Most widely held works by Reuven Glick
Exchange rate policy and interdependence : perspectives from the Pacific basin ( Book )
6 editions published between 1994 and 1998 in English and held by 290 libraries worldwide
Managing capital flows and exchange rates : perspectives from the Pacific basin ( Book )
7 editions published between 1998 and 2011 in English and held by 284 libraries worldwide
Financial crises in emerging markets ( Book )
7 editions published between 2001 and 2010 in English and Undetermined and held by 275 libraries worldwide
Economic perspectives on foreign borrowing and debt repudiation : an analytic literature review by Reuven Glick ( Book )
7 editions published between 1986 and 1987 in English and held by 224 libraries worldwide
Contagion and trade : why are currency crises regional by Reuven Glick ( Book )
12 editions published in 1998 in English and held by 109 libraries worldwide
Does a currency union affect trade? : the time series evidence by Reuven Glick ( Book )
14 editions published in 2001 in English and No Linguistic content and held by 89 libraries worldwide
"Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set covering 217 countries from 1948 through 1997. During this sample a large number of countries left currency unions; they experienced economically and statistically significant declines in bilateral trade, after accounting for other factors. Assuming symmetry, we estimate that a pair of countries that starts to use a common currency experiences a near doubling in bilateral trade."--FRB of San Francisco web site.
Productivity, tradability and the long-run price puzzle by Paul R Bergin ( Book )
11 editions published in 2004 in English and No Linguistic content and held by 72 libraries worldwide
"Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson' effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is often assumed to be a universal property is actually quite specific to recent times. What might explain this historical pattern? We adopt a framework where goods are differentiated by tradability and productivity. A model with monopolistic competition, a continuum-of-goods, and endogenous tradability allows for theory and history to be consistent for a wide range of underlying productivity shocks"--National Bureau of Economic Research web site.
Military expenditure, threats, and growth by Joshua Aizenman ( Book )
7 editions published in 2003 in English and No Linguistic content and held by 70 libraries worldwide
Endogenous nontradability and macroeconomic implications by Paul R Bergin ( Book )
6 editions published in 2003 in English and No Linguistic content and held by 69 libraries worldwide
Collateral damage : trade disruption and the economic impact of war by Reuven Glick ( Book )
6 editions published in 2005 in English and held by 68 libraries worldwide
"Conventional wisdom in economic history suggests that conflict between countries can be enormously disruptive of economic activity, especially international trade. Yet nothing is known empirically about these effects in large samples. We study the effects of war on bilateral trade for almost all countries with available data extending back to 1870. Using the gravity model, we estimate the contemporaneous and lagged effects of wars on the trade of belligerent nations and neutrals, controlling for other determinants of trade. We find large and persistent impacts of wars on trade, and hence on national and global economic welfare. A rough accounting indicates that such costs might be of the same order of magnitude as the "direct" costs of war, such as lost human capital, as illustrated by case studies of World War I and World War II"--National Bureau of Economic Research web site.
Global versus country-specific productivity shocks and the current account by Reuven Glick ( Book )
8 editions published between 1992 and 1993 in English and held by 63 libraries worldwide
Tradability, productivity, and understanding international economic integration by Paul R Bergin ( Book )
4 editions published in 2005 in English and held by 58 libraries worldwide
"This paper develops a two-country macro model with endogenous tradability to study features of international economic integration. Recent episodes of integration in Europe and North America suggest some surprising observations: while quantities of trade have increased significantly, especially along the extensive margin, price dispersion has not decreased and may even have increased. We propose a way of reconciling these price and quantity observations in a macroeconomic model where the decision of heterogeneous firms to trade internationally is endogenous. Trade is shaped both by the nature of heterogeneity--trade costs versus productivity--and by the nature of trade policies--cuts in fixed costs versus cuts in per unit costs like tariffs. For example, in contrast to tariff cuts, trade policies that work mainly by lowering various fixed costs of trade may have large effects on entry decisions at the extensive margin without having direct effects on price-setting decisions. Whether this entry raises or lowers overall price dispersion depends on the type of heterogeneity that distinguishes the new entrants from incumbent traders"--National Bureau of Economic Research web site.
Pegged exchange rate regimes--a trap by Joshua Aizenman ( Book )
3 editions published in 2005 in English and held by 51 libraries worldwide
This paper studies the empirical and theoretical association between the duration of a pegged exchange rate and the cost experienced upon exiting the regime. We confirm empirically that exits from pegged exchange rate regimes during the past two decades have often been accompanied by crises, the cost of which increases with the duration of the peg before the crisis. We explain these observations in a framework in which the exchange rate peg is used as a commitment mechanism to achieve inflation stability, but multiple equilibria are possible. We show that there are ex ante large gains from choosing a more conservative not only in order to mitigate the inflation bias from the well-known time inconsistency problem, but also to steer the economy away from the high inflation equilibria. These gains, however, come at a cost in the form of the monetary authority₂s lesser responsiveness to output shocks. In these circumstances, using a pegged exchange rate as an anti-inflation commitment device can create a ₃trap₄ whereby the regime initially confers gains in anti-inflation credibility, but ultimately results in an exit occasioned by a big enough adverse real shock that creates large welfare losses to the economy. We also show that the more conservative is the regime in place and the larger is the cost of regime change, the longer will be the average spell of the fixed exchange rate regime, and the greater the output contraction at the time of a regime change.
