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Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time

Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008

output growth and inflation, and medium term inflation rates. Some key findings for developing countries include: (i) greater … inflation while greater exchange rate stability and greater financial openness could lower the inflation level; (iii) a policy … the level and the volatility of inflation. …

Persistent link: https://www.econbiz.de/10005828848

An Asset-Pricing View of External Adjustment

Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2007

Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of external adjustment. We introduce equity holdings and portfolio choice into an otherwise conventional open-economy dynamic equilibrium model. Our model is simple and admits a...

Persistent link: https://www.econbiz.de/10005828886

Signaling Credibility --- Choosing Optimal Debt and International Reserves

Aizenman, Joshua; Fernández-Ruiz, Jorge - National Bureau of Economic Research (NBER) - 2006

This paper evaluates the challenges facing developing countries when there is uncertainty about the policy maker type. We consider a country characterized by volatile output, inelastic demand for fiscal outlays, high tax collection costs, and sovereign risk, where future output depends on the...

Persistent link: https://www.econbiz.de/10005829749

International Reserves Before and After the Global Crisis: Is There No End to Hoarding?

Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - National Bureau of Economic Research (NBER) - 2014

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999-2006, gross saving...

Persistent link: https://www.econbiz.de/10011240577

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

We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...

Persistent link: https://www.econbiz.de/10009395463

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

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

Aizenman, Joshua; Ito, Hiro - National Bureau of Economic Research (NBER) - 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/10011098322

International Macro-Finance

Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2010

International macro-finance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing considerations into models of international macroeconomics. The importance of these considerations--typically relegated to Finance and largely overlooked in traditional...

Persistent link: https://www.econbiz.de/10008777357

China's Growth, Stability, and Use of International Reserves

Aizenman, Joshua; Marion, Nancy P.; Jinjarak, Yothin - National Bureau of Economic Research (NBER) - 2013

Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a...

Persistent link: https://www.econbiz.de/10010969460

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 … Recession and the post-Great Recession period. Inflation targeting (IT) policy matters: IT countries give up the use of reserves …, their monetary authorities place large weights on output gaps; while inflation gains importance for IT countries. Countries …

Persistent link: https://www.econbiz.de/10010951115

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