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Liquidity and Foreign Asset Management Challenges for Latin American Countries
Aizenman, Joshua; Riera-Crichton, Daniel - National Bureau of Economic Research (NBER) - 2014
We analyze the degree to which the growing importance of sovereign wealth funds [SWFs] and the diffusion of inflation targeting and augmented Taylor rules have impacted the post crisis adjustment of Latin American Countries (LATAM) to the challenges associated with terms of trade and financial...
Persistent link: https://www.econbiz.de/10010951115
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The Connection between Imported Intermediate Inputs and Exports: Evidence from Chinese Firms
Swenson, Deborah L.; Feng, Ling; Li, Zhiyuan - National Bureau of Economic Research (NBER) - 2012
We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China's WTO entry as instruments. Our regression results show that...
Persistent link: https://www.econbiz.de/10010951193
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Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
Calvo, Guillermo; Izquierdo, Alejandro; Loo-Kung, Rudy - National Bureau of Economic Research (NBER) - 2012
This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are...
Persistent link: https://www.econbiz.de/10010951260
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International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
Aizenman, Joshua; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2005
This paper tests the importance of precautionary and mercantilist motives in accounting for the hoarding of international reserves by developing countries, and provides a model that quantifies the welfare gains from optimal management of international reserves. While the variables associated...
Persistent link: https://www.econbiz.de/10005084988
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Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
Aizenman, Joshua; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2006
The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...
Persistent link: https://www.econbiz.de/10005085040
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Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
Aizenman, Joshua; Pinto, Brian; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than...
Persistent link: https://www.econbiz.de/10009325534
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Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - National Bureau of Economic Research (NBER) - 2011
, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …
Persistent link: https://www.econbiz.de/10009395463
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10008634683
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International reserves and swap lines: substitutes or complements?
Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - National Bureau of Economic Research (NBER) - 2010
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such...
Persistent link: https://www.econbiz.de/10008634710
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The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies
Frankel, Jeffrey Alexander; Poonawala, Jumana - National Bureau of Economic Research (NBER) - 2006
any studies have replicated the finding that the forward rate is a biased predictor of the future change in the spot exchange rate. Usually the forward discount actually points in the wrong direction. But virtually all those studies apply to advanced economies and major currencies. We apply the...
Persistent link: https://www.econbiz.de/10005720325