NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Joshua Aizenman

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Working Papers

August 2014International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
with Yin-Wong Cheung, Hiro Ito: w20386
June 2014The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?
w20242
March 2014The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
with Mahir Binici, Michael M. Hutchison: w19980
December 2013China's Growth, Stability, and Use of International Reserves
with Yothin Jinjarak, Nancy P. Marion: w19739

Published: Joshua Aizenman & Yothin Jinjarak & Nancy Marion, 2014. "China’s Growth, Stability, and Use of International Reserves," Open Economies Review, Springer, vol. 25(3), pages 407-428, July. citation courtesy of

September 2013Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
with Hiro Ito: w19448
June 2013Real Estate Valuation, Current Account and Credit Growth Patterns, Before and After the 2008-9 Crisis
with Yothin Jinjarak: w19190
Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
with Mahir Binici, Michael M. Hutchison: w19125

Published: Joshua Aizenman & Mahir Binici & Michael Hutchison, 2013. "Credit ratings and the pricing of sovereign debt during the euro crisis," Oxford Review of Economic Policy, Oxford University Press, vol. 29(3), pages 582-609, AUTUMN. citation courtesy of

May 2013Public and Private Saving and the Long Shadow of Macroeconomic Shocks
with Ilan Noy: w19067
April 2013Fundamentals and Sovereign Risk of Emerging Markets
with Yothin Jinjarak, Donghyun Park: w18963
March 2013Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
with Gurnain Kaur Pasricha: w18879

Published: Aizenman, Joshua & Pasricha, Gurnain Kaur, 2013. "Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns," Journal of International Money and Finance, Elsevier, vol. 39(C), pages 28-64. citation courtesy of

November 2012Macroeconomic Adjustment and the History of Crises in Open Economies
with Ilan Noy: w18527

Published: Aizenman, Joshua & Noy, Ilan, 2013. "Macroeconomic adjustment and the history of crises in open economies," Journal of International Money and Finance, Elsevier, vol. 38(C), pages 41-58. citation courtesy of

June 2012Income inequality, tax base and sovereign spreads
with Yothin Jinjarak: w18176

Published: Joshua Aizenman & Yothin Jinjarak, 2012. "Income Inequality, Tax Base and Sovereign Spreads," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(4), pages 431-444, December. citation courtesy of

The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms
w18138
May 2012Developing countries’ financial vulnerability to the euro crisis: An event study of equity and bond markets
with Yothin Jinjarak, Minsoo Lee, Donghyun Park: w18028
March 2012Central Banks and Gold Puzzles
with Kenta Inoue: w17894

Published: Aizenman, Joshua & Inoue, Kenta, 2013. "Central banks and gold puzzles," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 69-90. citation courtesy of

February 2012Trilemma Policy Convergence Patterns and Output Volatility
with Hiro Ito: w17806

Published: Aizenman, Joshua & Ito, Hiro, 2012. "Trilemma policy convergence patterns and output volatility," The North American Journal of Economics and Finance, Elsevier, vol. 23(3), pages 269-285. citation courtesy of

December 2011Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies
with Sebastian Edwards, Daniel Riera-Crichton: w17692

Published: Aizenman, Joshua & Edwards, Sebastian & Riera-Crichton, Daniel, 2012. "Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1990-2016. citation courtesy of

October 2011Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
with Brian Pinto, Vladyslav Sushko: w17530

Published: "Financial Sector Ups and Downs and the Real Sector: Up by the Stairs and Down by the Parachute," (with B. Pinto and V. Sushko), Emerging Markets Review, 2013, 16, pp 1-30.

Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010
with Yothin Jinjarak, Donghyun Park: w17502

Published: Joshua Aizenman & Yothin Jinjarak & Donghyun Park, 2013. "Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010," Open Economies Review, Springer, vol. 24(3), pages 371-396, July. citation courtesy of

September 2011The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment
with Yothin Jinjarak: w17427

Published: The Fiscal Stimulus of 2009-2010: Trade Openness, Fiscal Space, and Exchange Rate Adjustment, Joshua Aizenman, Yothin Jinjarak. in NBER International Seminar on Macroeconomics 2011, Frankel and Pissarides. 2012

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
with Michael M. Hutchison, Yothin Jinjarak: w17407

Published: Aizenman, Joshua & Hutchison, Michael & Jinjarak, Yothin, 2013. "What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 37-59. citation courtesy of

July 2011Capital flows: Catalyst or Hindrance to economic takeoffs?
with Vladyslav Sushko: w17258
Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
with Vladyslav Sushko: w17228
February 2011Net Fiscal Stimulus During the Great Recession
with Gurnain Kaur Pasricha: w16779

Published: “Net fiscal stimulus during the great recession,” (with G. K. Pasricha), Review of Development Economics, 2013, pp: 397–413.

