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The Impacts of Crises on the Trilemma Configurations

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022

important policy instrument, insuring against liquidity shortages. We find that countries' policy mixes are diverse, and have …

Persistent link: https://www.econbiz.de/10013362059

Liquidity and Foreign Asset Management Challenges for Latin American Countries

Aizenman, Joshua - 2014

countries with an alternative form of liquidity management against foreign shocks when traditional reserves are committed to …

Persistent link: https://www.econbiz.de/10012458019

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 economic fundamentals over 2005-10. We measure how accurately the model predicts sovereign credit default swap (CDS) spreads, focusing in particular on the five countries in the...

Persistent link: https://www.econbiz.de/10012461251

Net Fiscal Stimulus During the Great Recession

Aizenman, Joshua - 2011

This paper studies the patterns of fiscal stimuli in the OECD countries propagated by the global crisis. Overall, we find that the USA net fiscal stimulus was modest relative to peers, despite it being the epicenter of the crisis, and having access to relatively cheap funding of its twin...

Persistent link: https://www.econbiz.de/10012461878

De facto Fiscal Space and Fiscal Stimulus : Definition and Assessment

Aizenman, Joshua - 2010

We define the notion of a 'de facto fiscal space' of a country as the inverse of the tax-years it would take to repay the public debt. Specifically, we measure the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across...

Persistent link: https://www.econbiz.de/10012462118

On the ease of overstating the fiscal stimulus in the US, 2008-9

Aizenman, Joshua - 2010

This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not...

Persistent link: https://www.econbiz.de/10012462868

The Fiscal Stimulus of 2009-10 : Trade Openness, Fiscal Space and Exchange Rate Adjustment

Aizenman, Joshua - 2011

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Persistent link: https://www.econbiz.de/10012461231

From the Great Moderation to the global crisis : Exchange market pressure in the 2000s

Aizenman, Joshua - 2010

This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...

Persistent link: https://www.econbiz.de/10012462210

Central Bank Swap Arrangements in the COVID-19 Crisis

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

) implemented measures to provide US dollar liquidity by reinforcing swap arrangements with five major central banks, reactivating … in March 2020. This paper assesses motivations for the Fed liquidity lines, and the effects and spillovers of US dollar … auctions by central banks, for about 50 economies. We find that the access to the liquidity arrangements is driven by the …

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

A modern reincarnation of Mundell-Fleming's trilemma

Aizenman, Joshua - In: Economic modelling 81 (2019), pp. 444-454

Persistent link: https://www.econbiz.de/10012202147