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Flexibility of Adjustment to Shocks : Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008
Aizenman, Joshua - 2017
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012455214
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Current Account Adjustment : Some New Theory and Evidence
Ju, Jiandong - 2007
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination...
Persistent link: https://www.econbiz.de/10012465262
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What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, Joshua - 2011
We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …
Persistent link: https://www.econbiz.de/10012461251
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Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?
Aizenman, Joshua - 2020
We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be smaller in size, shorter in maturity, or lower in...
Persistent link: https://www.econbiz.de/10012481987
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Fiscal Stimulus and Commercial Bank Lending Under COVID-19
Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022
We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...
Persistent link: https://www.econbiz.de/10013172181
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When Is Quality of Financial System a Source of Comparative Advantage?
Ju, Jiandong - 2008
Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional parameters (cost of financial intermediation,...
Persistent link: https://www.econbiz.de/10012464662
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Intellectual Property Rights, Quality of Institutions, and Foreign Direct Investment into Developing Asia
Lee, Minsoo - 2015
Developing Asian countries are strengthening their intellectual property rights (IPR) regime as they themselves become producers of intellectual property. At the same time, developing Asia has attracted large amounts of foreign direct investment (FDI) and this trend is expected to continue in...
Persistent link: https://www.econbiz.de/10013035336
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Domestic Institutions and the Bypass Effect of Financial Globalization
Ju, Jiandong - 2007
the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012465505
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Heterogeneous Effect of Uncertainty on Corporate Investment : Evidence from Listed Firms in the Republic of Korea
Kim, Cheonkoo; Park, Jungsoo; Park, Donghyun; Tian, Grace - 2022
In this paper, we analyze the effect of financial uncertainty on corporate investment using firm-level panel data from the Republic of Korea. We find that financial uncertainty has a significant negative effect on corporate investment, and that the effect is heterogeneous across firms of...
Persistent link: https://www.econbiz.de/10013299801
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Financial Integration in East Asia : An Empirical Investigation
Lee, Hyun-Hoon - 2011
-country risk, particularly political risk and capital inflows …
Persistent link: https://www.econbiz.de/10013122880