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What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk

Aizenman, Joshua - 2011

We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …

Persistent link: https://www.econbiz.de/10012461251

Fiscal Stimulus and Commercial Bank Lending Under COVID-19

Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022

We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...

Persistent link: https://www.econbiz.de/10013172181

Intrinsic Openness and Endogenous Institutional Quality

Jiao, Yang - 2017

Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or exogenous trade opportunities) affects its incentives in investing in better institutions. We...

Persistent link: https://www.econbiz.de/10012453661

When Is Quality of Financial System a Source of Comparative Advantage?

Ju, Jiandong - 2008

Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional parameters (cost of financial intermediation,...

Persistent link: https://www.econbiz.de/10012464662

Domestic Institutions and the Bypass Effect of Financial Globalization

Ju, Jiandong - 2007

the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …

Persistent link: https://www.econbiz.de/10012465505

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?

Kim, Woochan - 2008

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …

Persistent link: https://www.econbiz.de/10012464925

Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020

Jinjarak, Yothin - 2020

announcements, rather than traditional determinants like fiscal space and systematic risk, drove CDS adjustment over this period … mitigate the short-run fear of the worst economic outcomes, temporarily pushing away concerns over fiscal risk …

Persistent link: https://www.econbiz.de/10012481646

International Evidence of Strengthening Taxes and Spending For Sustainable Development

Aizenman, Joshua; Jinjarak, Yothin; Hien Nguyen; Park, … - National Bureau of Economic Research - 2021

We trace the linkages between the episodes of fiscal expansion and consolidation in 72 advanced and emerging and developing economies. The findings suggest that fiscal expansions are positively associated with economic growth, which in turn is positively linked with better sustainable...

Persistent link: https://www.econbiz.de/10012794621

Large Fiscal Episodes and Sustainable Development : Some International Evidence

Aizenman, Joshua; Jinjarak, Yothin; Nguyen, Hien Thi Kim; … - National Bureau of Economic Research - 2021

This paper examines the association between episodes of large fiscal impulses (expansions and adjustments) and sustainable development indicators (prosperity, resilience, and inclusivity). We provide country studies of Chile, Poland, South Africa, and Thailand, examining the components of...

Persistent link: https://www.econbiz.de/10012510619

Capital Controls in Brazil - Stemming a Tide with a Signal?

Jinjarak, Yothin - 2013

Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent emerging markets implementing them. We focus on Brazil, which instituted five changes in its capital account regime in 2008-2011. Using the synthetic control method, we construct counterfactuals...

Persistent link: https://www.econbiz.de/10012459458