NBER Working Papers by Joshua Aizenman

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Working Papers

June 2014The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?
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
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
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
November 2012Macroeconomic Adjustment and the History of Crises in Open Economies
with Ilan Noy: w18527
June 2012Income inequality, tax base and sovereign spreads
with Yothin Jinjarak: w18176
The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms
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
February 2012Trilemma Policy Convergence Patterns and Output Volatility
with Hiro Ito: w17806
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
October 2011Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
with Brian Pinto, Vladyslav Sushko: w17530
Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010
with Yothin Jinjarak, Donghyun Park: w17502
September 2011The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment
with Yothin Jinjarak: w17427
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
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
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
September 2010Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds
with Reuven Glick: w16392
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
April 2010Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
with Menzie D. Chinn, Hiro Ito: w15876
March 2010International reserves and swap lines: substitutes or complements?
with Yothin Jinjarak, Donghyun Park: w15804
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
November 2009Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
October 2009The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
with Yi Sun: w15308
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
March 2009Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
with Gurnain Kaur Pasricha: w14821
On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment
December 2008Inflation Targeting and Real Exchange Rates in Emerging Markets
with Michael Hutchison, Ilan Noy: w14561
Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance
with Reuven Glick: w14562
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
September 2008The Internationalization of Venture Capital and Private Equity
with Jake Kendall: w14344
June 2008Capital Market Imperfections and the Theory of Optimum Currency Areas
with Pierre-Richard Agenor: w14088
April 2008Current Account Patterns and National Real Estate Markets
with Yothin Jinjarak: w13921
March 2008The Life Cycle of Scholars and Papers in Economics -- the "Citation Death Tax"
with Kenneth Kletzer: w13891
Sterilization, Monetary Policy, and Global Financial Integration
with Reuven Glick: w13902
The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
with Jaewoo Lee: w13853
January 2008Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
with Yi Sun: w13734
September 2007Aid Volatility and Poverty Traps
with Pierre-Richard Agénor: w13400
July 2007Large Hoarding of International Reserves and the Emerging Global Economic Architecture
May 2007Takeoffs
with Mark Spiegel: w13084
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
Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
with Jaewoo Lee: w12718
August 2006Signaling Credibility --- Choosing Optimal Debt and International Reserves
with Jorge Fernández-Ruiz: w12407
July 2006Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
with Daniel Riera-Crichton: w12363
May 2006Prizes for Basic Research -- Human Capital, Economic Might and the Shadow of History
with Ilan Noy: w12226
January 2006Globalization and Developing Countries - A Shrinking Tax Base?
with Yothin Jinjarak: w11933
October 2005Pegged Exchange Rate Regimes -- A Trap?
with Reuven Glick: w11652
August 2005The Collection Efficiency of the Value Added Tax: Theory and International Evidence
with Yothin Jinjarak: w11539
June 2005FDI and Trade -- Two Way Linkages?
with Ilan Noy: w11403
May 2005International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
with Jaewoo Lee: w11366
April 2005Ex Ante Carrots instead of Ex Post Sticks: Two Examples
March 2005Globalization and Taste Convergence: The Case of Wine and Beer
with Eileen L. Brooks: w11228
February 2005Financial Liberalization in Latin-America in the 1990s: A Reassessment
July 2004Sources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries?
with Brian Pinto, Artur Radziwill: w10624
Managing Volatility and Crises: A Practitioner's Guide Overview
with Brian Pinto: w10602
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
May 2004Endogenous Financial and Trade Openness
with Ilan Noy: w10496
December 2003Endogenous Financial Openness: Efficiency and Political Economy Considerations
with Ilan Noy: w10144
August 2003On the Hidden Links Between Financial and Trade Opening
April 2003Military Expenditure, Threats, and Growth
with Reuven Glick: w9618
December 2002Volatility, employment and the patterns of FDI in emerging markets
November 2002Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI
with Mark M. Spiegel: w9324
October 2002The High Demand for International Reserves in the Far East: What's Going On?
with Nancy Marion: w9266
September 2002International Reserve Holdings with Sovereign Risk and Costly Tax Collection
with Nancy P. Marion: w9154
Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises
with Kenneth M. Kletzer, Brian Pinto: w9190
April 2002Financial Opening: Evidence and Policy Options
