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Macroeconomics Challenges and Resilience of Emerging Market Economies

Aizenman, Joshua - 2019

A Growing share of Emerging Markets (EMs) use hybrid versions of inflation targeting (IT) that differ from the IT regimes of OECD countries. Policy interest rates among commodity countries are impacted by real exchange rate and international reserves (IR) changes, aiming at stabilizing their...

Persistent link: https://www.econbiz.de/10012480306

Privatization in Emerging Markets

Aizenman, Joshua - 1998

This paper evaluates the welfare implications of privatization in emerging market economies, in countries where … policies are determined by the median voter. We show that privatization may lead to large efficiency gains by changing the menu … of taxes. We illustrate this point with two examples. First, we consider privatization of import competing public …

Persistent link: https://www.econbiz.de/10012472283

Vocational Education, Manufacturing, and Income Distribution : International Evidence and Case Studies

Aizenman, Joshua - 2017

Economic integration has brought about not only benefits and opportunities but also required adjustment, especially for the youth entering the labour force. The lower growth rates characterizing the post Global Financial Crisis era and the concerns about income inequality put to the fore the...

Persistent link: https://www.econbiz.de/10012453764

Income inequality, tax base and sovereign spreads

Aizenman, Joshua - 2012

This paper investigates the association between greater income inequality, de-facto fiscal space, and sovereign spreads. Using data from 50 countries in 2007, 2009 and 2011, we find that higher income inequality is associated with a lower tax base, lower de-facto fiscal space, and higher...

Persistent link: https://www.econbiz.de/10012460484

Successful Adjustment in a Multi-Sectoral Economy

Aizenman, Joshua - 1987

This study analyzes the adjustment to a fiscal reform in a dependent economy. It evaluates the economic factors that are relevant for making the choice between a cut in employment versus a cut in wages as a means of reducing the fiscal wage bill. We demonstrate that in the presence of costly...

Persistent link: https://www.econbiz.de/10012476867

Openness, Relative Prices and Macro Policies

Aizenman, Joshua - 1983

This paper analyzes the role of relative prices in the conduct of wage indexation and monetary policy in a small economy producing traded and non-traded goods under a flexible exchange rate regime. It is shown that the beneficial effect of using relative prices in addition to aggregate prices as...

Persistent link: https://www.econbiz.de/10012477864

U.S. Macro Policies and Global Economic Challenges

Aizenman, Joshua - 2020

This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and global stability. These strategies are discussed in the context of the debates about secular-stagnation versus debt-overhang, the fiscal theory of the...

Persistent link: https://www.econbiz.de/10012482451

External Debt, Planning Horizon and Distorted Credit Markets

Aizenman, Joshua - 1988

The purpose of this paper is to study the role of policies in the presence of country risk with overdiscounting by the policy maker. Overdiscounting may reflect political uncertainty, which makes the effective planning horizon of the centralized government shorter than that of the private...

Persistent link: https://www.econbiz.de/10012476402

The Eurocrisis : Muddling Through, or On the Way to a More Perfect Euro Union?

Aizenman, Joshua - 2014

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro to achieve a number of design objectives, and this...

Persistent link: https://www.econbiz.de/10012458424

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