Izquierdo, Alejandro 1964-
Most widely held works by Alejandro Izquierdo
Adjustment policies, poverty, and unemployment : the IMMPA framework ( Book )
5 editions published between 2006 and 2007 in English and held by 205 libraries worldwide
A class of Computable General Equilibrium models, IMMPAs are designed to analyze the impact of adjustment policies on unemployment figures and poverty, particularly in the developing world. This book details the history and uses of these models, as well as points to future developments for their utilization.
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises by Guillermo A Calvo ( Book )
8 editions published in 2006 in English and held by 71 libraries worldwide
Using a sample of emerging markets that are integrated into global bond markets, we analyse the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where output "rises from its ashes", suggesting that firms go through a process of financial engineering to restore liquidity outside the formal credit markets. Moreover, we show that the US Great Depression could be catalogued as a Phoenix Miracle. However, in contrast to the US Great Depression, EM output collapses occur in a context of accelerating price inflation and falling real wages, casting doubts on price deflation and nominal wage rigidity as key elements in explaining output collapse, and suggesting that financial factors are prominent for understanding these collapses.
On the empirics of sudden stops : the relevance of balance-sheet effects by Guillermo A Calvo ( Book )
6 editions published in 2004 in English and No Linguistic content and held by 68 libraries worldwide
"Using a sample of 32 developed and developing countries we analyze the empirical characteristics of sudden stops in capital flows and the relevance of balance sheet effects in the likelihood of their materialization. We find that large real exchange rate (RER) fluctuations coming hand in hand with Sudden Stops are basically an emerging market (EM) phenomenon. Sudden Stops seem to come in bunches, grouping together countries that are different in many respects. However, countries are similar in that they remain vulnerable to large RER fluctuations be it because they could be forced to large adjustments in the absorption of tradable goods, and/or because the size of dollar liabilities in the banking system (i.e., domestic liability dollarization, or DLD) is high. Openness, understood as a large supply of tradable goods that reduces leverage over the current account deficit, coupled with DLD, are key determinants of the probability of Sudden Stops. The relationship between Openness and DLD in the determination of the probability of Sudden Stops is highly non-linear, implying that the interaction of high current account leverage and high dollarization may be a dangerous cocktail"--National Bureau of Economic Research web site.
Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons by Guillermo A Calvo ( Book )
6 editions published in 2003 in English and No Linguistic content and held by 68 libraries worldwide
Relative price volatility under sudden stops the relevance of balance sheet effects by Guillermo A Calvo ( Book )
4 editions published in 2005 in English and held by 59 libraries worldwide
Sudden Stops are associated with increased volatility in relative prices. We introduce a model based on information acquisition to rationalize this increased volatility. An empirical analysis of the conditional variance of the wholesale price to consumer price ratio using panel ARCH techniques confirms the relevance of Sudden Stops and potential balance-sheet effects as key determinants of relative-price volatility, where balance-sheet effects are captured by the interaction of a proxy for potential changes in the real exchange rate (linked to the degree of external leverage of the absorption of tradable goods) and a measure of domestic liability dollarization.
Information diffusion in international markets by Alejandro Izquierdo ( Book )
10 editions published in 2003 in English and No Linguistic content and held by 31 libraries worldwide
Systemic sudden stops the relevance of balance-sheet effects and financial integration by Guillermo A Calvo ( Book )
5 editions published in 2008 in English and held by 27 libraries worldwide
Using a sample of 110 developed and developing countries for the period 1990-2004 we analyze the empirical characteristics of systemic sudden stops (3S) in capital flows --understood as large and largely unexpected capital account contractions that occur in periods of systemic turmoil -- and the relevance of balance sheet effects in the likelihood of their materialization. We conjecture that large real exchange rate (RER) fluctuations come hand in hand with 3S. A small supply of tradable goods relative to their domestic absorption -- a proxy for potential changes in the real exchange rate -- and large foreign-exchange denominated debts towards the domestic banking system, denoted Domestic Liability Dollarization, DLD, are claimed to be key determinants of the probability of 3S, conforming a balance-sheet effect that impacts on the probability of 3S in non-linear fashion. Regarding financial integration, the larger is the latter, the larger is likely to be the probability of Sudden Stop; however, beyond a critical point the relationship gets a sign reversion.
