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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

Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?

Aizenman, Joshua - 1999

lender side (i.e., the anticipation that the taxpayer will bailout lending banks if large default will occur) and sovereign … increase with the expected bailout. Such a policy induces the lender to internalize the expected tax payer cost of the bailout …. Thus a more generous bailout that is accompanied by an optimal adjustment in the lender's reserve requirements exactly …

Persistent link: https://www.econbiz.de/10012471796

Uncertainty and the Disappearance of International Credit

Aizenman, Joshua - 1999

We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight...

Persistent link: https://www.econbiz.de/10012471396

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

Sterilization, Monetary Policy, and Global Financial Integration

Aizenman, Joshua - 2008

This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments...

Persistent link: https://www.econbiz.de/10012464745

Central Bank Swap Arrangements in the COVID-19 Crisis

Aizenman, Joshua; Itō, Hiro; Pasricha, Gurnain Kaur - National Bureau of Economic Research - 2021

recipient economies' close trade ties with the US. Higher US bank and trade exposure to an economy increases its access to …

Persistent link: https://www.econbiz.de/10012496139

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

The Resilience of Central, Eastern and Southeastern Europe (CESEE) Countries During ECB's Monetary Cycles

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

variables for financial development, central bank independence, and the inflation rate preceding the cycles. These findings may …

Persistent link: https://www.econbiz.de/10015072898