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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

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

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

One Fundamental and Two Taxes : When Does a Tobin Tax Reduce Financial Price Volatility?

Deng, Yongheng - 2014

We aim to make two contributions to the literature on the effects of transaction costs on financial price volatility. First, by using a research design with three ingredients (a common set of companies simultaneously listed on two stock exchanges; binding capital controls; different timing of...

Persistent link: https://www.econbiz.de/10012458690

Capital Controls in Brazil - Stemming a Tide with a Signal?

Jinjarak, Yothin - 2013

Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent emerging markets implementing them. We focus on Brazil, which instituted five changes in its capital account regime in 2008-2011. Using the synthetic control method, we construct counterfactuals...

Persistent link: https://www.econbiz.de/10012459458

International Evidence of Strengthening Taxes and Spending For Sustainable Development

Aizenman, Joshua; Jinjarak, Yothin; Hien Nguyen; Park, … - National Bureau of Economic Research - 2021

We trace the linkages between the episodes of fiscal expansion and consolidation in 72 advanced and emerging and developing economies. The findings suggest that fiscal expansions are positively associated with economic growth, which in turn is positively linked with better sustainable...

Persistent link: https://www.econbiz.de/10012794621

Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020

Jinjarak, Yothin - 2020

announcements, rather than traditional determinants like fiscal space and systematic risk, drove CDS adjustment over this period … mitigate the short-run fear of the worst economic outcomes, temporarily pushing away concerns over fiscal risk …

Persistent link: https://www.econbiz.de/10012481646

Large Fiscal Episodes and Sustainable Development : Some International Evidence

Aizenman, Joshua; Jinjarak, Yothin; Nguyen, Hien Thi Kim; … - National Bureau of Economic Research - 2021

This paper examines the association between episodes of large fiscal impulses (expansions and adjustments) and sustainable development indicators (prosperity, resilience, and inclusivity). We provide country studies of Chile, Poland, South Africa, and Thailand, examining the components of...

Persistent link: https://www.econbiz.de/10012510619

China's Growth, Stability, and Use of International Reserves

Aizenman, Joshua - 2013

Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a...

Persistent link: https://www.econbiz.de/10012458924