WorldCat Identities

Izquierdo, Alejandro 1964-

Overview
Works: 58 works in 175 publications in 2 languages and 950 library holdings
Genres: Case studies 
Roles: Author, Editor
Classifications: HC59.7, 331.12042091724
Publication Timeline
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Most widely held works by Alejandro Izquierdo
Adjustment policies, poverty, and unemployment : the IMMPA framework by Pierre-Richard Agénor( Book )

9 editions published between 2006 and 2009 in English and held by 210 WorldCat member 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
Information diffusion in international markets by Alejandro Izquierdo( )

19 editions published in 2003 in 3 languages and held by 75 WorldCat member libraries worldwide

Globalization has been a persistent phenomenon of the post-war period. The gross volume of cross-border capital flows has grown at an average of 25 percent a year, and trade in goods and services has also increased, albeit not as dramatically, but at least twice as fast as world GDP over the past 20 years. Yet, consumers and investors continue to spend and hold a disproportionate share of their assets in local markets--the so-called home-bias has been emphasized by many recent empirical studies. For many researchers, this home bias reflects information asymmetries and the fact that acquiring information across international borders is relatively costly. The main objective of the authors is to identify channels through which information gets disseminated across international markets. They consider three potential channels through which information can affect import and foreign equity purchase decisions in 14 OECD countries. The first channel consists of information spillovers from the commercial to the financial markets and vice-versa. Financial investors and importers share common information, which is also frequently conveyed to them by the same source--banks or financial intermediaries. The second and third channels emphasize seller and buyer reputations in international markets. The seller reputation channel stresses the importance given by, for example, importers in the United States who are considering buying products from Italy to the experience that Canadian and Japanese importers may have accumulated on Italian exporters. The buyer reputation channel examines to what extent a foreign investor or trader seeks information on the reliability of the foreign buyer by assessing his reputation in other countries. While the last two channels are equally important in explaining bilateral import flows, buyer reputation appears to be of greater importance for equity flows in the sample. The authors argue that these three channels may help provide some insights about the recent episodes of contagion across markets and countries that occurred over the past decade. These information channels can create virtuous or vicious circles that may, in turn, lead to unexpected changes in investors' and traders' behaviors across markets. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to understand international capital and trade flows
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises by Guillermo A Calvo( Book )

18 editions published in 2006 in English and held by 59 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
Sudden stops, the real exchange rate, and fiscal sustainability : Argentina's lessons by Guillermo A Calvo( Book )

12 editions published between 2002 and 2003 in English and held by 49 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 )

11 editions published in 2004 in English and held by 44 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
Relative price volatility under sudden stops : the relevance of balance sheet effects by Guillermo A Calvo( Book )

10 editions published in 2005 in English and held by 37 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
The integrated macroeconomic model for poverty analysis : a quantitative macroeconomic framework for the analysis of poverty reduction strategies by Pierre-Richard Agénor( Book )

7 editions published in 2003 in English and held by 24 WorldCat member libraries worldwide

Agénor, Izquierdo, and Fofack present a dynamic, quantitative macroeconomic framework designed for analyzing the impact of adjustment policies and exogenous shocks on poverty and income distribution. They emphasize the role of labor market segmentation, urban informal activities, the impact of the composition of public expenditure on supply and demand, and credit market imperfections. Numerical simulations for a prototype low-income country highlight the importance of accounting for the various channels through which poverty alleviation programs and debt relief may ultimately affect the poor. This paper--a product of the Poverty Reduction and Economic Management Division, World Bank Institute--is part of a larger effort in the institute to understand the impact of adjustment policies on the poor
Effects of tax reform on Argentinaʼs revenues by Jacques Morisset( Book )

4 editions published in 1993 in English and held by 22 WorldCat member libraries worldwide

Systemic sudden stops : the relevance of balance-sheet effects and financial integration by Guillermo A Calvo( Book )

10 editions published in 2008 in English and held by 18 WorldCat member 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
Optimal holdings of international reserves : self-insurance against Sudden Stop by Guillermo A Calvo( Book )

6 editions published in 2012 in English and held by 9 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
Information diffusion in international markets by Alejandro Izquierdo( )

1 edition published in 2003 in English and held by 7 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
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 4 WorldCat member libraries worldwide

Policy trade-offs for unprecedented times : confronting the global crisis in Latin America and the Caribbean( Book )

3 editions published in 2009 in English and held by 4 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
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

The Americas edition 2002( Book )

1 edition published in 2002 in English and held by 3 WorldCat member libraries worldwide

Financial integration and foreign banks in Latin America how do they impact the transmission of external financial shocks? by Arturo José Galindo Andrade( )

2 editions published in 2010 in English and held by 3 WorldCat member 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
Dilemas de política económica en tiempos sin precedentes : cómo enfrentar la crisis global en América Latina y el Caribe by Alejandro Izquierdo( Book )

4 editions published in 2009 in Spanish and held by 1 WorldCat member library worldwide

 
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Adjustment policies, poverty, and unemployment : the IMMPA framework
Alternative Names
Izquierdo, A. 1964-

Izquierdo, José Alejandro 1964-

Languages
English (116)

Spanish (6)

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