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Flexibility of Adjustment to Shocks : Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008
Aizenman, Joshua - 2017
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012455214
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Current Account Adjustment : Some New Theory and Evidence
Ju, Jiandong - 2007
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination...
Persistent link: https://www.econbiz.de/10012465262
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Tropics, Germs, and Crops : How Endowments Influence Economic Development
Easterly, William - 2002
Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only through...
Persistent link: https://www.econbiz.de/10012469605
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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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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
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Real Versus Pseudo-International Systemic Risk : Some Lessons from History
Bordo, Michael D. - 1995
This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been … adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and … pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic …
Persistent link: https://www.econbiz.de/10012473496
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Corporate Resilience to Banking Crises : The Roles of Trust and Trade Credit
Levine, Ross - 2016
Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms in high-trust countries obtain more trade credit and suffer smaller drops in profits and...
Persistent link: https://www.econbiz.de/10012456522
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Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises
Bordo, Michael D. - 2015
Why did some countries learn to grow up to financial stability and others not? We explore this question by surveying the key determinants and major policy responses to banking, currency, and debt crises between 1880 and present. We divide countries into three groups: leaders, learners, and...
Persistent link: https://www.econbiz.de/10012457380
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Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
Levine, Ross - 2015
Do stock markets act as a "spare tire" during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on firm...
Persistent link: https://www.econbiz.de/10012457803
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Measuring Real Economic Effects of Bailouts : Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts
Bordo, Michael D. - 2000
In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...
Persistent link: https://www.econbiz.de/10012471060