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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

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

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

The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2014

labor and lower mobility of under-regulated capital may be the costly "second best" adjustment until the arrival of more …

Persistent link: https://www.econbiz.de/10010950748

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns

Aizenman, Joshua; Pasricha, Gurnain Kaur - National Bureau of Economic Research (NBER) - 2013

In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital … outflow controls in the recent decades. Liberalization of capital outflow controls can allow emerging market economies (EMEs …) to reduce net capital inflow (NKI) pressures, but may cost their governments the fiscal revenues that external financial …

Persistent link: https://www.econbiz.de/10010951123

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets

Aizenman, Joshua; Jinjarak, Yothin; Lee, Minsoo; Park, … - National Bureau of Economic Research (NBER) - 2012

The global crisis highlights the continued vulnerability of developing countries to shocks from advanced economies. Just a few years after the global crisis, the eurozone sovereign debt crisis has emerged as the single biggest threat to the global outlook. In this paper, we apply the event study...

Persistent link: https://www.econbiz.de/10011271393

The High Demand for International Reserves in the Far East: What's Going On?

Aizenman, Joshua; Marion, Nancy P. - National Bureau of Economic Research (NBER) - 2002

This paper explores econometric and theoretical interpretations for the relatively high demand for international reserves by countries in the Far East and the relatively low demand by some other developing countries. Using a sample of about 125 developing countries, we show that reserve holdings...

Persistent link: https://www.econbiz.de/10005084458

International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea

Aizenman, Joshua; Lee, Yeonho; Rhee, Yeongseop - National Bureau of Economic Research (NBER) - 2004

incidence of costly output decline induced by sudden reversal of short-term capital flows. It validates the main predictions of …

Persistent link: https://www.econbiz.de/10005084518

Financial Opening: Evidence and Policy Options

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2002

developing countries to short-term capital inflows, and appraises the various proposals made for mitigating the severity of … characteristics leading to exposure and crises is the key for designing a successful restructuring of the global capital market. Some …

Persistent link: https://www.econbiz.de/10005084567

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