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Selective swap arrangements and the global financial crisis : analysis and interpretation

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2009

The onset of the US credit crisis in 2008, and its rapid globalization induced the FED to extend unprecedented swap-lines of 30 billion dollars to four emerging markets, and the proliferation of other cross-countries selective swap arrangements. This paper explores the logic for these...

Persistent link: https://www.econbiz.de/10003840319

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/10008688996

Central banks and gold puzzles

Aizenman, Joshua; Inoue, Kenta - 2012

We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the real price of gold. We also observe the...

Persistent link: https://www.econbiz.de/10009509201

Sovereign wealth funds : stylized facts about their determinants and governance

Aizenman, Joshua (contributor); Glick, Reuven (contributor) - 2008

This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves. It analyzes the...

Persistent link: https://www.econbiz.de/10003782469

Using inflation to erode the US public debt

Aizenman, Joshua; Marion, Nancy Peregrim - 2009

108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences … inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …

Persistent link: https://www.econbiz.de/10003921540

The impossible trinity (aka the policy Trilemma) : the encyclopedia of financial globalization

Aizenman, Joshua - 2010

The policy Trilemma (the ability to accomplish only two out of three policy objectives -financial integration, exchange rate stability and monetary autonomy) continues to be a valid macroeconomic framework. The financial globalization during 1990s-2000s reduced the weighted average of exchange...

Persistent link: https://www.econbiz.de/10008647622

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

The US 19th and 20th century experiences : lessons for the Eurozone crisis

Aizenman, Joshua - 2012

The evolution of institutions in the US and other unions provides clear lessons. There are large gains from buffering currency unions with a union-wide deposit insurance, and partial debt mutualisation. The credibility of a union deposit insurance scheme requires transparent funding and...

Persistent link: https://www.econbiz.de/10009633255

The impossible trinity ; from the policy trilemma to the policy quadrilemma

Aizenman, Joshua - 2011

The policy Trilemma (the ability to accomplish only two policy objectives out of financial integration, exchange rate stability and monetary autonomy) remains a valid macroeconomic framework. The financial globalization during 1990s-2000s reduced the weighted average of exchange rate stability...

Persistent link: https://www.econbiz.de/10008908358

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

Aizenman, Joshua; Chinn, Menzie David; Itō, 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/10009158763