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Joshua Aizenman Home  Directory Joshua Aizenman
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Title: |
Professor of Economics |
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Email: |
jaizen@ucsc.edu |
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Phone: |
(831) 459-4791 Office
(831) 459-5077 Fax |
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Office: |
Engineering 2, 463 |
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| Research Focus | |
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International economics, economic development |
| Long Description | |
I joined the faculty at UCSC in 2001 following eleven years at Dartmouth College, where I served as the Champion Professor of International Economics. My research covers a range of issues in open economy including commercial and financial policies, crises in emerging markets, foreign direct investment, capital controls, and exchange rate regimes. I also serve as a Research Associate for the National Bureau of Economic Research.
Other affiliations have included teaching and research positions at the University of Pennsylvania, the University of Chicago Graduate School of Business, and the Hebrew University in Jerusalem. Consulting relationships include the International Monetary Fund, the World Bank, the Inter-American Development Bank, and the Federal Reserve Bank of San Francisco. |
| Selected Publications | |
Working Papers
Joshua Aizenman. "Macro Prudential Supervision in the Open Economy, and the role of Central Banks in Emerging Markets", SCIIE / Department working paper, January 2010, forthcoming, Open Economies Review.
Joshua Aizenman and Nancy Marion. "Using Inflation to Erode the U.S. Public Debt", SCIIE / Department working paper, November 2009.
Joshua Aizenman. "Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis", SCIIE / Department working paper, October 2009.
Joshua Aizenman and Yi "Andy" Sun. "The Financial Crisis and Sizable International Reserves Depletion: From 'Fear of Floating' to the 'Fear of Losing International Reserves'?", SCIIE / Department working paper, revised December 2009.
Joshua Aizenman and Nan Geng. "Adjustment of State Owned and Foreign-Funded Enterprises in China to Economic Reforms, 1980s-2007: a Logistic Smooth Transition Regression (LSTR) Approach", SCIIE / Department working paper, May 2009.
Joshua Aizenman. "Financial Crisis and the Paradox of Under- and Over-Regulation", Department working paper, revised August 2009.
Joshua Aizenman and Gurnain Pasricha. "Selective Swap Arrangements and the Global Financial Crisis: Analysis & Interpretation", SCIIE / Department working paper, March 2009, forthcoming, International Review of Economics and Finance.
Joshua Aizenman. "On the Paradox of Prudential Regulations in the Globalized Economy; International Reserves and the Crisis: A Reassessment", SCIIE / Department working paper, February 2009.
Joshua Aizenman and R. Glick. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance", SCIIE / Department working paper, December 2008, International Finance, 2009, 12,3, 351-386.
Joshua Aizenman and Michael Hutchison and Ilan Noy. "Inflation Targeting and Real Exchange Rates in Emerging Markets", Department working paper, December 2008.
Joshua Aizenman and Menzie Chinn and Hiro Ito. "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time", Department working paper, revised April 2009.
Joshua Aizenman and Y. Jinjarak."The US as the 'Demander of Last Resort' and it's Implications on China's Current Account", SCIIE / Department working paper, revised December 2008, Pacific Economic Review, 2009, 14:3 pp. 426-442.
Joshua Aizenman and Jake Kendall."The Internationalization of Venture Capital and Private Equity", SCIIE / Department working paper, September 2008.
Joshua Aizenman."Relative Price Levels and Current Accounts: An Exploration", SCIIE / Department working paper, revised November 2008, Journal of International Economic Studies, 2008, pp. 3-33.
Joshua Aizenman and Richard Agenor."Capital Market Imperfections and the Theory of Optimum Currency Areas", SCIIE / Department working paper, June 2008.
Joshua Aizenman and Y. Jinjarak."Current account patterns and national real estate markets", SCIIE / Department working paper, revised September 2008. Journal of Urban Economics, 2009, 66:2, pp. 75-89.
Joshua Aizenman and Kenneth Kletzer.The life cycle of scholars and papers in economics -- the "citation death tax" , SCIIE / Department working paper, March 2008.
Joshua Aizenman and Reuven Glick."Sovereign Wealth Funds: Stumbling Blocks or Stepping Stones to Financial Globalization?", FRBSF Economic Letter 2007-38; December 14, 2007.