December 2010Determinants of Financial Stress and Recovery during the Great Recession
with Gurnain Kaur Pasricha: w16605
November 2010De facto Fiscal Space and Fiscal Stimulus: Definition and Assessment
with Yothin Jinjarak: w16539
October 2010Fiscal fragility: what the past may say about the future
with Gurnain Kaur Pasricha: w16478
From the Great Moderation to the global crisis: Exchange market pressure in the 2000s
with Jaewoo Lee, Vladyslav Sushko: w16447

Published: Joshua Aizenman & Jaewoo Lee & Vladyslav Sushko, 2012. "From the Great Moderation to the Global Crisis: Exchange Market Pressure in the 2000s," Open Economies Review, Springer, vol. 23(4), pages 597-621, September. citation courtesy of

September 2010Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds
with Reuven Glick: w16392

“Asset Class Diversification and Delegation of Responsibilities between a Central Bank and Sovereign Wealth Fund" (with Reuven Glick), forthcoming, the International Journal of Central Banking.

Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis
with Michael M. Hutchison: w16260

Published: “"Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis," (with M. Hutchison), Journal of International Money and Finance, 2012, 31, 5, pp. 1076-1091

April 2010Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
with Menzie D. Chinn, Hiro Ito: w15876

Published: Aizenman, Joshua & Chinn, Menzie D. & Ito, Hiro, 2011. "Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma," Journal of the Japanese and International Economies, Elsevier, vol. 25(3), pages 290-320, September. citation courtesy of

March 2010International reserves and swap lines: substitutes or complements?
with Yothin Jinjarak, Donghyun Park: w15804

Published: Aizenman, Joshua & Jinjarak, Yothin & Park, Donghyun, 2011. "International reserves and swap lines: Substitutes or complements?," International Review of Economics & Finance, Elsevier, vol. 20(1), pages 5-18, January. citation courtesy of

February 2010On the ease of overstating the fiscal stimulus in the US, 2008-9
with Gurnain Kaur Pasricha: w15784
December 2009Using Inflation to Erode the U.S. Public Debt
with Nancy Marion: w15562

Published: Aizenman, Joshua & Marion, Nancy, 2011. "Using inflation to erode the US public debt," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 524-541. citation courtesy of

November 2009Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
w15484

Published: Joshua Aizenman, 2010. "Hoarding international reserves versus a Pigovian tax-cum-subsidy scheme: Reflections on the deleveraging crisis of 2008-9, and a cost benefit analysis," Proceedings, Federal Reserve Bank of San Francisco, issue Oct. citation courtesy of

October 2009The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
with Yi Sun: w15308

Published: “The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?” (with Y. Sun) International Review of Economics and Finance, 2012, 24, pp. 250-269.

August 2009Adjustment of State Owned and Foreign-Funded Enterprises in China to Economic Reforms,1980s-2007: a logistic smooth transition regression (LSTR) approach
with Nan Geng: w15274
May 2009Financial Crisis and the Paradox of Under- and Over-Regulation
w15018
March 2009Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
with Gurnain Kaur Pasricha: w14821

Published: Aizenman, Joshua & Pasricha, Gurnain Kaur, 2010. "Selective swap arrangements and the global financial crisis: Analysis and interpretation," International Review of Economics & Finance, Elsevier, vol. 19(3), pages 353-365, June. citation courtesy of

On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment
w14779
December 2008Inflation Targeting and Real Exchange Rates in Emerging Markets
with Michael Hutchison, Ilan Noy: w14561

Published: Aizenman, Joshua & Hutchison, Michael & Noy, Ilan, 2011. "Inflation Targeting and Real Exchange Rates in Emerging Markets," World Development, Elsevier, vol. 39(5), pages 712-724, May. citation courtesy of

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance
with Reuven Glick: w14562

Published: Joshua Aizenman & Reuven Glick, 2009. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance," International Finance, Blackwell Publishing, vol. 12(3), pages 351-386, December. citation courtesy of

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
with Menzie D. Chinn, Hiro Ito: w14533
October 2008The US as the "Demander of Last Resort" and its Implications on China's Current Account
with Yothin Jinjarak: w14453

Published: THE USA AS THE ‘DEMANDER OF LAST RESORT’ AND THE IMPLICATIONS FOR CHINA'S CURRENT ACCOUNT Joshua Aizenman1, Yothin Jinjarak2,* Article first published online: 27 JUL 2009 DOI: 10.1111/j.1468-0106.2009.00450.x © 2009 The Authors. Journal compilation © 2009 Blackwell Publishing Asia Pty Ltd Issue Pacific Economic Review Pacific Economic Review Volume 14, Issue 3, pages 426–442, August 2009

September 2008The Internationalization of Venture Capital and Private Equity
with Jake Kendall: w14344

