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Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Patel, Nikhil - 2014

recently available World Input-Output Database (WIOD) to study the properties of the new measures of the REER for 40 countries …

Persistent link: https://www.econbiz.de/10012458430

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

Quantifying International Production Sharing at the Bilateral and Sector Levels

Wang, Zhi - 2013

disaggregated decomposition results among 40 trading nations in 35 sectors from 1995 to 2011 based on the World Input …

Persistent link: https://www.econbiz.de/10012458986

Real Estate Valuation, Current Account and Credit Growth Patterns, Before and After the 2008-9 Crisis

Aizenman, Joshua - 2013

We explore the stability of the conditioning variables accounting for the real estate valuation before and after the crisis of 2008-9, in a panel of 36 countries, recognizing the crisis break. We validate the robustness of the association between the real estate valuation and lagged current...

Persistent link: https://www.econbiz.de/10012459473

Fundamentals and Sovereign Risk of Emerging Markets

Aizenman, Joshua - 2013

importance of economic fundamentals in the pricing of sovereign risk varies over time. The key factors are trade openness and … in pricing sovereign risk prior to the crisis, but internal factors associated with the capacity to adjust to adverse …

Persistent link: https://www.econbiz.de/10012459699

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

Bai, Jennie - 2012

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one … reason for why international investment in private companies has to take into account the sovereign risk. But the likelihood … of a transfer from the sovereign risk to corporate default risks may be mitigated by legal institutions that provide …

Persistent link: https://www.econbiz.de/10012460062

Income inequality, tax base and sovereign spreads

Aizenman, Joshua - 2012

This paper investigates the association between greater income inequality, de-facto fiscal space, and sovereign spreads. Using data from 50 countries in 2007, 2009 and 2011, we find that higher income inequality is associated with a lower tax base, lower de-facto fiscal space, and higher...

Persistent link: https://www.econbiz.de/10012460484

Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels

Tong, Hui - 2011

How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory has ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could discourage discretionary disclosure. On the...

Persistent link: https://www.econbiz.de/10012461026

Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010

Aizenman, Joshua - 2011

We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international...

Persistent link: https://www.econbiz.de/10012461155

The Fiscal Stimulus of 2009-10 : Trade Openness, Fiscal Space and Exchange Rate Adjustment

Aizenman, Joshua - 2011

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...

Persistent link: https://www.econbiz.de/10012461231