WorldCat Identities

Izquierdo, Alejandro 1964-

Overview
Works: 50 works in 140 publications in 2 languages and 807 library holdings
Genres: Case studies 
Roles: Editor
Classifications: HC59.7, 331.12042091724
Publication Timeline
Key
Publications about  Alejandro Izquierdo Publications about Alejandro Izquierdo
Publications by  Alejandro Izquierdo Publications by Alejandro Izquierdo
Most widely held works by Alejandro Izquierdo
Adjustment policies, poverty, and unemployment : the IMMPA framework by Pierre-Richard Agénor ( Book )
10 editions published between 2006 and 2009 in English and held by 232 WorldCat member libraries worldwide
Pierre-Richard Agenor's pioneering work on Integrated Macroeconomics Models for Poverty Analysis (IMMPAs) is cataloged for the first time in this must-read volume. 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. Including both working papers originally circulated through the World Bank, as well as new material that places this important work in its larger context, "Adjustment Policies, Poverty, and Unemployment" details the history and uses of these models to date, 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 )
15 editions published in 2006 in English and held by 84 WorldCat member 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
Information diffusion in international markets by Alejandro Izquierdo ( )
15 editions published in 2003 in English and Spanish and held by 72 WorldCat member libraries worldwide
Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons by Guillermo A Calvo ( Book )
7 editions published in 2003 in English and held by 69 WorldCat member libraries worldwide
We offer an alternative explanation for the fall of Argentina's Convertibility Program based on the country's vulnerability to Sudden Stops in capital flows. Sudden Stops are typically accompanied by a substantial increase in the real exchange rate that breaks havoc in countries that are heavily dollarized in their liabilities, turning otherwise sustainable fiscal and corporate sector positions into unsustainable ones. In particular, we stress that the required change in relative prices is larger the more closed an economy is in terms of its supply of tradable goods. By contrasting Argentina's performance relative to other Latin American countries that were also subject to the Sudden Stop triggered by the Russian crisis of 1998, we identify key vulnerability indicators that separated Argentina from its piers. We also provide an explanation for the political maelstrom that ensued after the Sudden Stop, based on a War of Attrition argument related to the wealth redistribution conflict triggered by the Sudden Stop and fiscal collapse. This framework also provides elements to rationalize the banking crisis that accompanied the fall of Convertibility
On the empirics of sudden stops : the relevance of balance-sheet effects by Guillermo A Calvo ( Book )
7 editions published in 2004 in English and held by 69 WorldCat member 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
Relative price volatility under sudden stops : the relevance of balance sheet effects by Guillermo A Calvo ( Book )
6 editions published in 2005 in English and held by 61 WorldCat member 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"--NBER website
Systemic sudden stops the relevance of balance-sheet effects and financial integration by Guillermo A Calvo ( )
7 editions published in 2008 in English and held by 40 WorldCat member libraries worldwide
Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. 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 are claimed to be key determinants of the probability of 3S, producing a balancesheet effect with non-linear impacts on the probability of 3S. While financial integration is up to a point associated with a higher likelihood of 3S, beyond that point financial integration is associated with a lower likelihood of 3S
The integrated macroeconomic model for poverty analysis : a quantitative macroeconomic framework for the analysis of poverty reduction strategies by Pierre-Richard Agénor ( Book )
6 editions published in 2003 in English and held by 38 WorldCat member libraries worldwide
Optimal holdings of international reserves self-insurance against sudden stop by Guillermo A Calvo ( )
5 editions published in 2012 in English and held by 31 WorldCat member libraries worldwide
This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are derived under the assumption that central bankers conservatively choose reserves by balancing the expected cost of a Sudden Stop against the opportunity cost of holding reserves. Results are obtained without using calibration to match observed reserves levels, providing no a priori reason for our concept of optimal reserves to be in line with observed holdings. Remarkably, however, observed reserves on the eve of the global financial crisis were-on average-not distant from optimal reserves as derived in this model, indicating that reserve over-accumulation in Emerging Markets was not obvious. However, heterogeneity prevailed across regions: from a precautionary standpoint, Latin America was closest to model-based optimal levels, while reserves in Eastern Europe lay below optimal levels, and those in Asia lay above. Nonetheless, there are other motives for reserve accumulation: we find that differences between observed reserves and precautionary-motive optimal reserves are partly explained by the perceived presence of a lender of last resort, or characteristics such as being a large oil producer. However, to a first approximation, there is no clear evidence supporting the so-called neo-mercantilist motive for reserve accumulation
Effects of tax reform on Argentinaʼs revenues by Jacques Morisset ( Book )
3 editions published in 1993 in English and held by 23 WorldCat member libraries worldwide
Real exchange rates, dollarization and industrial employment in Latin America by Arturo Galindo ( Book )
8 editions published in 2006 in English and held by 13 WorldCat member libraries worldwide
We use a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. We test whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact varies with the degree of trade openness and liability dollarization. Econometric evidence supports the view that real exchange rate depreciations can impact employment growth positively, but this effect is reversed as liability dollarization increases. In industries with high liability dollarization, the overall impact of a real exchange rate depreciation can be negative. -- Manufacturing employment ; Real exchange rates ; Debt composition ; Balance sheet effects
Policy trade-offs for unprecedented times : confronting the global crisis in Latin America and the Caribbean ( )
3 editions published in 2009 in English and held by 7 WorldCat member libraries worldwide
This report was prepared for the Annual Meeting of the Board of Governors of the Inter-American Development Bank held in Medellín, Colombia, in March, 2009. A complementary report, Social and Labor Market Policies for Tumultuous Times: Confronting the Global Crisis in Latin America and the Caribbean, was also prepared by the staff of the Inter-American Development Bank for the same event. Together, these two reports seek to contribute to an understanding of the macroeconomic and social implications of the current crisis on the Latin American and Caribbean region (henceforth "the region"), and the options and risks faced by policymakers in these two critical and inter-related areas
Information Diffusion in International Markets by Alejandro Izquierdo ( )
2 editions published in 2003 in Undetermined and English and held by 5 WorldCat member libraries worldwide
One region, two speeds? : Challenges of the new global economic order for Latin America and the Caribbean ( Book )
2 editions published in 2011 in English and held by 5 WorldCat member 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
Macroeconomic policy and poverty reduction by Brian Ames ( )
2 editions published in 2001 in English and held by 4 WorldCat member libraries worldwide
This pamphlet excerpts a chapter on macroeconomic policy from the Poverty Reduction Policy Source book, a guide prepared by the World Bank and IMF to assist countries in developing and strengthening their poverty reduction strategies. It probes the relationship between macroeconomic policy matters, such as growth and inflation, and the fight against poverty, and explains how sound monetary and fiscal policies-key tools of the macroeconomist-can help to spur growth and ease poverty
Dealing with an international credit cruch : policy responses to sudden stops in Latin America by Eduardo A Cavallo ( Book )
3 editions published in 2009 in English and Spanish and held by 3 WorldCat member libraries worldwide
The Americas edition 2002 ( Book )
1 edition published in 2002 in English and held by 3 WorldCat member libraries worldwide
Integrated Macroeconomic Model for Poverty Analysis A Quantitative Macroeconomic Framework for the Analysis of Poverty Reduction Strategies by Pierre-Richard Agénor ( )
1 edition published in 2003 in Undetermined and held by 3 WorldCat member 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 3 WorldCat member 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 WorldCat member libraries worldwide
 
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Alternative Names
Izquierdo, A. 1964-
Izquierdo, José Alejandro 1964-
Languages
English (102)
Spanish (2)
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