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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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Liquidity, Institutional Quality and the Composition of International Equity Flows
Goldstein, Itay - 2010
FDI investors control the management of the firms, whereas FPI investors delegate decisions to managers. Therefore, direct investors are more informed than portfolio investors about the prospects of projects. This information enables them to manage their projects more efficiently. However, if...
Persistent link: https://www.econbiz.de/10012462924
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Liquidity, Institutional Quality and the Composition of International Equity Outflows
Goldstein, Itay - 2008
We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this...
Persistent link: https://www.econbiz.de/10012464879
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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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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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Equity Prices and Equity Flows : Testing Theory of the Information-Efficiency Tradeoff
Razin, Assaf - 2010
The paper tests three hypotheses concerning foreign equity investment in the presence of liquidity risk. First, the FDI …-to-FPI price differential is negatively related to liquidity risk (the "Price Discount Hypothesis"). The idea is that market …
Persistent link: https://www.econbiz.de/10012462005
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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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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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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