Published: Joshua Aizenman, Jake Kendall, (2012) "The internationalization of venture capital", Journal of Economic Studies, Vol. 39 Iss: 5, pp.488 - 511

June 2008Capital Market Imperfections and the Theory of Optimum Currency Areas
with Pierre-Richard Agenor: w14088

Published: Agénor, Pierre-Richard & Aizenman, Joshua, 2011. "Capital market imperfections and the theory of optimum currency areas," Journal of International Money and Finance, Elsevier, vol. 30(8), pages 1659-1675. citation courtesy of

April 2008Current Account Patterns and National Real Estate Markets
with Yothin Jinjarak: w13921

Published: Aizenman, Joshua & Jinjarak, Yothin, 2009. "Current account patterns and national real estate markets," Journal of Urban Economics, Elsevier, vol. 66(2), pages 75-89, September. citation courtesy of

March 2008The Life Cycle of Scholars and Papers in Economics -- the "Citation Death Tax"
with Kenneth Kletzer: w13891

Published: Joshua Aizenman & Kenneth Kletzer, 2011. "The life cycle of scholars and papers in economics - the 'citation death tax'," Applied Economics, Taylor and Francis Journals, vol. 43(27), pages 4135-4148. citation courtesy of

Sterilization, Monetary Policy, and Global Financial Integration
with Reuven Glick: w13902

Published: Joshua Aizenman & Reuven Glick, 2009. "Sterilization, Monetary Policy, and Global Financial Integration," Review of International Economics, Blackwell Publishing, vol. 17(4), pages 777-801, 09. citation courtesy of

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
with Jaewoo Lee: w13853

Published: REAL EXCHANGE RATE, MERCANTILISM AND THE LEARNING BY DOING EXTERNALITY Joshua Aizenman1, Jaewoo Lee2,* Article first published online: 16 JUL 2010 DOI: 10.1111/j.1468-0106.2010.00505.x © 2010 The Authors. Journal compilation © 2010 Blackwell Publishing Asia Pty Ltd Issue Pacific Economic Review Pacific Economic Review Volume 15, Issue 3, pages 324–335, August 2010

January 2008Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
with Yi Sun: w13734

Published: Aizenman, Joshua & Sun, Yi, 2010. "Globalization and the sustainability of large current account imbalances: Size matters," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 35-44, March. citation courtesy of

September 2007Aid Volatility and Poverty Traps
with Pierre-Richard Agénor: w13400

Published: Agénor, Pierre-Richard & Aizenman, Joshua, 2010. "Aid volatility and poverty traps," Journal of Development Economics, Elsevier, vol. 91(1), pages 1-7, January. citation courtesy of

July 2007Large Hoarding of International Reserves and the Emerging Global Economic Architecture
w13277

Published: Joshua Aizenman, 2008. "Large Hoarding Of International Reserves And The Emerging Global Economic Architecture," Manchester School, University of Manchester, vol. 76(5), pages 487-503, 09. citation courtesy of

May 2007Takeoffs
with Mark Spiegel: w13084

Published: Joshua Aizenman & Mark M. Spiegel, 2010. "Takeoffs," Review of Development Economics, Blackwell Publishing, vol. 14(2), pages 177-196, 05. citation courtesy of

January 2007Economic Growth with Constraints on Tax Revenues and Public Debt: Implications for Fiscal Policy and Cross-Country Differences
with Kenneth Kletzer, Brian Pinto: w12750
December 2006International Reserves Management and the Current Account
w12734

Published:

  • Aizenman, Joshua & Lee, Yeonho & Rhee, Youngseop, 2007. "International reserves management and capital mobility in a volatile world: Policy considerations and a case study of Korea," Journal of the Japanese and International Economies, Elsevier, vol. 21(1), pages 1-15, March.
  • Joshua Aizenman, 2008. "International Reserve Management and the Current Account," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmid (ed.), Current Account and External Financing, edition 1, volume 12, chapter 11, pages 435-474 Central Bank of Chile.

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
with Jaewoo Lee: w12718

Published: Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long-run View of Large International Reserves Hoarding," The World Economy, Blackwell Publishing, vol. 31(5), pages 593-611, 05. citation courtesy of

August 2006Signaling Credibility --- Choosing Optimal Debt and International Reserves
with Jorge Fernández-Ruiz: w12407

Published: Aizenman, Joshua and J. Fernández-Ruiz. “Signaling Credibility — Choosing Optimal Debt and International Reserves." The Journal of the Korean Economy 10, 1 (2009): 1-28.

July 2006Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
with Daniel Riera-Crichton: w12363

Published: Aizenman, Joshua and Daniel Riera-Crichton. "Real exchange rate and international reserves in the era of growing financial and trade integration." Review of Economics and Statistics 90, 4 (2008): 812-815.

