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Pinto, Brian

Works: 57 works in 208 publications in 1 language and 2,346 library holdings
Roles: Editor, Honoree
Classifications: HV6344.R8, 338.947
Publication Timeline
Publications about Brian Pinto
Publications by Brian Pinto
Most widely held works by Brian Pinto
Dismantling Russia's nonpayments system creating conditions for growth by Brian Pinto( file )
8 editions published in 2000 in English and held by 591 libraries worldwide
Debt or equity? how firms in developing countries choose by Jack D Glen( file )
15 editions published in 1994 in English and held by 524 libraries worldwide
Managing economic volatility and crises : a practitioner's guide ( Book )
13 editions published between 2005 and 2010 in English and held by 315 libraries worldwide
"Over the past ten years, economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This book organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, ease studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s."--BOOK JACKET
Coping with capitalism : the new Polish entrepreneurs by Bohdan Wyżnikiewicz( Book )
6 editions published in 1993 in English and held by 103 libraries worldwide
Sargent-Wallace meets Krugman-Flood-Garber, or, why sovereign debt swaps don't avert macroeconomic crises by Joshua Aizenman( Book )
7 editions published in 2002 in English and held by 73 libraries worldwide
This paper argues that the frequent failure of the debt swaps is not an accident. Instead, it follows from fundamental forces driven by the market's assessment of the scarcity of fiscal revenue relative to the demand for fiscal outlays. It follows from the observation that arbitrage forces systematically impact prices in asset markets. Ignoring these price adjustments would lead to too optimistic an assessment of the gains from swaps or buybacks. A by-product of our paper is to highlight the perils of financial engineering that ignores the intertemporal constraints imposed by fiscal fundamentals. As a country approaches the range of partial default (either on domestic or external debt), swaps may not provide the expected breathing room and could even bring the crisis forward. Our methodology combines three independent themes: exchange rate crises as the manifestation of excessive monetary injections [Krugman-Flood-Garber], the fiscal theory of inflation [Sargent-Wallace (1981)], and sovereign debt. The integrated framework derives devaluation and external debt repudiation as part of a public-finance optimizing problem. We shows that under conditions similar to those which prevailed in Russia and Argentina prior to their meltdown, swaps are not just neutral, but could actually make the situation worse and even trigger a speculative attack. An unsettlingly clear implication of the model is that there may be very few options left once public debt reaches levels regarded as unsustainable in relation to fiscal fundamentals. Dollarization only makes matters worse, and pushes the debt write-down option to the fore
Managing volatility and crises : a practitioner's guide overview by Joshua Aizenman( Book )
7 editions published in 2004 in English and held by 71 libraries worldwide
"This overview introduces and summarizes the findings of a practical volume on managing volatility and crises. The interest in these topics stems from the growing recognition that non-linearities tend to magnify the impact of economic volatility leading to large output and economic growth costs, especially in poor countries. In these circumstances, good times do not offset the negative impact of bad times, leading to permanent negative effects. Such asymmetry is often reinforced by incomplete markets, sovereign risk, divisive politics, inefficient taxation, procyclical fiscal policy and weak financial market institutions factors that are more problematic in developing countries. The same fundamental phenomena that make it difficult to cope with volatility also drive crises. Hence, the volume also focuses on the prevention and management of crises. It is a user-friendly compilation of empirical and policy results aimed at development policy practitioners divided into three modules: (i) the basics of volatility and its impact on growth and poverty; (ii) managing volatility along thematic lines, including financial sector and commodity price volatility; and (iii) management and prevention of macroeconomic crises, including a cross-country study, lessons from the debt defaults of the 1980s and 1990s and case studies on Argentina and Russia"--National Bureau of Economic Research web site
Sources for financing domestic capital-- : is foreign saving a viable option for developing countries? by Joshua Aizenman( Book )
7 editions published in 2004 in English and held by 69 libraries worldwide
"This paper proposes a new method for measuring the degree to which the domestic capital stock is self-financed. The main idea is to use the national accounts to construct a self-financing ratio, indicating what would have been the autarky stock of tangible capital supported by actual past domestic saving, relative to the actual stock of capital. We use the constructed measure of self-financing to evaluate the impact of the growing global financial integration on the sources of financing domestic capital stocks in developing countries. On average, 90% of the stock of capital in developing countries is self financed, and this fraction was surprisingly stable throughout the 1990s. The greater integration of financial markets has not changed the dispersion of self-financing rates, and the correlation between changes in de-facto financial integration and changes in self-financing ratios is statistically insignificant. There is no evidence of any growth bonus' associated with increasing the financing share of foreign savings. In fact, the evidence suggests the opposite: throughout the 1990s, countries with higher self-financing ratios grew significantly faster than countries with low self-financing ratios. This result persists even after controlling growth for the quality of institutions. We also find that higher volatility of the self-financing ratios is associated with lower growth rates, and that better institutions are associated with lower volatility of the self-financing ratios. These findings are consistent with the notion that financial integration may have facilitated diversification of assets and liabilities, but failed to offer new net sources of financing capital in developing countries"--National Bureau of Economic Research web site
Public debt in developing countries : has the market-based model worked? by Indermit Singh Gill( Book )
7 editions published in 2005 in English and held by 59 libraries worldwide
Several prominent MACs have sought to address the debt and external finance problem by generating large primary fiscal surpluses, switching to flexible exchange rates, and reforming fiscal and financial institutions. Such country-led initiatives completely dominate attempts to overhaul the international financial architecture or launch new lending instruments, which have so far met with little success. While the initial results of the countries' initiatives have been encouraging, serious questions remain about the viability of the model of market-based external development finance. Beyond crisis resolution, which has received attention in the form of the sovereign debt restructuring mechanism, the international financial institutions may need to ramp up their role as providers of stable long-run development finance to MACs instead of exiting from them."
