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Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011
Using the trilemma indexes developed by Aizenman et al. (2010) that measure the extent of achievement in each of the … three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …
Persistent link: https://www.econbiz.de/10010331079
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The emerging global financial architecture: Tracing and evaluating the new patterns of the Trilemma's configurations
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009
countries make with respect to the trilemma: exchange rate stability, monetary independence, and capital account openness, we … investigate the normative questions pertaining to the trilemma, that is, how the policy choices among the three trilemma policies …
Persistent link: https://www.econbiz.de/10010287751
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Assessing the emerging global financial architecture: Measuring the trilemma's configurations over time
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma … international reserve accumulation. The evolution of our trilemma indexes illustrates that, after the early 1990s, industrialized … trilemma variable should be traded-off with a drop of the weighted sum of the other two. The second part of the paper deals …
Persistent link: https://www.econbiz.de/10010287768
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Trilemma policy convergence patterns and output volatility
Aizenman, Joshua; Ito, Hiro - 2012
We examine the open macroeconomic policy choices of developing economies from the perspective of the economic 'trilemma …' hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades …. We find that the three dimensions of the trilemma configurations are converging towards a 'middle ground' among emerging …
Persistent link: https://www.econbiz.de/10010288150
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Assessing the emerging global financial architecture: Measuring the trilemma's configurations over time
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2008
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma … international reserve accumulation. The evolution of our 'trilemma indexes' illustrates that, after the early 1990s, industrialized … trilemma variable should be traded-off with a drop of the weighted sum of the other two. The second part of the paper deals …
Persistent link: https://www.econbiz.de/10010288158
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Macroeconomic imbalances in the United States and their impact on the international financial system
Perelstein, Julia S. - 2009
The argument put forward in this paper is twofold: first, that the financial crisis of 2007/08 was made global by the U.S. current account deficit. This is because the outflow of dollars from the United States was invested in U.S. capital markets, causing inflation in asset markets and leading...
Persistent link: https://www.econbiz.de/10010266462
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International reserves and fiscal policy in developing countries
Zhou, Yan - 2007
This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for...
Persistent link: https://www.econbiz.de/10010285350
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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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Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crises
Aizenman, Joshua; Hutchison, Michael - 2010
This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...
Persistent link: https://www.econbiz.de/10010287787
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Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crisis
Aizenman, Joshua; Hutchison, Michael - 2010
This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...
Persistent link: https://www.econbiz.de/10010288116