KOBV Portal

1

Online Resource

Financial sector inefficiencies and coordination failures : implications for crisis management (1999)

Agénor, Pierre-Richard [Verfasser] ; Aizenman, Joshua [Sonstige] ; World Bank Institute

Washington, DC : World Bank, World Bank Institute, Economic Policy and Poverty Reduction

add to watchlist on the watchlist

Details

UID:

b3kat_BV049076405

Format: 1 Online-Ressource (20, [3] Seiten) , ill , 28 cm

Edition: Online-Ausg Also available in print

Series Statement: Policy research working paper 2185

Content: In a country where financial intermediation is highly inefficient (with the enforcement costs of loan contracts very high, for example), or in one experiencing great volatility and large adverse shocks in output, the likelihood of an inefficient equilibrium is great. In East Asia it may be in the interests of both debtors and creditors to collectively reduce the face value of debt, to reduce inefficiencies in the financial sector

Note: "September 1999 , Cover title , Includes bibliographical references (p. 19-20)

Additional Edition: Agénor, Pierre-Richard Financial sector inefficiencies and coordination failures

Language: English

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

HWR Berlin

UB Potsdam

EUV Frankfurt

TH Brandenburg

HTW Berlin

MPI Bildungsforschung

2

Online Resource

Contagion, bank lending spreads, and output fluctuations (1999)

Agénor, Pierre-Richard [Verfasser] ; Hoffmaister, Alexander W. [Sonstige] ; Aizenman, Joshua [Sonstige] ; [et al.]

Washington, DC : World Bank, World Bank Institute, Economic Policy and Poverty Reduction

add to watchlist on the watchlist

Details

UID:

b3kat_BV049076404

Format: 1 Online-Ressource (25 Seiten) , ill , 28 cm

Edition: Online-Ausg Also available in print

Series Statement: Policy research working paper 2186

Content: A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shocks to external spreads immediately after the Mexican peso crisis had a sizable effect on movements in output and domestic interest rate spreads in Argentina

Note: "September 1999 , Cover title , Includes bibliographical references (p. 24-25)

Additional Edition: Agénor, Pierre-Richard Contagion, bank lending spreads, and output fluctuations

Language: English

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

HWR Berlin

UB Potsdam

EUV Frankfurt

TH Brandenburg

HTW Berlin

MPI Bildungsforschung

3

Online Resource

Savings and the Terms of Trade under Borrowing Constraints (1999)

Agénor, Pierre-Richard [Verfasser] ; Agénor, Pierre-Richard [Sonstige] ; Aizenman, Joshua [Sonstige]

Washington, D.C : The World Bank

add to watchlist on the watchlist

Details

UID:

b3kat_BV049076212

Format: 1 Online-Ressource (44 Seiten))

Edition: Online-Ausg

Content: June 2000 - When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may lead to higher rates of private savings. Agénor and Aizenman 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), savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast with the predictions of conventional consumption-smoothing models. They test for asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results-based on panel data for nonoil commodity exporters of Sub-Saharan Africa for 1980-96 (a group of countries for which movements in the terms of trade have traditionally represented a key source of macroeconomic shocks)-indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) indeed tend to be associated with higher rates of private savings. This paper is a product of Economic Policy and Poverty Reduction, World Bank Institute. Pierre-Richard Agénor may be contacted at pagenor@worldbank.org

Additional Edition: Agénor, Pierre-Richard Savings and the Terms of Trade under Borrowing Constraints

Language: English

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

HWR Berlin

UB Potsdam

EUV Frankfurt

TH Brandenburg

HTW Berlin

MPI Bildungsforschung

4

Online Resource

Financial sector inefficiencies and the debt Laffer curve (2002)

Agénor, Pierre-Richard [Verfasser] 1957- ; Aizenman, Joshua [Verfasser] 1949- ; World Bank ; [et al.]

Washington, D.C : World Bank, World Bank Institute, Economic Policy and Poverty Reduction Division

add to watchlist on the watchlist

Details

UID:

b3kat_BV040617478

Format: 1 Online-Ressource

Edition: Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4

Edition: Also available in print.

Series Statement: Policy research working paper 2842

Note: "May 2002. - Includes bibliographical references (p. 21-22). - Title from title screen as viewed on Aug. 20, 2002 , Erscheinungsjahr in Vorlageform:[2002]

Additional Edition: Reproduktion von Agénor, Pierre-Richard, 1957- Financial sector inefficiencies and the debt Laffer curve 2002

Language: English

URL: Volltext

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

HWR Berlin

UB Potsdam

EUV Frankfurt

TH Brandenburg

HTW Berlin

MPI Bildungsforschung

5

Online Resource

Managing Financial Integration and Capital Mobility : Policy Lessons from the Past Two Decades (2011)

Aizenman, Joshua [Verfasser] ; Pinto, Brian ; Aizenman, Joshua

Washington, D.C : The World Bank

add to watchlist on the watchlist

Details

UID:

b3kat_BV048265224

Format: 1 Online-Ressource (39 p)

Content: 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. These crises have not gone without learning. During the 1990s and 2000s, emerging markets converged to the middle ground of the policy space defined by the macroeconomic trilemma, with growing financial integration, controlled exchange rate flexibility, and proactive monetary policy. The OECD countries moved much faster toward financial integration, embracing financial liberalization, opting for a common currency in Europe, and for flexible exchange rates in other OECD countries. Following their crises of 1997-2001, emerging markets added financial stability as a goal, self-insured by building up international reserves, and adopted a public finance approach to financial integration. The global crisis of 2008-2009, which originated in the financial sector of advanced economies, meant that the OECD "overshot" the optimal degree of financial deregulation while the remarkable resilience of the emerging markets validated their public finance approach to financial integration. The story is not over: with capital flowing in droves to emerging markets once again, history could repeat itself without dynamic measures to manage capital mobility as part of a comprehensive prudential regulation effort

