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Globalization and developing countries - a shrinking tax base?

Aizenman, Joshua; Jinjarak, Yothin - 2006

This paper evaluates the impact of globalization on the tax bases of countries at varying stages of development. We see globalization as a process that induces countries to embrace greater trade and financial integration, and macro stabilization. This in turn should shift their tax base from...

Persistent link: https://www.econbiz.de/10003855345

Savings constraints and microenterprise development : evidence from a field experiment in Kenya

Dupas, Pascaline; Robinson, Jonathan - 2009

This paper presents results from a field experiment designed to test whether savings constraints prevent the self …-employed from increasing the size of their businesses. We opened interest-free savings accounts in a local village bank in rural … constructed from selfreported logbooks that respondents filled on a daily basis. Despite the fact that the savings accounts paid …

Persistent link: https://www.econbiz.de/10003943616

East Asia and global imbalances : saving, investment, and financial development

Itō, Hiro; Chinn, Menzie David - 2007

We investigate the role of budget balances, financial development and openness, in the evolution of global imbalances. Financial development or the lack thereof has received considerable attention as a possible contributing factor to the development of persistent and expanding current account...

Persistent link: https://www.econbiz.de/10003855130

What is the risk of European sovereign debt defaults? : fiscal space, CDS spreads and market pricing of ristk

Aizenman, Joshua; Hutchison, Michael M.; Jinjarak, Yothin - 2011

We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …

Persistent link: https://www.econbiz.de/10009272067

Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds

Aizenman, Joshua; Glick, Reuven - 2010

This paper presents a model comparing the optimal degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability...

Persistent link: https://www.econbiz.de/10008698323

The political economy of a managed float : special interests, monetary authorities, and regime choice

Lim, Jamus Jerome - 2010

With heterogeneous productivity and sticky prices in the short run, exchange rate changes can generate real effects on agents in the economy; the result is that the currency regime becomes a policy variable amenable to political competition. This paper discusses how special interests and...

Persistent link: https://www.econbiz.de/10008698375

Transparency, the opacity bias, and optimal flexible inflation targeting

Walsh, Carl E. - 2010 - This draft: October 2010

In this paper, I revisit an old question in the analysis of monetary policy that was first studied by Rogoff (1985) - should central banks pursue objectives that differ systematically from social welfare? I investigate how the answer to this question is affected by the degree of transparency...

Persistent link: https://www.econbiz.de/10008699175

When to go local, when to go edible : trade, technology and food security

Koch, William L.; Sadler, Thomas R. - 2009

We develop a variation of the Grossman-Helpman Protection for Saleʺ model, where organized groups, representing various sectors of the economy, influence government policy. In particular, this paper focuses on the rise of food prices and a greater level of influence of a food sector lobby,...

Persistent link: https://www.econbiz.de/10003854753

Monetary policy choices in emerging market economies : the case of high productivity growth

Natalucci, Fabio M.; Ravenna, Federico - 2007

We develop a general equilibrium model of an emerging market economy where productivity growth differentials between tradable and non-tradable sectors result in an equilibrium appreciation of the real exchange ratethe so-called Balassa-Samuelson effect. The paper explores the dynamic properties...

Persistent link: https://www.econbiz.de/10003854783

Capital market imperfections and the theory of optimum currency areas

Agénor, Pierre-Richard; Aizenman, Joshua - 2008

Persistent link: https://www.econbiz.de/10003854810