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Development
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Author
Chinn, Menzie David
Remove constraint Author: Chinn, Menzie David
Author
Ito, Hiro
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Article
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PDX Scholar
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1. [Article] What Matters for Financial Development? Capital Controls, Institutions, and Interactions
We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data ...Citation -
We investigate the role of budget balances, financial development and openness, in the evolution of global imbalances. Financial development – or the lack thereof – has received considerable attention ...
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3. [Article] Price-based Measurement of Financial Globalization: A Cross-Country Study of Interest Rate Parity
We characterize the relationship between ex post exchange rate depreciation and the interest differential for a set of countries that spans both developed and emerging market economies. The measured ex ...Citation -
4. [Article] Current Account Balances, Financial Development and Institutions: Assaying the World “Saving Glut”
We critically assess several of the key assertions underlying the global saving glut hypothesis. First, we investigate whether the behavior of the U.S. current account behavior is anomalous in light of ...Citation -
5. [Article] The Emerging Global Financial Architecture: Tracing and Evaluating New Patterns of the Trilemma Configuration
This paper investigates how the trilemma policy mix affects economic performance in developing countries. We find that greater monetary independence can dampen output volatility, while greater exchange ...Citation -
We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, ...
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We consider the origins of global current account imbalances. We first discuss how the expansion of the US current account deficit and the decrease in global real interest rates can be reconciled with ...
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8. [Article] The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma
This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect ...Citation -
9. [Article] A Forensic Analysis of Global Imbalances
We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes ...Citation -
10. [Article] Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of Trilemma
Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma—monetary independence, exchange rate stability, ...Citation