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Financial sector ups and downs and the real sector : big hindrance, little help (English)

This paper examines how financial expansion and contraction cycles affect the broader economy through their impact on eight real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. ... See More +

Policy Research Working Paper WPS5860 OCT 01, 2011

Aizenman, Joshua; Pinto, Brian; Sushko, Vladyslav Disclosed

Managing financial integration and capital mobility -- policy lessons from the past two decades (English)

The accumulated experience of emerging markets over the past two decades has laid bare the tenuous links between external financial integration and faster growth, on the one hand, and the proclivity of such integration to fuel costly crises on the other. ... See More +

Policy Research Working Paper WPS5786 AUG 01, 2011

Aizenman, Joshua; Pinto, Brian Disclosed

Annual World Bank conference on development economics global 2010 : lessons from East Asia and the Global financial crisis (English)

The Annual World Bank Conference on Development Economics (ABCDE) is a forum for discussion and debate of important policy issues facing developing countries. ... See More +

Publication 61894 MAY 17, 2011

Yoon, Jeung-Hyun; Sakong, Il; Krueger, Anne O.; Johnson, Simon; Robinson, James A.; Hofman, Bert; Chang, Ha-Joon; Polenske, Karen R.; Dasgupta, Partha; Aoki, Masahiko; Tommasi, Mariano; Park, Yung Chul; Aizenman, Joshua; Lee, Jong-Wha; Claessens, Stijn; Cho, Yoon Je; Zanalda, Giovanni; Zettelmeyer, Jeromin; Lane, Philip R.; Chung, Sungchul; Dethier, Jean-Jacques; Gelb, Alan; Fardoust, Shahrokh; Lee, Young Geol; Lin, Justin Yifu [editor]; Pleskovic, Boris [editor] Disclosed

Financial sector inefficiencies and the debt Laffer curve (English)

The authors analyze the implications of inefficient financial intermediation for dbt management, using a model in which firms rely on bank credit to finance their working capital needs, and, lenders face a high state verification and enforcement costs of loan contracts. ... See More +

Policy Research Working Paper WPS2842 MAY 31, 2002

Agenor, Pierre-Richard; Aizenman, Joshua

The credit crunch in East Asia : what can bank excess liquid assets tell us ? (English)

The authors propose a two-step approach for assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. ... See More +

Policy Research Working Paper WPS2483 NOV 30, 2000

Agenor, Pierre-Richard; Aizenman, Joshua; Hoffmaister, Alexander

Savings and the terms of trade under borrowing constraints (English)

The authors examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak). ... See More +

Policy Research Working Paper WPS2381 JUN 30, 2000

Agenor, Pierre-Richard; Aizenman, Joshua

Financial sector inefficiencies and coordination failures : implications for crisis management (English)

The authors analyze the implications for crisis management of inefficient financial intermediation in a country (such as Indonesia or the Republic of Korea) where firms are highly indebted. ... See More +

Policy Research Working Paper WPS2185 SEP 30, 1999

Agenor, Pierre-Richard; Aizenman, Joshua

Volatility and the welfare costs of financial market integration (English)

The authors examine the effect of volatility on the costs and benefits of financial market integration. The authors use a basic framework that combines the costly state verification model and the contract enforceability approach. ... See More +

Policy Research Working Paper WPS1974 SEP 30, 1998

Agenor, Pierre-Richard; Aizenman, Joshua

Labor markets and the choice of technology in an open developing economy (English)

This paper highlights economic factors determining the choice of technology and openness in an intertemporal context in the presence of institutional constraints in the labor market. ... See More +

Departmental Working Paper DRD232 JAN 01, 1987

Aizenman, Joshua Disclosed