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Hoarding international reserves versus a Pigovian tax-cum-subsidy scheme: Reflections on the deleveraging crisis of 2008-9, and a cost benefit analysis

Aizenman, Joshua - 2010

In this paper we outline a Pigovian tax-cum-subsidy scheme that deals with concerns about the costs and efficacy of hoarding international reserves (IR) as a means of self-insurance against a deleveraging crisis. We overview the degree to which IR provided self-insurance to Emerging Markets...

Persistent link: https://www.econbiz.de/10010287764

Current account patterns and national real estate markets

Aizenman, Joshua; Jinjarak, Yothin - 2008

This paper studies the association between the current account and real estate valuation across countries, subject to data availability [43 countries, of which 25 are OECD], during 1990 - 2005. We find robust and strong positive association between current account deficits and the appreciation...

Persistent link: https://www.econbiz.de/10010285300

Fiscal fragility: what the past may say about the future

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2010

The end of the great moderation has profound implications on the assessment of fiscal sustainability. The pertinent issue goes beyond the increase in stock of public debt/GDP induced by the global recession, to include the perspective that the sustainability of a given public debt/GDP depends on...

Persistent link: https://www.econbiz.de/10010287758

Managing financial integration and capital mobility: Policy lessons from the past two decades

Aizenman, Joshua; Pinto, Brian - 2011

The accumulated experience of emerging markets over the last two decades has laid bare the tenuous links between external financial integration and faster growth on the one hand and the proclivity of such integration to fuel costly crises on the other. These crises have not gone without...

Persistent link: https://www.econbiz.de/10010287769

Managing financial integration and capital mobility: Policy lessons from the past two decades

Aizenman, Joshua; Pinto, Brian - 2011

Persistent link: https://www.econbiz.de/10010288154

Net fiscal stimulus during the great recession

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2011

This paper studies the patterns of fiscal stimuli in the OECD countries propagated by the global crisis. Overall, we find that the USA net fiscal stimulus was modest relative to peers, despite it being the epicenter of the crisis, and having access to relatively cheap funding of its twin...

Persistent link: https://www.econbiz.de/10010288157

Fiscal fragility: What the past says about the future

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2010

The end of the great moderation has profound implications on the assessment of fiscal sustainability. The pertinent issue goes beyond the obvious increase in the stock of public debt/GDP induced by the global recession, to include the neglected perspective that the vulnerabilities associated...

Persistent link: https://www.econbiz.de/10010288164

Employment in Spanish regions: Cost control or growth-enhancing policies?

Bande, Roberto; Karanassou, Marika; Sala, Hector - 2017

Spain provides an extreme case of unemployment rate oscillations (8.3% in 2007, 26.1% in 2013, 19.6% in 2016) in … parallel with cute regional persistance in labour market outcomes - the sets of relatively high and low unemployment regions … such groups of regions react differently to key drivers of employment and wage setting. We find that the low income (high …

Persistent link: https://www.econbiz.de/10011928001

The wage-productivity gap revisited: Is the labour share neutral to employment?

Karanassou, Marika; Sala, Hector - 2010

investigates its impact on the evolution of employment. Whilst maintaining the assumption of a unitary long-run elasticity of wages … stylised labour demand equation and show that the labour share is a driving force of employment. We substantiate our analytical … exposition by providing empirical models of wage setting and employment equations for France, Germany, Italy, Japan, Spain, the …

Persistent link: https://www.econbiz.de/10010280741

Inequality and employment sensitivities to the falling labour share

Karanassou, Marika; Sala, Hector - 2011

inequality and employment. To this end, we use annual data for the US, UK and Sweden over the past forty years and estimate … contributions of the labour share to the trajectories of inequality and employment during specific time intervals in the post-1990 … years. We find that during the nineties the cost of a one percent increase in employment was in the range of 0 …

Persistent link: https://www.econbiz.de/10010286279