Additional Edition: Aizenman, Joshua Managing Financial Integration and Capital Mobility

Language: English

DOI: 10.1596/1813-9450-5786

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

Open Access Request

UB Potsdam

EUV Frankfurt

HTW Berlin

MPI Bildungsforschung

6

Online Resource

The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)

Agénor, Pierre-Richard [Verfasser] 1957- ; Hoffmaister, Alexander W. [Verfasser] ; Aizenman, Joshua [Verfasser] 1949-

Washington, D.C : The World Bank

add to watchlist on the watchlist

Details

UID:

b3kat_BV040617121

Format: 1 Online-Ressource (1 online resource (38 p.))

Edition: Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4

Content: November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister 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. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an "involuntary" accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper—a product of the Economic Policy and Poverty Reduction Division, World Bank Institute—is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenor@worldbank.org

Additional Edition: Reproduktion von Agénor, Pierre-Richard, 1957- The Credit Crunch in East Asia 1999

Language: English

URL: Volltext

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

HWR Berlin

EUV Frankfurt

TH Brandenburg

HTW Berlin

7

Online Resource

The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)

Agénor, Pierre-Richard [Verfasser] ; Agénor, Pierre-Richard [Sonstige] ; Hoffmaister, Alexander [Sonstige] ; [et al.]

Washington, D.C : The World Bank

add to watchlist on the watchlist

Details

UID:

b3kat_BV049076110

Format: 1 Online-Ressource (38 Seiten))

Edition: Online-Ausg

Content: November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister 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. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an "involuntary" accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper-a product of the Economic Policy and Poverty Reduction Division, World Bank Institute-is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenor@worldbank.org

Additional Edition: Agénor, Pierre-Richard The Credit Crunch in East Asia

Language: English

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

UB Potsdam

EUV Frankfurt

HTW Berlin

MPI Bildungsforschung

8

Online Resource

Financial sector ups and downs and the real sector : big hindrance, little help (2011)

Aizenman, Joshua [Verfasser] ; Pinto, Brian ; Sushko, Vladyslav ; [et al.]

Cambridge, MA : National Bureau of Economic Research

add to watchlist on the watchlist

Details

UID:

b3kat_BV048265682

Format: 1 Online-Ressource

Series Statement: NBER working paper series working paper 17530

Content: "We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 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. Overall, the construction sector is the most responsive to financial sector growth, with a number of others such as government, public utilities, and transportation also exhibiting significant sensitivity to lagged financial sector growth. Sharp fluctuations in the financial sector have asymmetric effects, with the majority of real sectors adversely affected by contractions but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively by the financial openness channel with foreign reserves mitigating these effects with a sizeable (10 to 15 times greater) impact during sharp financial contractions. Both effects are magnified during particularly large financial contractions (with coefficients on interaction terms 2 to 3 times greater than when all contractions are considered). Consequent upon a financial contraction, the most severe real sector contractions occur in countries with high financial openness, relative predominance of construction, manufacturing, and wholesale and retail sectors, and low international reserves. Finally, we find that abrupt financial contractions are more likely to follow periods of accelerated growth, indicative of "up by the stairs, down by the elevator dynamics.""--National Bureau of Economic Research web site

Note: Includes bibliographical references. - Title from PDF file as viewed on 1/5/2012

Additional Edition: Aizenman, Joshua Financial sector ups and downs and the real sector

Language: English

DOI: 10.1596/1813-9450-5860

URL: Volltext (URL des Erstveröffentlichers)

URL: Volltext (Deutschlandweit zugänglich)

Bookmarklink

Library	Location	Call Number	Volume/Issue/Year	Availability

Others were also interested in ...

Online Resource

Online Access

Open Access Request

UB Potsdam

EUV Frankfurt

HTW Berlin

MPI Bildungsforschung

9

Online Resource

Managing economic volatility and crises : a practitioner's guide (2005)

Aizenman, Joshua, [editor.] ; Pinto, Brian, [editor.]

Cambridge :Cambridge University Press,

add to watchlist on the watchlist

Details

UID:

almahu_9947414868602882

Format: 1 online resource (xv, 595 pages) : , digital, PDF file(s).

ISBN: 9780511510755 (ebook)

Content: Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.

Note: Title from publisher's bibliographic system (viewed on 05 Oct 2015). , Volatility : definitions and consequences / Holger Wolf -- Volatility and growth / Viktoria Hnatkovska and Norman Loayza -- Volatility, income distribution, and poverty / Thomas Laursen and Sandeep Mahajan -- Agricultural commodity price volatility / Jan Dehn, Christopher Gilbert, and Panos Varangis -- Managing oil booms and busts in developing countries / Julia Devlin and Michael Lewin -- Finance and volatility / Stijn Claessens -- Evaluating pricing signals from the bond markets / John J. Merrick, Jr. -- Managing macroeconomic crises : policy lessons / Jeffrey Frankel and Shang-Jin Wei -- Lessons from the Russian crisis of 1998 and recovery / Brian Pinto, Evsey Gurvich, and Sergei Ulatov -- Argentina's macroeconomic collapse : causes and lessons / Luis Servén and Guillermo Perry -- Default episodes in the 1980s and 1990s : what have we learned? / Punam Chuhan and Federico Sturzenegger.

Additional Edition: Print version: ISBN 9780521855242

Language: English

URL: https://doi.org/10.1017/CBO9780511510755

URL: Volltext (lizenzpflichtig)

Bookmarklink