Sterilization, monetary policy, and global financial integration by Joshua Aizenman ( Book )
4 editions published in 2008 in English and held by 27 libraries worldwide
This paper investigates the changing patterns and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net exports and various forms of capital flows, across countries and over time. We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows. We also find that sterilization depends on the composition of balance of payments inflows.
Sovereign wealth funds stylized facts about their determinants and governance by Joshua Aizenman ( Book )
4 editions published in 2008 in English and held by 25 libraries worldwide
This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves. It analyzes the degree to which measures of SWF governance and transparency compare with national norms of behavior. We provide evidence that many countries with SWFs are characterized by effective governance, but weak democratic institutions, as compared to other nonindustrial countries. We also present a model with which we compare the optimal degree of diversification abroad by a central bank versus that of a sovereign wealth fund. We show that if the central bank manages its foreign assets with the objective of reducing the probability of sudden stops, it will place a high weight on the downside risk of holding risky assets abroad and will tend to hold primarily safe foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We discuss how the degree of a country's transparency may affect the size of the foreign asset base entrusted to a wealth fund's management, and show that, for relatively low levels of public foreign assets, assigning portfolio management independence to the central bank may be advantageous. However, for a large enough foreign asset base, the opportunity cost associated with the limited portfolio diversification of the central bank induces authorities to establish a wealth fund in pursuit of higher returns.
The micro-macro disconnect of purchasing power parity by Paul R Bergin ( Book )
3 editions published in 2009 in English and held by 24 libraries worldwide
"The persistence of aggregate real exchange rates is a prominent puzzle, especially since international relative prices in microeconomic data adjust much faster. This paper finds that adjustment to the law of one price in disaggregated data is not just a faster version of the adjustment to purchasing power parity in the aggregate data; while aggregate real exchange rate adjustment works through the foreign exchange market, microeconomic adjustment works through the goods market. These distinct adjustment dynamics appear to arise from distinct classes of shocks generating micro and macro price deviations. A vector error correction model nesting aggregate and disaggregated relative prices permits identification of distinct macroeconomic and good-specific shocks. When half-lives are estimated conditional on shocks, the macro-micro disconnect puzzle disappears: microeconomic relative prices adjust to macro shocks just as slowly as do aggregate real exchange rates. These results provide evidence against theories of real exchange rate behavior based on sticky prices and on heterogeneity across goods"--National Bureau of Economic Research web site.
Global versus country-specific productivity shocks and the current account / Reuven Glick and Kenneth Rogoff by Reuven Glick ( Book )
2 editions published in 1993 in English and held by 22 libraries worldwide
Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds by Joshua Aizenman ( Book )
4 editions published in 2010 in English and held by 21 libraries worldwide
This paper presents a model comparing the degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden stops in foreign capital inflows, it will place a high weight on holding safer foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We also show how the diversification differences between the strategies of the bank and SWF is affected by the government's delegation of responsibilities and by various parameters of the economy, such as the volatility of equity returns and the total amount of public foreign assets available for management.
Is pegging the exchange rate a cure for inflation? : East Asian experiences by Reuven Glick ( Book )
8 editions published in 1995 in English and held by 14 libraries worldwide
Banking and currency crises : how common are twins by Reuven Glick ( Book )
7 editions published in 1999 in English and held by 13 libraries worldwide
Armed Forces--Appropriations and expenditures Asia Balance of payments--Mathematical models Banks and banking, Central Banks and banking, International Business cycles Capital movements Capital movements--Econometric models Case studies Commercial policy Competition, Imperfect Conference proceedings Debts, External Devaluation of currency Developing countries East Asia Economic development--Mathematical models Economic policy Europe European Economic Community Financial crises Financial crises--Econometric models Fiscal policy Foreign exchange Foreign exchange administration Foreign exchange--Econometric models Foreign exchange--Government policy Foreign exchange--Mathematical models Foreign exchange rates Foreign exchange rates--Econometric models International trade International trade--Econometric models Investments, Foreign Loans, Foreign Macroeconomics Monetary policy Monetary policy--Econometric models Monetary policy--Mathematical models Monetary unions Monetary unions--Econometric models North America Pacific Area Portfolio management Prices--Econometric models Public investments--Econometric models Purchasing power parity--Econometric models Regional economics Sovereign wealth funds United States War--Economic aspects
Glick, R. 1951-
גליק, ראובןגליק, ראובן