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Financial versus monetary mercantilism-long-run view of large international reserves hoarding

Aizenman, Joshua; Lee, Jaewoo - 2006

The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism - hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...

Persistent link: https://www.econbiz.de/10010322713

Economic growth with constraints on tax revenues and public debt: Implications for fiscal policy and cross-country differences

Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - 2007

This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...

Persistent link: https://www.econbiz.de/10010322715

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

Prizes for basic research: Human capital, economic might and the shadow of history

Aizenman, Joshua; Noy, Ilan - 2006

This paper studies the impact of global factors on patterns of basic research across countries and time. We rely on the records of major scientific awards, and on data dealing with global economic and historical trends. Specifically, we investigate the degree to which scale or threshold effects...

Persistent link: https://www.econbiz.de/10010322721

Globalization and developing countries - a shrinking tax base?

Aizenman, Joshua; Jinjarak, Yothin - 2006

This paper evaluates the impact of globalization on 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. This in turn should shift their tax revenue from easy to collect taxes...

Persistent link: https://www.econbiz.de/10010322726

The collection efficiency of the value added tax: Theory and international evidence

Aizenman, Joshua; Jinjarak, Yothin - 2005

This paper evaluates the political economy and structural factors explaining the collection efficiency of the Value Added Tax [VAT]. We consider the case where the collection efficiency is determined by the probability of audit and by the penalty on underpaying. Implementation lags imply that...

Persistent link: https://www.econbiz.de/10010322732

Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma

Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … associated with a higher level of inflation while greater exchange rate stability and greater financial openness could lower the … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …

Persistent link: https://www.econbiz.de/10010331079

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

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/10010333067

Real estate valuation, current account, and credit growth patterns before and after the 2008 - 2009 crisis

Aizenman, Joshua; Jinjarak, Yothin - 2013

This paper explores the stability of the key conditioning variables accounting for real estate valuation before and after the crisis of 2008 - 2009, in a panel of 36 countries, for the period of 2005:I - 2012:IV, recognizing the incidence of global financial crisis. Our paper validates the...

Persistent link: https://www.econbiz.de/10010397239

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