshua - 1995

Recent literature has highlighted the importance of new activities in development and growth. It was shown that trade distortions such as tariffs are associated with first-order costs stemming from the induced drop in the formation of new activities. This paper demonstrates that uncertainty may...

Persistent link: https://www.econbiz.de/10012473852

Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua - 2013

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

Persistent link: https://www.econbiz.de/10012459214

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