Narrow search
Showing 151 - 160 of 160
Cover Image
Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crises
Aizenman, Joshua; Hutchison, Michael - 2010
This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...
Persistent link: https://www.econbiz.de/10010287787
Cover Image
Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crisis
Aizenman, Joshua; Hutchison, Michael - 2010
This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...
Persistent link: https://www.econbiz.de/10010288116
Cover Image
Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 2011
We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...
Persistent link: https://www.econbiz.de/10010288117
Cover Image
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/10010288118
Cover Image
The fiscal stimulus of 2009-10: Trade openness, fiscal space and exchange rate adjustment
Aizenman, Joshua; Jinjarak, Yothin - 2011
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...
Persistent link: https://www.econbiz.de/10010288159
Cover Image
Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
Aizenman, Joshua; Binici, Mahir; Hutchison, Michael Mercier - Ekonomik Yaklasim Association - 2013
This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically...
Persistent link: https://www.econbiz.de/10010850465
Cover Image
What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - In: Journal of International Money and Finance 34 (2013) C, pp. 37-59
economic fundamentals over 2005–10. We focus in particular on five countries in the South-West Eurozone Periphery, Greece … statistically and economically important determinants of sovereign risk. However, risk-pricing of the Eurozone Periphery countries …. Eurozone Periphery default risk is priced much higher than the matched countries in 2010, even allowing for differences in …
Persistent link: https://www.econbiz.de/10011048536
Cover Image
What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - Economics Department, University of California-Santa … - 2011
, focusing in particular on the fivecountries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not predicted accurately … Eurozone periphery default risk is priced muchhigher than the “matched†countries in 2010, even allowing for differences in …
Persistent link: https://www.econbiz.de/10011130589
Cover Image
What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of ristk
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin - 2011
, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …. We find that Eurozone periphery default risk is priced much higher than the matched countries in 2010, even allowing for …
Persistent link: https://www.econbiz.de/10010287785
Cover Image
The euro and the global crises: Finding the balance between short term stabilization and forward looking reforms
Aizenman, Joshua - 2012
This paper analyzes reforms and adjustments in the context of the Euro and the global financial crises. Taking the perspective of the evolutionary approach to institutions, the formation of a new currency area is not unidirectional. The process leading to the euro is an example of a common...
Persistent link: https://www.econbiz.de/10010288121