Ownership and corporate control in Poland : why state firms defied the odds by Brian Pinto( Book )
9 editions published between 1994 and 1995 in English and held by 56 libraries worldwide
India rising faster growth, lower indebtedness by Gaobo Pang( file )
7 editions published in 2007 in English and held by 54 libraries worldwide
Over the past 25 years, India's economy grew at an average real rate of close to 6 percent, with growth rates in recent years accelerating to 9 percent. Yet by 2005-06, the general government debt-to-GDP ratio was 34 percentage points higher than in the 1980s. The authors examine the links between public finances and growth in the post-1991 period. They argue that the main factor in the deterioration of government debt dynamics after the mid-1990s was a reform-induced loss in trade, customs, and financial repression taxes. Over time, these very factors plus lower entry barriers have contributed to stronger microfoundations for growth by increasing competition and hardening budget constraints for firms and financial sector institutions. The authors suggest that the impressive growth acceleration of the past few years, which is now lowering government indebtedness, can be attributed to the lagged effects of these factors, which have taken time to attain a critical mass in view of India's gradual reforms. Similarly, the worsening of public finances during the late 1990s can be attributed to the cumulative effects of tax losses, the negative growth effects of cuts in capital expenditure that were made to offset the tax losses, and a pullback in private investment (hence, growth and taxes), a situation which is now turning around. Insufficient capital expenditures have contributed to the infrastructure gap, which is seen as a constraint especially for rapid growth in manufacturing. The authors discuss ongoing reforms in revenue mobilization and fiscal adjustment at the state level, which if successfully implemented, will result in a better alignment of public finances with growth by generating further fiscal space for infrastructure and other development spending
India : why fiscal adjustment now by Brian Pinto( file )
7 editions published between 2003 and 2004 in English and held by 52 libraries worldwide
Financial sector ups and downs and the real sector big hindrance, little help by Joshua Aizenman( file )
11 editions published in 2011 in English and Undetermined and held by 52 libraries worldwide
We examine how financial expansion and contraction cycles affect the broader economy through their impact on 8 real economic sectors in a panel of 28 countries over 1960-2005, paying particular attention to large, or sharp, contractions and magnifying and mitigating factors. Overall, the construction sector is the most responsive to financial sector growth, with a number of others such as government, public utilities, and transportation also exhibiting significant sensitivity to lagged financial sector growth. Sharp fluctuations in the financial sector have asymmetric effects, with the majority of real sectors adversely affected by contractions but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively by the financial openness channel with foreign reserves mitigating these effects with a sizeable (10 to 15 times greater) impact during sharp financial contractions. Both effects are magnified during particularly large financial contractions (with coefficients on interaction terms 2 to 3 times greater than when all contractions are considered). Consequent upon a financial contraction, the most severe real sector contractions occur in countries with high financial openness, relative predominance of construction, manufacturing, and wholesale and retail sectors, and low international reserves. Finally, we find that abrupt financial contractions are more likely to follow periods of accelerated growth, indicative of "up by the stairs, down by the elevator dynamics". -- financial cycles ; financial and trade openness ; real transmission of financial shocks ; reserves
Give growth and macroeconomic stability in Russia a chance : harden budgets by eliminating nonpayments by Brian Pinto( file )
9 editions published between 1999 and 2000 in English and Undetermined and held by 51 libraries worldwide
In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash
Economic growth with constraints on tax revenues and public debt implications for fiscal policy and cross-country differences by Joshua Aizenman( Computer File )
9 editions published between 2006 and 2007 in English and held by 46 libraries worldwide
