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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
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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 … 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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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...
Persistent link: https://www.econbiz.de/10010951123
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Asset Prices and Exchange Rates
Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2003
This paper develops a simple two-country, two-good model, in which the real exchange rate, stock and bond prices are jointly determined. The model predicts that stock market prices are correlated internationally even though their dividend processes are independent, providing a theoretical...
Persistent link: https://www.econbiz.de/10005084962
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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
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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
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … associated with a higher level of inflation while greater exchange rate stability and greater financial openness could lower the … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10008634683
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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
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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
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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