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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

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

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Pasricha, Gurnain - 2015

Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...

Persistent link: https://www.econbiz.de/10012457844

Geopolitical Shocks And Commodity Market Dynamics : New Evidence From The Russian-Ukraine Conflict

Aizenman, Joshua; Lindahl, Robert; Stenvall, David; … - National Bureau of Economic Research - 2023

food and energy markets. Geopolitical risk affects the European natural gas market more strongly than the US and Asian …

Persistent link: https://www.econbiz.de/10014447271

Financial sector ups and downs and the real sector : big hindrance, little help

Aizenman, Joshua - 2011

"We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the...

Persistent link: https://www.econbiz.de/10011395532

Behavioral and Distributional Effects of Environmental Policy Introduction

Carraro, Carlo - 2000

Persistent link: https://www.econbiz.de/10012471119

Capital Controls and Financial Crises

Aizenman, Joshua - 1999

The purpose of this paper is to explain the reluctance of developing countries to open up their capital market to foreigners, and the conditions inducing an emerging market economy to switch its policies. We consider an economy characterized initially by a one-sided openness to the capital...

Persistent link: https://www.econbiz.de/10012471387

A Tax on Output of the Polluting Industry is Not a Tax on Pollution : The Importance of Hitting the Target

Fullerton, Don - 1999

We explore the effects of environmental taxes that imprecisely target pollution. A review of actual policies indicates few (if any) examples of a true tax on pollution. More typically, environmental taxes target an input or output that is correlated with pollution. We construct a simple...

Persistent link: https://www.econbiz.de/10012471531

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