Effects of tax reform on Argentinaʼs revenues by Jacques Morisset ( Book )
2 editions published in 1993 in English and held by 24 libraries worldwide
The integrated macroeconomic model for poverty analysis : a quantitative macroeconomic framework for the analysis of poverty reduction strategies by Pierre-Richard Agénor ( Book )
4 editions published in 2003 in English and held by 23 libraries worldwide
Information diffusion in international markets ( Book )
1 edition published in 2003 in Spanish and held by 7 libraries worldwide
Policy trade-offs for unprecedented times confronting the global crisis in Latin America and the Caribbean ( Book )
2 editions published in 2009 in English and held by 5 libraries worldwide
Real exchange rates, dollarization and industrial employment in Latin America by Arturo J Galindo ( Book )
1 edition published in 2006 in English and held by 3 libraries worldwide
One region, two speeds? : Challenges of the new global economic order for Latin America and the Caribbean ( Book )
1 edition published in 2011 in English and held by 2 libraries worldwide
The aftermath of the global financial crisis has reshaped world growth and demand patterns, leading to a two-speed recovery, with slow growth in industrial countries and fast growth in emerging markets. This new global scenario is defining a constellation of global macroeconomic conditions that has very different implications for subsets of countries in Latin America and the Caribbean. The report conveys three key messages: first, in this new global economic environment, key structural characteristics of Latin American and Caribbean countries are defining two quite different regional clusters in terms of opportunities and challenges ahead. Second, substantial changes in trade and capital flow patterns, as well as in the international financial architecture, are already taking place and will impact the regional clusters in different ways. Third, economic policy design will have to accommodate these differences in order to ensure widespread and stable growth.
Integración financiera en Centro América nuevos desafíos en el contexto de la crisis internacional by Arturo Galindo ( Book )
2 editions published in 2010 in Spanish and held by 2 libraries worldwide
Financial integration and foreign banks in Latin America how do they impact the transmission of external financial shocks by Arturo J Galindo ( Book )
2 editions published in 2010 in English and held by 2 libraries worldwide
This paper explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit and interest rate fluctuations. Nonetheless, the net impact of integration on deepening credit markets dominates for the large majority of states of nature. The paper also uses a detailed bank-level dataset that covers more than 500 banks for a similar time period to explore the role of financial integration--captured through the participation of foreign banks--in propagating external shocks. It is found that interest rates charged and loans supplied by foreign-owned banks respond more to external financial shocks than those supplied by domestically owned banks. This does not hold for all foreign banks. Spanish banks in the sample behave more like domestic banks and do not amplify the impact of foreign shocks on credit and interest rates.
Fiscal sustainability : issues for emerging market countries by Alejandro Izquierdo ( Book )
2 editions published in 2003 in English and held by 2 libraries worldwide
Sudden stops and exchange rate strategies in Latin America by Arturo Galindo ( Book )
2 editions published in 2003 in English and held by 2 libraries worldwide
All that glitters may not be gold : assessing Latin America's recent macroeconomic performance ( Book )
1 edition published in 2008 in English and held by 2 libraries worldwide
The integrated macroeconomic model for poverty analysis : a quantitative macroeconmic framework for the analysis of poverty reduction strategies by Pierre-Richard Agénor ( Book )
1 edition published in 2003 in English and held by 1 library worldwide
Dilemas de política económica en tiempos sin precedentes : cómo enfrentar la crisis global en América Latina y el Caribe ( Book )
1 edition published in 2009 in Spanish and held by 1 library worldwide
Argentina Asset-backed financing Balance of payments Balance of trade Banks and banking Brazil Capital market Capital movements Caribbean Area Case studies Central America Corporations, Foreign Credit Depressions--Econometric models Developing countries Dollar, American Economic assistance, Domestic Economic history Economic policy Economic policy--Econometric models Economics Finance Financial crises Financial crises--Econometric models Financial statements Fiscal policy Foreign exchange Foreign exchange rates Foreign exchange rates--Econometric models Global Financial Crisis (2008-2009) Information services International economic integration International economic relations International trade Investments, Foreign Latin America Macroeconomics--Econometric models Manufactures Mexico Poverty--Econometric models Prices--Econometric models Revenue Statistics Structural adjustment (Economic policy)--Econometric models Supply and demand Tax administration and procedure Taxation Unemployment Unemployment--Econometric models United States
Izquierdo, José Alejandro 1964-