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Social and Behavioral Sciences Commons™
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- Macroeconomics (3)
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- Child labor -- Bolivia (1)
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Articles 1 - 4 of 4
Full-Text Articles in Social and Behavioral Sciences
The More Divergent, The Better? Lessons On Trilemma Policies And Crises For Asia, Joshua Aizenman, Hiro Ito
The More Divergent, The Better? Lessons On Trilemma Policies And Crises For Asia, Joshua Aizenman, Hiro Ito
Economics Faculty Publications and Presentations
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the extent of policy divergence among the three trilemma policy choices—monetary independence, exchange rate stability, and financial openness—we find that emerging market economies have adopted trilemma policy combinations with the smallest degree of policy divergence in the last 15 years. We then investigate whether and to what extent the degree of open macro policy convergence affects the probability of a crisis and find that a developing or emerging market economy with a higher …
International Reserves Before And After The Global Crisis: Is There No End To Hoarding?, Joshua Aizenman, Yin-Wong Cheung, Hiro Ito
International Reserves Before And After The Global Crisis: Is There No End To Hoarding?, Joshua Aizenman, Yin-Wong Cheung, Hiro Ito
Economics Faculty Publications and Presentations
We evaluate the global financial crisis (GFC) and the structural changes of recent years that have been associated with new patterns of hoarding international reserves. We confirm that the determining factors of international reserves are evolving with developments in the global economy. From 1999–2006, the pre-GFC period, gross saving is associated with higher international reserves in developing and emerging markets. An outward direct-investment effect is consistent with the view of diverting international assets from the international reserve account, the “Joneses’ effect” lends support to the rivalry hoarding motivation, and commodity price volatility induces hoarding against uncertainty. During the 2007–2009 GFC, …
Child Labor, The Wealth Paradox, And Common Forest Management In Bolivia, Randall Bluffstone
Child Labor, The Wealth Paradox, And Common Forest Management In Bolivia, Randall Bluffstone
Economics Faculty Publications and Presentations
That wealthier developing country households may rely more heavily on child labor than poorer households has come to be known as the “wealth paradox.” This paper tests for a wealth paradox with regard to common natural resource wealth by analyzing the relationship between child labor and improved common property forest management (CPFM) in Bolivia. Data are analyzed using several econometric methods and it is found that households experiencing more effective CPFM generally use more forest-based and total child labor. The analysis also confirms others’ findings of a private wealth paradox with regard to private land and extends the analysis to …
Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito
Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito
Economics Faculty Publications and Presentations
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate stability, and financial openness, we find that emerging market countries have adopted trilemma policy combinations with the least degree of relative policy divergence in the last fifteen years. We find that a developing or emerging market country with a higher degree of relative policy divergence is more likely to experience a currency or debt crisis. However, a developing …