December 2001The Merits of Horizontal versus Vertical FDI in the Presence of Uncertainty
with Nancy Marion: w8631
October 2000The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?
with P.R. Agenor, A. Hoffmaister: w7951
September 2000Endogenous Pricing to Market and Financing Costs
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
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
Capital Controls and Financial Crises
July 1999Reserve Uncertainty and the Supply of International Credit
with Nancy Marion: w7202
March 1999Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?
with Stephen J. Turnovsky: w7004
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
August 1998Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation
April 1998Privatization in Emerging Markets
December 1997Volatility and Financial Intermediation
with Andrew Powell: w6320
August 1997Controlled Openness and Foreign Direct Investment
with Sang-Seung Yi: w6123
July 1997Contagion and Volatility with Imperfect Credit Markets
with Pierre-Richard Agenor: w6080
March 1997International Portfolio Diversification with Generalized Expected Utility Preferences
November 1996New Activities, the Welfare Cost of Uncertainty and Investment Policies
Volatility and the Investment Response
with Nancy P. Marion: w5841
May 1996Optimal Tax and Debt Policy with Endogenously Imperfect Creditworthiness
with Michael Gavin, Ricardo Hausmann: w5558
January 1996Wage Dispersion and Technical Progress
with Pierre-Richard Agenor: w5417
December 1995Volatility, Investment and Disappointment Aversion
with Nancy Marion: w5386
November 1995The Impact of Inflation on Budgetary Discipline
with Ricardo Hausmann: w5338
Optimal Buffer Stocks and Precautionary Savings with Disappointment Aversion
August 1995Capital Markets Integration, Volatility and Persistence
February 1995Investment in New Activities and the Welfare Cost of Uncertainty
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
March 1994Foreign Direct Investment, Employment Volatility and Cyclical Dumping
February 1994On The Need For Fiscal Discipline in an Union
May 1993Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs
with Peter Isard: w4366
June 1992Foreign Direct Investment as a Commitment Mechanism in the Presence of Managed Trade
January 1992Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment
September 1991Policy Uncertainty, Persistence and Growth
with Nancy Marion: w3848
August 1991Inward Versus Outward Growth Orientation in the Presence of Country Risk
July 1991Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes
March 1991Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies
with Peter Isard: w3650
January 1991Trade Reforms, Credibility, and Development
December 1990Soft Budget Constraints, Taxes, and the Incentive to Cooperate
September 1990Capital Controls, Collection Costs, and Domestic Public Debt
with Pablo E. Guidotti: w3443
June 1990Externalities, Incentives, and Economic Reforms
with Peter Isard: w3395
September 1989World Integration, Competitive and Bargaining Regimes Switch: an Exploration
June 1989Strategic Investment in a Debt Bargaining Framework
with Eduardo R. Borensztein: w3019
April 1989The Competitive Externalities and the Optimal Seignorage
October 1988Trade Dependency, Bargaining and External Debt
July 1988External Debt, Planning Horizon and Distorted Credit Markets
May 1988Debt and Conditionality under Endogenous Terms of Trade Adjustment
with Eduardo R. Borensztein: w2582
October 1987Investment, Openness, and Country Risk
August 1987Market Power and Exchange Rate Adjustment in the Presence of Quotas
July 1987Costly Adjustment and Limited Borrowing: A Welfare Analysis of Policiesto Achieve External Balance
with Marcelo Selowsky: w2315
May 1987Country Risk and Contingencies
April 1987Successful Adjustment in a Multi-Sectoral Economy
February 1987Monopolistic Competition and Labor Market Adjustment in the Open Economy
September 1986Stabilization Policies and the Information Content of Real Wages
Country Risk and Incentives Schemes
August 1986Labor Markets and the Choice of Technology in an Open Developing Economy
April 1986Country Risk, Asymmetric Information and Domestic Policies
Targeting Rules for Monetary Policy
with Jacob A. Frenkel: w1881
1986Monopolistic Competition, Relative Prices and Output Adjustment in the Open Economy
Sectorial Wages and the Real Exchange Rate
with Jacob A. Frenkel: w1801
October 1985Inflation, Tariffs and Tax Enforcement Costs
April 1985Supply Shocks, Wage Indexation and Monetary Accommodation
with Jacob A. Frenkel: w1609
March 1985On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax
1985Monopolistic Competition and Deviations from PPP
November 1984Optimal Wage Re-Negotiation
October 1984Testing Deviations From Purchasing Power Parity (PPP)
April 1984Optimal Price Adjustment with Time-Dependent Costs
Optimal Wage Indexation, Foreign-Exchange Intervention and Monetary Policy
with Jacob A. Frenkel: w1329
December 1983Tariff Liberalization Policy and Financial Restrictions
November 1983Openness, Relative Prices and Macro Policies
August 1983A Theory of Current Account and Exchange Rate Determinations
June 1983Wage Contracts with Incomplete and Costly Information
April 1983Adjustment to Monetary Policy and Devaluation Under Two-Tier and Fixed Exchange Rate Regimes
Wage Flexibility and Openness
March 1983Aspects of the Optimal Management of Exchange Rates
with Jacob A. Frenkel: w0748
1983Modeling Deviations from Purchasing Power Parity (PPP)

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

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