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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10012462774
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The Impacts of Crises on the Trilemma Configurations
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022
The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...
Persistent link: https://www.econbiz.de/10013362059
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Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
Aizenman, Joshua - 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/10012466302
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Managing Volatility and Crises : A Practitioner's Guide Overview
Aizenman, Joshua - 2004
This overview introduces and summarizes the findings of a practical volume on managing volatility and crises. The … volatility leading to large output and economic growth costs, especially in poor countries. In these circumstances, good times do … cope with volatility also drive crises. Hence, the volume also focuses on the prevention and management of crises. It is a …
Persistent link: https://www.econbiz.de/10012468091
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Determinants of Financial Stress and Recovery during the Great Recession
Aizenman, Joshua - 2010
In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price...
Persistent link: https://www.econbiz.de/10012462052
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The US as the "Demander of Last Resort" and its Implications on China's Current Account
Aizenman, Joshua - 2008
This paper evaluates the degree to which current account patterns are explained by the variables suggested by the literature, and reflects on possible future patterns. We start with panel regressions explaining the current account of 69 countries during 1981-2006. We identify an asymmetric...
Persistent link: https://www.econbiz.de/10012464194
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Central Bank Swap Arrangements in the COVID-19 Crisis
Aizenman, Joshua; Itō, Hiro; Pasricha, Gurnain Kaur - National Bureau of Economic Research - 2021
Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the Federal Reserve (Fed) implemented measures to provide US dollar liquidity by reinforcing swap arrangements with five major central banks, reactivating them with nine other central banks and establishing a...
Persistent link: https://www.econbiz.de/10012496139
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On the Effectiveness of Foreign Exchange Reserves During the 2021-22 U.S. Monetary Tightening Cycle
Ahmed, Rashad; Aizenman, Joshua; Saadaoui, Jamel; … - National Bureau of Economic Research - 2023
This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....
Persistent link: https://www.econbiz.de/10014226132
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International reserves and swap lines : substitutes or complements?
Aizenman, Joshua - 2010
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis …
Persistent link: https://www.econbiz.de/10012462846
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Tax Revenue Trends in Asia and Latin America : A Comparative Analysis
Aizenman, Joshua - 2015
We take stock of and compare tax revenue trends in Asia and Latin America. The tax revenues to GDP ratios increased …
Persistent link: https://www.econbiz.de/10012456916