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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

Domestic Institutions and the Bypass Effect of Financial Globalization

Ju, Jiandong - 2007

the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …

Persistent link: https://www.econbiz.de/10012465505

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

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

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

Anticipations of Foreign Exchange Volatility and Bid-Ask Spreads

Wei, Shang-Jin - 1994

The paper studies the effect of the market's perceived exchange rate volatility on bid-ask spreads. The anticipated volatility is extracted from currency options data. An increase in the perceived volatility is found to widen bid-ask spreads. The direction of the effect is consistent with an...

Persistent link: https://www.econbiz.de/10012474188