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How Shocks Affect International Reserves? A Quasi-Experiment of Earthquakes
Jinjarak, Yothin; Noy, Ilan; Ta, Quy - 2020
response of international reserves to shocks by using a quasi-experimental setup and focusing on earthquakes. The estimation is … done on a panel of 103 countries over the period 1979–2016. We find that in the five years following a large earthquake (i …) countries exposed accumulate reserves, for precautionary reasons, (ii) trade openness is positively associated with the post-earthquake …
Persistent link: https://www.econbiz.de/10012314919
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When countries do not do what they say: Systematic discrepancies between exchange rate regime announcements and de facto policies
Bersch, Julia; Klüh, Ulrich H. - 2007
We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We...
Persistent link: https://www.econbiz.de/10010427488
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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...
Persistent link: https://www.econbiz.de/10010288150
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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
Using the indexes we developed (Aizenman, Chinn, and Ito, 2008) to measure the degree of the three policy choices countries make with respect to the trilemma: exchange rate stability, monetary independence, and capital account openness, we investigate the normative questions pertaining to the...
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 during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10010287768
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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 during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10010288158
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Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
Recent studies on the growth effects of exchange rate regimes offer a wide range of different, sometimes contradictory results. In this paper, we systematically compare three prominent contributions in this field. Using a common data set, a common specification, and common estimation methods, we...
Persistent link: https://www.econbiz.de/10011430062
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New measures of the trilemma hypothesis: Implications for Asia
Ito, Hiro; Kawai, Masahiro - 2012
We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...
Persistent link: https://www.econbiz.de/10010397206
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Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 2011
We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...
Persistent link: https://www.econbiz.de/10010288117
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Consideraciones sobre el nivel óptimo de reservas internacionales para Bolivia: 2003-2009
Cerezo Aguirre, Sergio - 2010
In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the...
Persistent link: https://www.econbiz.de/10010294091