"This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited enforceability result in limited fiscal capacities, as captured by a maximal effective tax rate. We show how persistent differences in growth rates across countries could stem from differential public finance constraints, and differentiate between the case where the public expenditure finances the flow of recurring spending (such as law enforcement), versus the stock of tangible public infrastructure. Although the flow of public expenditure raises productivity, the government should not borrow to finance it as the resulting increase in public debt would lower welfare and the growth rate. With outstanding public debt, the optimal fiscal policy should keep the debt-to-GDP ratio constant in the economy with or without a binding constraint on tax revenues as a share of GDP - current non-durable public goods should be financed only from current revenue. With investment in the stock of public infrastructure, public sector borrowing to finance the accumulation of public capital goods may allow the economy to reach a long-run optimal growth path faster. With a binding tax capacity constraint, if the ratio of the initial public/private sector stock of capital is smaller than the sustainable balanced growth ratio, the optimal policy for the government is to purchase public capital, financed by debt, to immediately attain the sustainable ratio of public capital to private capital. The sustainable steady-state ratio is endogenous to the initial public-to-private capital ratio, the tax capacity and any exogenous debt limit (say, due to sovereign risk). With capital stock adjustment costs, these statements apply to a transition of finite duration rather than an instantaneous stock jump. With either a binding exogenous debt limit or solvency constrained borrowing, a more patient country will have a higher steady-state growth rate but a lower steady-state public-to-private capital ratio"--National Bureau of Economic Research web site
Transforming state enterprises in Poland : microeconomic evidence on adjustment by Brian Pinto( Book )
6 editions published in 1993 in English and Undetermined and held by 29 libraries worldwide
Black markets for foreign exchange, real exchange rates, and inflation : overnight versus gradual reform in Sub-Saharan Africa by Brian Pinto( Book )
6 editions published in 1988 in English and Undetermined and held by 26 libraries worldwide
Inflation could rise permanently and substantially as a result of unifying official and black market exchange rates, even if real government spending remains constant
Microeconomics of transformation in Poland : a survey of state enterprise responses by Brian Pinto( Book )
5 editions published in 1992 in English and held by 22 libraries worldwide
Black market premia, exchange rate unification, and inflation in Sub-Saharan Africa : background paper for the 1988 world development report by Brian Pinto( Book )
2 editions published in 1988 in English and held by 20 libraries worldwide
Financial Globalization And The Russian Crisis of 1998 by Brian Pinto( file )
5 editions published in 2010 in English and Undetermined and held by 18 libraries worldwide
Russia had more-or-less completed the privatization of its manufacturing and natural resource sectors by the end of 1997. And in February 1998, the annual inflation rate at last dipped into the single digits. Privatization should have helped with stronger micro-foundations for growth. The conquest of inflation should have cemented macroeconomic credibility, lowered real interest rates, and spurred investment. Instead, Russia suffered a massive public debt-exchange rate-banking crisis just six months later, in August 1998. In showing how this turn of events unfolded, the authors focus on the interaction among Russia's deteriorating fiscal fundamentals, its weak micro-foundations of growth and financial globalization. They argue that the expectation of a large official bailout in the final 10 weeks before the meltdown played an important role, with Russia's external debt increasing by
Managing Financial Integration and Capital Mobility Policy Lessons from the Past Two Decades by Joshua Aizenman( file )
7 editions published in 2011 in English and Undetermined and held by 18 libraries worldwide
The accumulated experience of emerging markets over the last two decades has laid bare the tenuous links between external financial integration and faster growth on the one hand and the proclivity of such integration to fuel costly crises on the other. These crises have not gone without learning. During the 1990s and 2000s, emerging markets converged to the middle ground of the policy space defined by the macroeconomic trilemma, with growing financial integration, controlled exchange rate flexibility and proactive monetary policy. The OECD countries moved much faster towards financial integration, embracing financial liberalization, opting for a common currency in Europe, and for flexible exchange rates in other OECD countries. Following their crises of 1997-2001, emerging markets added financial stability as a goal, self-insured by building up international reserves and adopted a public finance approach to financial integration. The global crisis of 2008-09, which originated in the financial sector of advanced economies, meant that the OECD "overshot" the optimal degree of financial deregulation while the remarkable resilience of the emerging markets validated their public finance approach to financial integration. The story is not over: with capital flowing in droves to emerging markets once again, history could repeat itself without dynamic measures to manage capital mobility as part of a comprehensive prudential regulation effort
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