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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
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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
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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
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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
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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/10010288154
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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
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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
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Global Engagement, Complex Tasks, and the Distribution of Occupational Employment
Davidson, Carl; Heyman, Fredrik; Matusz, Steven; … - 2015
that more complex tasks are more costly to complete. Within the structure of our model, firms skew employment toward … occupations engaged in more complex tasks. Moreover, the distribution of employment is more skewed for more globalized firms …
Persistent link: https://www.econbiz.de/10013208740
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Firm Size Distribution and Employment Fluctuations: Theory and Evidence
Görg, Holger; Henze, Philipp; Jienwatcharamongkhol, Viroj - 2016
This paper studies the effect of the firm-size distribution on the relationship between employment and output. We … construct a theoretical model, which predicts that changes in demand for industry output have larger effects on employment in … relationship between industry-level employment and output. Our empirical results align with the predictions of the theory and …
Persistent link: https://www.econbiz.de/10013208775
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Minimum Wages and Firm-Level Employment in a Developing Country
Sjöholm, Fredrik - 2020
The effect of minimum wages on employment is a matter of debate, and the existing empirical literature contains mixed … these changes in minimum wages affect employment, considering the effect both on employment within plants and on exit of … plants. Our results show no evidence of an effect of minimum wages on employment in Indonesian plants. One explanation found …
Persistent link: https://www.econbiz.de/10013208867