May 2006Prizes for Basic Research -- Human Capital, Economic Might and the Shadow of History
with Ilan Noy: w12226

Published: Joshua Aizenman & Ilan Noy, 2007. "Prizes for basic research: Human capital, economic might and the shadow of history," Journal of Economic Growth, Springer, vol. 12(3), pages 261-282, September. citation courtesy of

January 2006Globalization and Developing Countries - A Shrinking Tax Base?
with Yothin Jinjarak: w11933

Published: Aizenman, Joshua and Y. Jinjarak. “Globalization and Developing Countries: A Shrinking Tax Base?" Journal of Development Studies 45, 5: 653–671. 2009. citation courtesy of

October 2005Pegged Exchange Rate Regimes -- A Trap?
with Reuven Glick: w11652

Published: Joshua Aizenman & Reuven Glick, 2008. "Pegged Exchange Rate Regimes-A Trap?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 817-835, 06. citation courtesy of

August 2005The Collection Efficiency of the Value Added Tax: Theory and International Evidence
with Yothin Jinjarak: w11539

Published: Joshua Aizenman & Yothin Jinjarak, 2008. "The collection efficiency of the Value Added Tax: Theory and international evidence," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 17(3), pages 391-410. citation courtesy of

June 2005FDI and Trade -- Two Way Linkages?
with Ilan Noy: w11403

Published: Aizenman, Joshua & Noy, Ilan, 2006. "FDI and trade--Two-way linkages?," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(3), pages 317-337, July. citation courtesy of

May 2005International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
with Jaewoo Lee: w11366

Published:

April 2005Ex Ante Carrots instead of Ex Post Sticks: Two Examples
w11242

Published: Aizenman, Joshua. “Ex ante carrots instead of ex post sticks: two examples." The Journal of the Korean Economy (Fall 2005): 131-159.

March 2005Globalization and Taste Convergence: The Case of Wine and Beer
with Eileen L. Brooks: w11228

Published: Joshua Aizenman & Eileen Brooks, 2008. "Globalization and Taste Convergence: the Cases of Wine and Beer," Review of International Economics, Blackwell Publishing, vol. 16(2), pages 217-233, 05. citation courtesy of

February 2005Financial Liberalization in Latin-America in the 1990s: A Reassessment
w11145

Published: Joshua Aizenman, 2005. "Financial Liberalisations in Latin America in the 1990s: A Reassessment," The World Economy, Blackwell Publishing, vol. 28(7), pages 959-983, 07. citation courtesy of

July 2004Sources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries?
with Brian Pinto, Artur Radziwill: w10624

Published: Aizenman, Joshua & Pinto, Brian & Radziwill, Artur, 2007. "Sources for financing domestic capital - Is foreign saving a viable option for developing countries?," Journal of International Money and Finance, Elsevier, vol. 26(5), pages 682-702, September. citation courtesy of

Managing Volatility and Crises: A Practitioner's Guide Overview
with Brian Pinto: w10602

Published: Aizenman J. and B. Pinto (eds.) Managing Economic Volatility and Crises: A Practitioner's Guide. Cambridge: Cambridge University Press, 2005.

June 2004International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea
with Yeonho Lee, Yeongseop Rhee: w10534

Published: Aizenman, Joshua & Lee, Yeonho & Rhee, Youngseop, 2007. "International reserves management and capital mobility in a volatile world: Policy considerations and a case study of Korea," Journal of the Japanese and International Economies, Elsevier, vol. 21(1), pages 1-15, March. citation courtesy of

May 2004Endogenous Financial and Trade Openness
with Ilan Noy: w10496

Published: Joshua Aizenman & Ilan Noy, 2009. "Endogenous Financial and Trade Openness," Review of Development Economics, Blackwell Publishing, vol. 13(2), pages 175-189, 05. citation courtesy of

December 2003Endogenous Financial Openness: Efficiency and Political Economy Considerations
with Ilan Noy: w10144

Published: Joshua Aizenman & Ilan Noy, 2009. "Endogenous Financial and Trade Openness," Review of Development Economics, Blackwell Publishing, vol. 13(2), pages 175-189, 05.

