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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
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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
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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
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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
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Do Some Enterprise Zones Create Jobs?
Kolko, Jed - 2009
We study how the employment effects of enterprise zones vary with their location, implementation, and administration, based on evidence from California. We use new establishment-level data and geographic mapping methods, coupled with a survey of enterprise zone administrators. Overall, the...
Persistent link: https://www.econbiz.de/10012463443
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When Is Quality of Financial System a Source of Comparative Advantage?
Ju, Jiandong - 2008
Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional parameters (cost of financial intermediation,...
Persistent link: https://www.econbiz.de/10012464662
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Domestic Institutions and the Bypass Effect of Financial Globalization
Ju, Jiandong - 2007
the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012465505
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Intrinsic Openness and Endogenous Institutional Quality
Jiao, Yang - 2017
Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or exogenous trade opportunities) affects its incentives in investing in better institutions. We...
Persistent link: https://www.econbiz.de/10012453661
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Monetary Policy Spillovers and the Trilemma in the New Normal : Periphery Country Sensitivity to Core Country Conditions
Aizenman, Joshua - 2015
We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, and China. We apply a two-step approach. First, we estimate the sensitivity of...
Persistent link: https://www.econbiz.de/10012457538
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How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
Kim, Woochan - 2008
Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …
Persistent link: https://www.econbiz.de/10012464925