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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

Limiting Currency Volatility to Stimulate Goods Market Integration : A Price Based Approach

Parsley, David C. - 2001

of a 3-dimensional panel of prices of 95 very disaggregated goods (e.g., light bulbs) in 83 cities from around the world …

Persistent link: https://www.econbiz.de/10012470250

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises

Wei, Shang-Jin - 2001

Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...

Persistent link: https://www.econbiz.de/10012470539

Natural Openness and Good Government

Wei, Shang-Jin - 2000

This paper offers a new interpretation of the connection between openness and good governance. Assuming that corruption and bad governance drive out international trade and investment more than domestic trade and investment, a naturally more open economy' as determined by its size and geography...

Persistent link: https://www.econbiz.de/10012470985

The Global Capital Market : Benefactor or Menace?

Obstfeld, Maurice - 1998

inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …

Persistent link: https://www.econbiz.de/10012472249

How Taxing is Corruption on International Investors?

Wei, Shang-Jin - 1997

nor Japanese investors treat corruption in East Asia any differently from that in other parts of the world. There are …

Persistent link: https://www.econbiz.de/10012472787

The Great Depression as a Watershed : International Capital Mobility over the Long Run

Obstfeld, Maurice - 1997

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10012472861

Regional Trading Arrangement : Natural or Super-Natural?

Frankel, Jeffrey A. - 1996

lower than under the MFN status quo. Estimates from the gravity model suggest the world system may already be in the super …

Persistent link: https://www.econbiz.de/10012473433

Open Regionalism in a World of Continental Trade Blocs

Wei, Shang-Jin - 1995

Continental trade blocs are emerging in many parts of the world almost in tandem. If trade blocs are required to … reduction of trade barriers against non-member countries. That may not be politically feasible. On the other hand, in a world of …

Persistent link: https://www.econbiz.de/10012473603