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The effects of the saving and banking glut on the U.S. economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010352184
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Large hoarding of international reserves and the emerging global economic architecture
Aizenman, Joshua - 2007
competitive devaluations. The sheer size of China, and its lower sterilization costs suggests that China may be the winner of a … and precautionary motives in the context of China may be challenged by a version of the peso problem; Hoarding …
Persistent link: https://www.econbiz.de/10010285334
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Globalization and the sustainability of large current account imbalances: Size matters
Aizenman, Joshua; Sun, Yi - 2007
to the relative size of the countries' GDP. We conclude that the continuation of the fast growth rate of China, while …
Persistent link: https://www.econbiz.de/10010285339
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Global imbalances: Is Germany the new China? A skeptical view
Aizenman, Joshua; Sengupta, Rajeswari - 2010
In this paper we evaluate the current account patterns of China and Germany. We point out that China's current account … of China, has mostly been characterized by sizable surpluses. We further find that both China and Germany's current … current account trends in future decades. Demographic transitions in China and Germany are projected to reduce their surpluses …
Persistent link: https://www.econbiz.de/10010287750
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Global imbalances: Is Germany the new China? A skeptical view
Aizenman, Joshua; Sengupta, Rajeswari - 2010
In this paper we evaluate the current account patterns of China and Germany. We point out that China's current account … of China, has mostly been characterized by sizable surpluses. We further find that both China and Germany's current … current account trends in future decades. Demographic transitions in China and Germany are projected to reduce their surpluses …
Persistent link: https://www.econbiz.de/10010288165
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Age Distributions and the Current Account -A Changing Relation?
Lindh, Thomas; Malmberg, Bo - 1999
In recent research age distribution effects on the current account have been found in cross-country panel regressions. The reason is different effects on saving and investment from cohort-size variation. In a panel of annual OECD data 1960-1995, we find that the age effects on saving are similar...
Persistent link: https://www.econbiz.de/10010321710
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Real exchange rate and international reserves in the era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010322720
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From the great moderation to the global crisis: Exchange market pressure in the 2000s
Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - 2010
This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...
Persistent link: https://www.econbiz.de/10010333066
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A macroprudential theory of foreign reserve accumulation
Arce, Fernando; Bengui, Julien; Bianchi, Javier - 2022
We propose a macroprudential theory of foreign reserve accumulation that can rationalize the secular trends in public and private international capital flows. In middle-income countries, the increase in international reserves has been associated with elevated private capital inflows, both in the...
Persistent link: https://www.econbiz.de/10013364537
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Real exchange rate and international reserves in an era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010285305