Joshua Aizenman

Kevin Cowan

Klaus Schmidt-Hebbel (Series Editor)

Norman Loayza (Series Editor)

Rodrigo O. Valdés

Sebastián Edwards

English

Research Papers in Economics

A Fiscal Price Tag for International Reserves.” Working paper 05/81. Washington: International Monetary Fund.

An Equilibrium Model of ‘Global Imbalances’ and Low Interest Rates.” Working paper 11996.

An Essay on the Revived Bretton Woods System.” Working paper 9971.

Bank Runs, Liquidity, and Deposit Insurance.”

Banking Sector Developments.” In China’s Growth and Integration into the World Economy, edited by Eswar Prasad, 43–50. Occasional paper 232. Washington: International Monetary Fund.

Can Higher Reserves Help Reduce Exchange Rate Volatility?” Working paper 04/189. Washington: International Monetary Fund.

Capital Flows and Capital-Market Crises: The Simple

Capital Flows and the Twin Crises: The Role of Liquidity.” Working paper 97/87. Washington: International Monetary Fund.

Capital Mobility and Economic Performance: Are Emerging Economies Different?” Working paper 8076.

Contagion and Trade: Why Are Currency Crises Regional?”

Contagion in Emerging Markets: When Wall Street is a

Crises and Growth: A Re-Evaluation.” Working paper 10073.

Cross-Country Evidence on the Link between Volatility and

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development.” Working paper 12117.

Financial Intermediation, Loanable Funds, and the Real Sector.”

Financial Openness, Sudden Stops,

Financial versus Monetary Mercantilism: Long-Run View

Foreign Exchange Reserves: New Realities and Options.” Address given to the

Global Imbalances: The Blind Men and the Elephant.”

Hedging Sudden Stops and Precautionary Recessions: A Quantitative Framework.” Working paper 9778.

Holding International Reserves in an Era of High Capital Mobility.” In Brookings Trade Forum

How Bad Are Twins? Output Costs of Currency and Banking Crises.”

Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?” Working paper 12451.

International Financial Stability.

International Liquidity and Monetary Control.” In International Money and Credit: The Policy Roles, edited by G. von Furstenberg. Washington: International Monetary Fund.

International Reserve Holdings with Sovereign Risk and

International Reserves and Fiscal Policy in Developing Countries.”

International Reserves Management and the Current Account.” Working paper 12734.

International Reserves: Precautionary versus Mercantilist Views,

Large Holdings of International Reserves: Are They Worth It?” Working paper 299. Santiago: Central Bank of Chile.

Liquidity Crises

Macroeconomic Policies and Performance in

Managing Economic Volatility and Crises: A Practitioner’s Guide.

Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort.” Working paper 12788.

On the Empirics of Sudden Stops.” Washington: Inter-American Development Bank.

On the International Financial Architecture: Insuring Emerging Markets.” Working Paper 9570.

Optimal International Reserves and Sovereign Risk.”

Policy Uncertainty, Persistence,

Short-Term Capital Flows.”

Stabilization and Savings Funds for Nonrenewable Resources, Experience, and Fiscal Policy Implications.” Occasional paper 205. Washington: International Monetary Fund.

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina’s Lessons.” Working paper 9828.

Terms of Trade, Productivity, and the Real Exchange Rate.” Working paper 4807.

The Bretton Woods System: Are We Experiencing a Revival? Symposium Summary.” FRBSF Economic Letter 2005-32. Federal Reserve Bank of San Francisco.

The Demand for International Reserves and Exchange Rate Adjustments: The Case of LDCs,

The Optimal Level of International Reserves for Emerging Market Economies: Formulas and Applications.”

The Overvaluation of Renminbi Undervaluation.”

The Twin Crises: The Causes of Banking and Balance-of-Payments Problems.” American Economic Review 89(3): 473–500. 474 Joshua Aizenman Levy-Yeyati, E.

Thirty Years of Current Account Imbalances, Current Account Reversals,

Towards a Less Volatile Economy:

International Reserve Management and the Current Account

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International Reserve Management and the Current Account

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Research Papers in Economics