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The financial crisis and sizable international reserves depletion: From "fear of floating" to the "fear of losing international reserves"?
Aizenman, Joshua; Sun, Yi - 2009
This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...
Persistent link: https://www.econbiz.de/10010287786
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The financial crisis and sizable international reserves depletion: From "fear of floating" to the "fear of losing international reserves"?
Aizenman, Joshua; Sun, Yi - 2009
This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...
Persistent link: https://www.econbiz.de/10010288129
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The financial crisis and sizable international reserves depletion : from "fear of floating" to the "fear of losing international reserves?
Aizenman, Joshua; Sun, Yi - In: International review of economics & finance : IREF 24 (2012), pp. 250-269
Persistent link: https://www.econbiz.de/10009690179
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The financial crisis and sizable international reserves depletion: From ‘fear of floating’ to the ‘fear of losing international reserves’?
Aizenman, Joshua; Sun, Yi - In: International Review of Economics & Finance 24 (2012) C, pp. 250-269
We explain the size of international reserve depletion during the global crisis, where only about half of the EMs drew down their reserves as part of the adjustment mechanism. Countries that internalized their large exposure to trade shocks before the crisis, used their IR as a buffer stock in...
Persistent link: https://www.econbiz.de/10010943004
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The Financial Crisis and Sizable International Reserves Depletion: From 'Fear of Floating' to the 'Fear of Losing International Reserves'?
Aizenman, Joshua; Sun, Yi - Hong Kong Institute for Monetary Research (HKIMR), … - 2009
In this paper we study the degree to which emerging markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs depleted their IR as part of the adjustment...
Persistent link: https://www.econbiz.de/10008475909
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The financial crisis and sizable international reserves depletion: From ‘fear of floating’ to the ‘fear of losing international reserves’?
Aizenman, Joshua; Sun, Yi - Economics Department, University of California-Santa … - 2009
This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...
Persistent link: https://www.econbiz.de/10011130602
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Macro prudential supervision in the open economy, and the role of central banks in emerging markets
Aizenman, Joshua - 2010
associated with deleveraging, optimal external borrowing-tax-cum-IR-hoarding-subsidy reduces the cost as well as the scale of …
Persistent link: https://www.econbiz.de/10010287746
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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
hoarding international reserves (IR) as a means of self-insurance against a deleveraging crisis. We overview the degree to … investments via bank intermediation of foreign borrowing. Bank intermediation exposes the economy to the risk of deleveraging … deleveraging crisis, and external borrowing is associated with negative fire-sale congestion externalities. We show that an optimal …
Persistent link: https://www.econbiz.de/10010287764
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Selective swap arrangements and the global financial crisis: Analysis and interpretation
Aizenman, Joshua; Pasricha, Gurnain Kaur - 2009
-lines. This result is consistent with the outlined model, where we show that in circumstances of unanticipated deleveraging …
Persistent link: https://www.econbiz.de/10010287784
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Selective swap arrangements and the global financial crisis: Analysis and interpretation
Aizenman, Joshua; Pasricha, Gurnain Kaur - 2009
-lines. This result is consistent with the outlined model, where we show that in circumstances of unanticipated deleveraging …
Persistent link: https://www.econbiz.de/10010288132