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Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
Aizenman, Joshua; Pasricha, Gurnain Kaur - National Bureau of Economic Research (NBER) - 2009
The onset of the US credit crisis in 2008, and its rapid globalization induced the FED to extend unprecedented swap …
Persistent link: https://www.econbiz.de/10005774743
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Financial Openness and Productivity
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian - National Bureau of Economic Research (NBER) - 2009
Financial openness is often associated with higher rates of economic growth. We show that the impact of openness on factor productivity growth is more important than the effect on capital growth. This explains why the growth effects of liberalization appear to be largely permanent, not...
Persistent link: https://www.econbiz.de/10005778218
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Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2009
We outline the case for supporting self-insurance by imposing a tax on external borrowing in a model of an emerging market. Entrepreneurs finance tangible investments via bank intermediation of foreign borrowing, exposing the economy to negative fire-sale externalities at times of deleveraging;...
Persistent link: https://www.econbiz.de/10008580442
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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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Financial Globalization, Growth and Volatility in Developing Countries
Prasad, Eswar; Rogoff, Kenneth S; Wei, Shang-Jin; Kose, … - National Bureau of Economic Research (NBER) - 2004
This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on …, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions … and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly …
Persistent link: https://www.econbiz.de/10005085262
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Financial Crisis and the Paradox of Under- and Over-Regulation
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2009
This paper illustrates the paradox of prudential under-regulation in an economy that adopts financial reform, a reform which exposes the economy to future financial crises. There is individual-uncertainty about the crisis incidence, and the probability of the crisis is updated sequentially...
Persistent link: https://www.econbiz.de/10005025653
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Trilemma Policy Convergence Patterns and Output Volatility
Aizenman, Joshua; Ito, Hiro - National Bureau of Economic Research (NBER) - 2012
We examine the open macroeconomic policy choices of developing economies from the perspective of the economic "trilemma" hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades. We find that the three dimensions of the...
Persistent link: https://www.econbiz.de/10009652891
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Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...
Persistent link: https://www.econbiz.de/10009226941
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Capital flows: Catalyst or Hindrance to economic takeoffs?
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
This paper applies a probit estimation to assess the relationship between economic takeoffs during 1950-2000 and inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and commodity terms of trade. Average level of FDI inflows is...
Persistent link: https://www.econbiz.de/10009228892
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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