August 2003On the Hidden Links Between Financial and Trade Opening
w9906

Published: Aizenman, Joshua, 2008. "On the hidden links between financial and trade opening," Journal of International Money and Finance, Elsevier, vol. 27(3), pages 372-386, April. citation courtesy of

April 2003Military Expenditure, Threats, and Growth
with Reuven Glick: w9618

Published: Joshua Aizenman & Reuven Glick, 2006. "Military expenditure, threats, and growth," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 15(2), pages 129-155, June. citation courtesy of

December 2002Volatility, employment and the patterns of FDI in emerging markets
w9397

Published: Aizenman, Joshua, 2003. "Volatility, employment and the patterns of FDI in emerging markets," Journal of Development Economics, Elsevier, vol. 72(2), pages 585-601, December. citation courtesy of

November 2002Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI
with Mark M. Spiegel: w9324

Published: Aizenman, Joshua and Mark M. Spiegel. "Institutional Efficiency, Monitoring Costs And The Investment Share Of FDI," Review of International Economics, 2006, v14(4,Sep), 683-697. citation courtesy of

October 2002The High Demand for International Reserves in the Far East: What's Going On?
with Nancy Marion: w9266

Published:

September 2002International Reserve Holdings with Sovereign Risk and Costly Tax Collection
with Nancy P. Marion: w9154

Published: Aizenman, Joshua and Nancy Marion. "International Reserve Holdings With Sovereign Risk And Costly Tax Collection," Economic Journal, 2004, v114(497,Jul), 569-591. citation courtesy of

Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises
with Kenneth M. Kletzer, Brian Pinto: w9190

Published: Aizenman, Joshua, Kenneth M. Kletzer and Brian Pinto. "Sargent-Wallace Meets Krugman-Flood-Garber, Or: Why Sovereign Debt Swaps Do To Avert Macroeconomic Crises," Economic Journal, 2005, v115(503,Apr), 343-367. citation courtesy of

April 2002Financial Opening: Evidence and Policy Options
w8900

Published:

December 2001The Merits of Horizontal versus Vertical FDI in the Presence of Uncertainty
with Nancy Marion: w8631

Published: Aizenman, Joshua and Nancy Marion. "The Merits Of Horizontal Versus Vertical FDI In The Presence Of Uncertainty," Journal of International Economics, 2004, v62(1,Jan), 125-148. citation courtesy of

October 2000The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?
with P.R. Agenor, A. Hoffmaister: w7951

Published: Agenor, Pierre-Richard, Joshua Aizenman and Alexander W. Hoffmaister. "The Credit Crunch In East Asia: What Can Bank Excess Liquidity Assets Tell Us?," Journal of International Money and Finance, 2004, v23(1,Feb), 27-49. citation courtesy of

September 2000Endogenous Pricing to Market and Financing Costs
w7914

Published: Aizenman, Joshua. "Endogenous Pricing To Market And Financing Costs," Journal of Monetary Economics, 2004, v51(4,May), 691-712. citation courtesy of

June 2000Exchange Rate Regimes and Financial-Market Imperfections
with Ricardo Hausmann: w7738
Savings and the Terms of Trade Under Borrowing Constraints
with Pierre-Richard Agenor: w7743

Published: Agenor, Pierre-Richard & Aizenman, Joshua, 2004. "Savings and the terms of trade under borrowing constraints," Journal of International Economics, Elsevier, vol. 63(2), pages 321-340, July. citation courtesy of

December 1999Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management
with Pierre-Richard Agenor: w7446
October 1999Uncertainty and the Disappearance of International Credit
with Nancy P. Marion: w7389

Published:

Capital Controls and Financial Crises
w7398
July 1999Reserve Uncertainty and the Supply of International Credit
with Nancy Marion: w7202

Published: Journal of Money, Credit and Banking, Vol. 34, no. 3, part 1 (August 2002): 631-649 citation courtesy of

March 1999Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?
with Stephen J. Turnovsky: w7004

Published: Aizenman, Joshua and Stephen J. Turnovsky. "Reserve Requirements On Sovereign Debt In The Presence Of Moral Hazard - On Debtors Or Creditors?," Economic Journal, 2002, v112(476,Jan), 107-132. citation courtesy of

December 1998Contagion, Bank Lending Spreads and Output Fluctuations
with P.R. Agenor, A. Hoffmaister: w6850
November 1998Volatility and the Welfare Costs of Financial Market Integration
with Pierre-Richard Agenor: w6782

Published: The Asian Financial Crisis, Agenor, P.R., M. Miller and A. Weber, eds., Cambridge: Cambridge University Press, 1999, pp. 195-225.

August 1998Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation
w6703

Published: Joshua Aizenman, 2003. "Capital Mobility In A Second--Best World: Moral Hazard With Costly Financial Intermediation," Review of International Economics, Blackwell Publishing, vol. 11(1), pages 1-17, February. citation courtesy of

April 1998Privatization in Emerging Markets
w6524

Published: Journal of Economic Integration, Vol. 15, no. 1 (March 2000): 145-161.

