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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany's surplus has...
Persistent link: https://www.econbiz.de/10012008403
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany’s surplus has...
Persistent link: https://www.econbiz.de/10012024585
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Sterilization, monetary policy, and global financial integration
Aizenman, Joshua; Glick, Reuven - 2008
This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments...
Persistent link: https://www.econbiz.de/10003854762
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From the great moderation to the global crisis : exchange market pressure in the 2000s
Aizenman, Joshua; Yi, Chae-u; 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/10008688979
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International reserves and swap lines : substitutes or complements?
Aizenman, Joshua; Jinjarak, Yothin - 2010
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such...
Persistent link: https://www.econbiz.de/10008647624
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The financial crisis, rethinking of the global financial architecture, and the trilemma
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - 2010
. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we … trilemma policy configurations and external finances affect output volatility mainly through the investment channel. While a … volatile, though the volatility-enhancing effect of exchange rate stability on investment can be cancelled by holding higher …
Persistent link: https://www.econbiz.de/10003983276
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Macro prudential supervision in the open economy, and the role of central banks in emerging markets
Aizenman, Joshua - 2010
In this paper we explore lessons from the global liquidity crisis pertaining to the prudential supervision role of central bank in an open economy. The narrow view of the role of central banks has been seriously challenged by the global liquidity crisis of 2008-9. The crisis validates central...
Persistent link: https://www.econbiz.de/10003943707
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International reserves and swap lines : substitutes or complements?
Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - 2010
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such...
Persistent link: https://www.econbiz.de/10003943755
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Macro prudential supervision in the open economy, and the role of central banks in emerging markets
Aizenman, Joshua - 2010
In this paper we explore lessons from the global liquidity crisis pertaining to the prudential supervision role of central bank in an open economy. The narrow view of the role of central banks has been seriously challenged by the global liquidity crisis of 2008-9. The crisis validates central...
Persistent link: https://www.econbiz.de/10003921542
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Evaluating Asian swap arrangements
Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - 2011
Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008-2009 global financial...
Persistent link: https://www.econbiz.de/10009267752