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A Two Covid-19 Years Quartile Comparison of Official with Excess Mortality : Voice and Accountability and the Impact of Vaccines

Aizenman, Joshua - 2022

We evaluate the quartile ranking of countries during the Covid-19 pandemic using both official (i.e., confirmed) and excess mortality data. Contrasting countries' rankings using these two data sources reveal sharp and systematic differences. While higher GDP per capita is associated with a worse...

Persistent link: https://www.econbiz.de/10012938747

The Political Economy of the COVID-19 Fiscal Stimulus Packages of 2020

Aizenman, Joshua; Jinjarak, Yothin; Nguyen, Hien Thi Kim; … - National Bureau of Economic Research - 2021

Almost all countries announced fiscal support programs once COVID-19 hit. However, there was significant diversity in the magnitude and composition of these fiscal stimulus programs. These differences were determined by myriad political, financial, social, and economic factors - these factors...

Persistent link: https://www.econbiz.de/10012660038

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

On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012479979

Accounting for Global COVID-19 Diffusion Patterns, January-April 2020

Jinjarak, Yothin - 2020

Key factors in modeling a pandemic and guiding policy-making include mortality rates associated with infections; the ability of government policies, medical systems, and society to adapt to the changing dynamics of a pandemic; and institutional and demographic characteristics affecting citizens'...

Persistent link: https://www.econbiz.de/10012481768

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

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

The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J. - 2010

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

Persistent link: https://www.econbiz.de/10012463014

Global Imbalances and Financial Fragility

Caballero, Ricardo J. - 2009

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …

Persistent link: https://www.econbiz.de/10012463959

Financial Crash, Commodity Prices and Global Imbalances

Caballero, Ricardo J. - 2008

In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply

Persistent link: https://www.econbiz.de/10012464126