December 1997Volatility and Financial Intermediation
with Andrew Powell: w6320

Published: Aizenman, Joshua & Powell, Andrew, 2003. "Volatility and financial intermediation," Journal of International Money and Finance, Elsevier, vol. 22(5), pages 657-679, October. citation courtesy of

August 1997Controlled Openness and Foreign Direct Investment
with Sang-Seung Yi: w6123

Published: Review of Development Economics, Vol. 2, no. 1 (1998): 1-10. citation courtesy of

July 1997Contagion and Volatility with Imperfect Credit Markets
with Pierre-Richard Agenor: w6080

Published: IMF Staff Papers (June 1998): 207-235. citation courtesy of

March 1997International Portfolio Diversification with Generalized Expected Utility Preferences
w5965

Published: Canadian Journal of Economics, Vol. 66 (April 1999): 277-296. citation courtesy of

November 1996New Activities, the Welfare Cost of Uncertainty and Investment Policies
w5825

Published: International Journal of Finance & Economics, Vol. 3, no. 2 (April 1998): 97-110 citation courtesy of

Volatility and the Investment Response
with Nancy P. Marion: w5841

Published: (Published as "Volatility and Investment") Economica, Vol. 66 (1999): 157-179.

May 1996Optimal Tax and Debt Policy with Endogenously Imperfect Creditworthiness
with Michael Gavin, Ricardo Hausmann: w5558

Published: Joshua Aizenman, Michael Gavin, Ricardo Hausmann. "Optimal tax and debt policy with endogenously imperfect creditworthiness," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 9(4), pages 367-395, December 2000. citation courtesy of

January 1996Wage Dispersion and Technical Progress
with Pierre-Richard Agenor: w5417

Published: Published as "Technology change, relative wages and unemployment," in the European Economic Review, Vol. 41, no. 2 (April 1997): 187-206.

December 1995Volatility, Investment and Disappointment Aversion
with Nancy Marion: w5386

Published: (Published as "Volatility and Investment") Economica, Vol. 66 (1999): 157-179.

November 1995The Impact of Inflation on Budgetary Discipline
with Ricardo Hausmann: w5338

Published: Aizenman, Joshua and Ricardo Hausmann. "The Impact Of Inflation On Budgetary Discipline," Journal of Development Economics, 2000, v63(2,Dec), 425-449. citation courtesy of

Optimal Buffer Stocks and Precautionary Savings with Disappointment Aversion
w5361

Published: Journal of International Money & Finance, Vol. 17 (1998): 931-947.

August 1995Capital Markets Integration, Volatility and Persistence
w5241

Published: Journal of Macroeconomics, Vol. 19 (1997): 217-236. citation courtesy of

February 1995Investment in New Activities and the Welfare Cost of Uncertainty
w5041

Published: Journal of Development Economics, Vol. 52 (April 1997): 259-277. citation courtesy of

August 1994Why is Inflation Skewed? A Debt and Volatility Story
with Ricardo Hausmann: w4837
June 1994Macroeconomic Adjustment with Segmented Labor Markets
with Pierre-Richard Agenor: w4769

Published: Journal of Development Economics, Vol. 58 (April 1999): 277-296. citation courtesy of

March 1994Foreign Direct Investment, Employment Volatility and Cyclical Dumping
w4683

Published: International Journal of Finance & Economics, Winter 1996, vol. 10: 1-28. citation courtesy of

February 1994On The Need For Fiscal Discipline in an Union
w4656

Published: "Fiscal discipline in a union," in The Political Economy of Economic Reforms, ed by F. Sturzenegger and M. Tommasi, MIT Press, 1998,pp. 185-208.

May 1993Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs
with Peter Isard: w4366

Published: The Economics of Transition, "Production Bottlenecks and Resource Allocation During the Transition to a Market Economy," Vol 3(3), pp. 321-331, 1995.

June 1992Foreign Direct Investment as a Commitment Mechanism in the Presence of Managed Trade
w4102

Published: International Economic Journal, vol. 10, no.4 (winter 1996): 1-28.

January 1992Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment
w3953

Published: "Exchange Rate Flexibility, Volatility, and Domestic and Foreign Direct Investment," from International Monetary Fund Staff Papers, Vol. 39, No. 4, pp . 890-922 (December 1992).

September 1991Policy Uncertainty, Persistence and Growth
with Nancy Marion: w3848

Published: Review of International Economics, June 1993 citation courtesy of

August 1991Inward Versus Outward Growth Orientation in the Presence of Country Risk
w2868

Published: Economica, Vol. 58, pp. 57-77, (February 1991). citation courtesy of

July 1991Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes
w3767

Published: Economica, 1994, Vol. 61, pp. 407-434 "Monetary & Real Shocks, Productive C Rate Regimes"

March 1991Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies
with Peter Isard: w3650

Published: Journal of Development Economics, June 1993, pp. 95-114 citation courtesy of

January 1991Trade Reforms, Credibility, and Development
w3600

Published: Journal of Development Economics Volume 39, pp. 163-187, 1992 citation courtesy of

December 1990Soft Budget Constraints, Taxes, and the Incentive to Cooperate
w3561

