Similar Search Results

Macroeconomic adjustment and the history of crises in open economies

Aizenman, Joshua; Noy, Ilan - In: Journal of International Money and Finance 38 (2013) C, pp. 41-58

This paper investigates the impact of the history of crises on macroeconomic performance. We first study the impact of past banking crises on the probability of a future banking crisis. We do not detect a learning process from past banking crises. Countries that have already experienced one...

Persistent link: https://www.econbiz.de/10010719324

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time

Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008

bank lending can increase output volatility and higher levels of short-term debt or total debt services can increase both …

Persistent link: https://www.econbiz.de/10005828848

The financial trilemma in China and a comparative analysis with India

Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011

A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread globalization. In this paper we overview and contrast...

Persistent link: https://www.econbiz.de/10011261190

The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma

Aizenman, Joshua; Chinna, Menzie D.; Ito, Hiro - East Asian Bureau of Economic Research (EABER) - 2010

This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...

Persistent link: https://www.econbiz.de/10009363366

The financial trilemma in China and a comparative analysis with India

Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011

A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in the era of deepening globalization. In this paper we study the Trilemma...

Persistent link: https://www.econbiz.de/10009359933

Fiscal fragility: what the past may say about the future

Aizenman, Joshua; Pasricha, Gurnain Kaur - National Bureau of Economic Research (NBER) - 2010

issue goes beyond the obvious increase in the stock of public debt/GDP induced by the global recession, to include the … neglected perspective that the vulnerabilities associated with a given public debt/GDP increase with the future volatility of … key economic variables. We evaluate for a given future projected public debt/GDP, the possible distribution of the fiscal …

Persistent link: https://www.econbiz.de/10008684856

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Aizenman, Joshua; Pasricha, Gurnain; Falagiarda, Matteo; … - National Bureau of Economic Research (NBER) - 2015

Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and spillover effects of capital controls before and after the global financial crisis....

Persistent link: https://www.econbiz.de/10011119802

The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China

Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2015

This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex...

Persistent link: https://www.econbiz.de/10011165135

Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua; Ito, Hiro - National Bureau of Economic Research (NBER) - 2013

experience a currency or debt crisis. However, a developing or emerging market country with a higher degree of relative policy …

Persistent link: https://www.econbiz.de/10011098322

Income inequality, tax base and sovereign spreads

Aizenman, Joshua; Jinjarak, Yothin - National Bureau of Economic Research (NBER) - 2012

This paper investigates the association between greater income inequality, de-facto fiscal space, and sovereign spreads. Using data from 50 countries in 2007, 2009 and 2011, we find that higher income inequality is associated with a lower tax base, lower de-facto fiscal space, and higher...

Persistent link: https://www.econbiz.de/10011133522