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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

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

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

Rising Policy Uncertainty

Davis, Steven J. - 2019

-based measures. Examples from countries around the world illustrate the role of political and policy developments as drivers of …

Persistent link: https://www.econbiz.de/10012480187

Economic Uncertainty Before and During the COVID-19 Pandemic

Altig, David - 2020

We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based economic policy uncertainty, twitter chatter about economic uncertainty, subjective uncertainty about future business growth, and...

Persistent link: https://www.econbiz.de/10012481613

COVID-Induced Economic Uncertainty

Baker, Scott R. - 2020

Assessing the economic impact of the COVID-19 pandemic is essential for policymakers, but challenging because the crisis has unfolded with extreme speed. We identify three indicators - stock market volatility, newspaper-based economic uncertainty, and subjective uncertainty in business...

Persistent link: https://www.econbiz.de/10012481939

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

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

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

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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