Published: International Economic Review, November 1993, pp. 819-832 citation courtesy of

September 1990Capital Controls, Collection Costs, and Domestic Public Debt
with Pablo E. Guidotti: w3443

Published: Journal of International Money and Finance, Vol. 13, no. 1, pp. 41-54, (February 1994). citation courtesy of

June 1990Externalities, Incentives, and Economic Reforms
with Peter Isard: w3395

Published: Bulletin of Economic Research, October 1993, pp. 305-315

September 1989World Integration, Competitive and Bargaining Regimes Switch: an Exploration
w3103

Published: Canadian Journal of Economics, May 1994, pp. 459-483 citation courtesy of

June 1989Strategic Investment in a Debt Bargaining Framework
with Eduardo R. Borensztein: w3019

Published: Journal of International Trade and Development, June 1993, pp. 43-64

April 1989The Competitive Externalities and the Optimal Seignorage
w2937

Published: Journal of Money, Credit and Banking, Vol. 24, No. 1, pp. 61-71, (February 1992).

October 1988Trade Dependency, Bargaining and External Debt
w2726

Published: Journal of International Economics, Vol. 31, pp. 101-120, (1991). citation courtesy of

July 1988External Debt, Planning Horizon and Distorted Credit Markets
w2662

Published: Journal of International Money and Finance, Vol. 9, No. 2, pp. 138-158, (1990). citation courtesy of

May 1988Debt and Conditionality under Endogenous Terms of Trade Adjustment
with Eduardo R. Borensztein: w2582

Published:

  • Aizenman, Joshua A. and Eduardo R. Borensztein, "Debt and Conditionality under Endogenous Terms of Trade Adjustment," from I.M.F. Staff Papers, Vol. 35, No. 4, (December 1988).
  • Joshua Aizenman & Eduardo R. Borensztein, 1988. "Debt and Conditionality under Endogenous Terms of Trade Adjustment," IMF Staff Papers, Palgrave Macmillan, vol. 35(4), pages 686-713, December. citation courtesy of

October 1987Investment, Openness, and Country Risk
w2410

Published: Analytical Issues in Debt, edited by Jacob A. Frenkel, Michael P. Dooley,and Peter Wickham, pp. 83-101. Washington, DC: International Monetary Fund, 1989.

August 1987Market Power and Exchange Rate Adjustment in the Presence of Quotas
w2370

Published: Journal of International Economics, Vol. 27, pp. 265-282, (1989). citation courtesy of

July 1987Costly Adjustment and Limited Borrowing: A Welfare Analysis of Policiesto Achieve External Balance
with Marcelo Selowsky: w2315

Published: International Economic Journal, Summer 1991, pp. 17-38

May 1987Country Risk and Contingencies
w2236

Published: International Economic Journal, Vol. 3, No. 1, pp. 81-102, (Spring 1989).

April 1987Successful Adjustment in a Multi-Sectoral Economy
w2202

Published: From International Economic Journal, Vol. 2, No. 1, pp. 85-99, (Spring 1988).

February 1987Monopolistic Competition and Labor Market Adjustment in the Open Economy
w2152

Published:

  • Aizenman, Joshua. "Monopolistic Competition and Labor Market Adjustment in the Open Economy," in The Misalignment of Exchange Rates, ed. by Richard C . Marston, Chicago: University of Chicago Press, 1988.
  • Aizenman, Joshua. "Monopolistic Competition, Relative Prices, And Output Adjustment In The Open Economy," Journal of International Money and Finance, 1989, v8(1), 5-28.
  • Monopolistic Competition and Labor Market Adjustment in the Open Economy, Joshua Aizenman. in Misalignment of Exchange Rates, Marston. 1988

September 1986Stabilization Policies and the Information Content of Real Wages
w1373

Published: Aizenman, Joshua."Stabilization Policies and the Information Content of Real Wages," Economica, Vol. 53, pp. 181-190, 1986. citation courtesy of

Country Risk and Incentives Schemes
w2031

Published: Published as "Country Risk and Contingencies", International Economic Journal, Vol. 3, no. 1 (1989): 81-102.

August 1986Labor Markets and the Choice of Technology in an Open Developing Economy
w1998

Published: The Journal of Development Studies, Vol. 25, No. 2, pp. 210-225, (January 1989).

April 1986Country Risk, Asymmetric Information and Domestic Policies
w1880

Published: "Country Risk, Incomplete Information, and Taxes on International Borrowing." From Economic Journal, Vol. 99, No. 394, pp. 147-161,(March 1989).

Targeting Rules for Monetary Policy
with Jacob A. Frenkel: w1881

Published: Aizenman, Joshua and Jacob A. Frenkele."Targeting Rules for Monetary Policy ," Economics Letters, Vol. 21, No. 2, (1986), pp. 183-187. citation courtesy of

1986Monopolistic Competition, Relative Prices and Output Adjustment in the Open Economy
w1787

Published: Journal of International Money and Finance, Vol. 8, pp. 5-28, (March 1989). citation courtesy of

Sectorial Wages and the Real Exchange Rate
with Jacob A. Frenkel: w1801

Published: Aizenman, Joshua and Jacob A. Frenkel. "Sectorial Wages and the Real Exchange Rate," Journal of International Economics, Vol. 24, pp. 69-91, (1988). citation courtesy of

October 1985Inflation, Tariffs and Tax Enforcement Costs
w1712

Published: Aizenman, Joshua. "Inflation, Tariffs and Tax Enforcement Costs," Journal of International Economic Integration, Vol. 2, No. 2, pp. 12-28, (Autumn 1987).

April 1985Supply Shocks, Wage Indexation and Monetary Accommodation
with Jacob A. Frenkel: w1609

Published:

  • Aizenman, Joshua and Jacob A. Frenkel. "Wage Indexation, Supply Shocks and Monetary Policy for a Sa mall Open Economy," Economic Adjustment and Exchange Rates in Developing Countries, edited by S. Edwards and Liquat Ahamed. Chicago: UCP, 1986.
  • Aizenman, Joshua and Jacob A. Frenkel. "Supply Shocks, Wage Indexation and Monetary Accomodation,"Journal of Money, Credit, and Banking, Vol. 18, No. 3, pp. 304-322, August 1986. citation courtesy of

March 1985On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax
w1583

Published: Canadian Journal of Economics, Vol. 19, No. 1, pp. 114-133, (February 1986) citation courtesy of

1985Monopolistic Competition and Deviations from PPP
w1552
November 1984Optimal Wage Re-Negotiation
w1279

Published: Aizenman, Joshua. "Optimal Wage Re-Negotiation in a Closed and Open Economy. "Journal of Monetary Economics, Vol. 13, (1984), pp. 251-262.

October 1984Testing Deviations From Purchasing Power Parity (PPP)
w1475

Published: Aizenman, Joshua. "Testing Deviations from Purchasing Power Parity," Journal of International Money and Finance, Vol. 5, No. 1, (March 1986), pp. 25-35.

April 1984Optimal Price Adjustment with Time-Dependent Costs
w1319
Optimal Wage Indexation, Foreign-Exchange Intervention and Monetary Policy
with Jacob A. Frenkel: w1329

Published: Aizenman, Joshua and Jacob A. Frenkel. "Optimal Wage Indexation, Foreign Exchange Intervention and Monetary Policy." American Economic Review, Vol. 75, No. 3, (June 1985), pp. 402-423. citation courtesy of

December 1983Tariff Liberalization Policy and Financial Restrictions
w1253

Published: Aizenman, Joshua. "Tariff Liberalization Policy and FInancial Restrictions." Journal of International Economics, Vol. 19, (1985), pp. 241-255. citation courtesy of

November 1983Openness, Relative Prices and Macro Policies
w1233

Published: Aizenman, Joshua. "Openness, Relative Prices and Macro-Policies." Journal of International Money and Finance, Vol. 4, No. 1, (March 1985), pp. 5-17. citation courtesy of

August 1983A Theory of Current Account and Exchange Rate Determinations
w1177

Published: Aizenman, Joshua. "A Theory of Current Account and Exchange Rate Determinations." European Economic Review, Vol. 23, (1983), pp. 261-280. citation courtesy of

June 1983Wage Contracts with Incomplete and Costly Information
w1150
April 1983Adjustment to Monetary Policy and Devaluation Under Two-Tier and Fixed Exchange Rate Regimes
w1107

Published: Aizenman, Joshua. "Adjustment to Monetary Policy and Devaluation Under Two-Tier and Fixed Exchange Rate Regimes." Journal of Development Economics, Vol. 18, (1985), pp. 153-169. citation courtesy of

Wage Flexibility and Openness
w1108

Published: Aizenman, Joshua. "Wage Flexibility and Opnness." Quarterly Journal of Economics, Vol. 100, (1985), pp. 539-550. citation courtesy of

March 1983Aspects of the Optimal Management of Exchange Rates
with Jacob A. Frenkel: w0748

Published: Frenkel, Jacob A. and Joshua Aizenman. "Aspects of the Optimal Management of Exchange Rates." Journal of International Economics, Vol. 13 (1982), pp. 231-256. North-Holland Publishing Co. citation courtesy of

1983Modeling Deviations from Purchasing Power Parity (PPP)
w1066

Published: Aizenman, Joshua. "Modeling Deviations from Purchasing Power Parity (PPP)." International Economic Review, Vol. 25, No. 1, (February 1984), pp. 175- 191. citation courtesy of

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