Joshua Aizenman and Yi Sun. "Globalization and the Sustainability of Large Current Account Imbalances: Size Matters", SCIIE / department Working paper, revised January 2008, forthcoming, Journal of Macroeconomics.
Joshua Aizenman. "Large hoarding of international reserves and the emerging global economic architecture", July 2007, Keynote address, The Manchester School, 2008, 76:5, pp. 487-503..
Joshua Aizenman and Mark Spiegel. "Takeoffs", revised April 2007.
Joshua Aizenman, Kenneth Kletzer and Brian Pinto. "Economic Growth with Constraints on Tax Revenues and Public Debt: Implications for Fiscal Policy and Cross-Country Differences", January 2007.
Joshua Aizenman and Jaewoo Lee.
"Financial versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding", revised November 2007. Forthcoming, The World Economy.
Globalization, Trade/Financial openness, and Liberalisation
"Globalization and Developing Countries - a Shrinking Tax Base?", with Yothin Jinjarak. updated May 2007. Forthcoming, Journal of Development Studies.
"Globalization and taste convergence: The cases of wine and beer", with Eileen L. Brooks. Forthcoming, Review of International Economics.
Joshua Aizenman and Ilan Noy. "Endogenous financial and trade openness", Forthcoming, Review of International Economics.
"Financial Liberalisations in Latin America in the 1990s: A Reassessment", The World Economy, 2005.
"Financial Opening and Development: Evidence and Policy Controversies", American Economic Review, May 2004.
"Financial Opening: Evidence and Policy Options", in "Challenges to Globalization", R. Baldwin and A. Winters, eds., University of Chicago Press, 2004.
"Capital Mobility in a Second Best World- Moral Hazard with Costly Financial Intermediation", 2003, Review of International Economics, pp. 1-17.
Foreign Direct Investment in Developing Countries
"FDI and Trade - Two Way Linkages?", October 2005, with Ilan Noy. Forthcoming, Quarterly Review of Economics and Finance.
"Institutional Efficiency and the Investment Share of FDI", with Mark M. Spiegel. Forthcoming, Review of International Economics.
"Opposition to FDI and Financial Shocks", Journal of Development Economics 77 (2005) pp. 467-476.
"The Merits of Horizontal versus Vertical FDI in the Presence of Uncertainty", with Nancy Marion. Journal of International Economics, 2004, Vol. 62, pp. 125-48.
"Volatility, employment and the patterns of FDI in emerging markets", Journal of Development Economics, 2003, Vol. 72, pp. 585-601.
International Reserves and financial integration in Developing Countries
"Reserves and the Crisis: A Reassessment", Central Banking, Vol. 19, No. 3.
"On Prudent Regulation: To Regulate Foreign or Domestic Intermediation?", Harvard International Review, Winter 2009.
"Sterilization, Monetary Policy, and Global Financial Integration", with R. Glick. Revised September 2008. Forthcoming, Review of International Economics.
"The Real Exchange Rate, Mercantilism and the Learning by Doing Externality", with Jaewoo Lee. Revised August 2008. Forthcoming, Pacific Economic Review.
"Real exchange rate and international reserves in the era of growing financial and trade integration", with Daniel Riera. February 2007. Forthcoming, Review of Economics and Statistics.
"International reserves management and the current account", Forthcoming, Current Account and External Financing, Santiago, the Central Bank of Chile, Edited by K. Cowan, Se. Edwards and R. Valdés. revised February 2007.
"Financial Crisis and International Reserves", Prepared for the Princeton Encyclopedia of the World Economy, Princeton University Press., February 2007.
"International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence", with Jaewoo Lee. forthcoming at the Open Economies Review.
"Ex ante carrots instead of ex post sticks: two examples", October 2005. The Journal of the Korean Economy, Fall 2005, pp. 131-159.
"International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea", October 2005, with Yeonho Lee, and Yeongseop Rhee. Forthcoming, Journal of the Japanese and International Economies.
"International Reserve Holdings with Sovereign Risk and Costly Tax Collection", with Nancy Marion. Economic Journal, July 2004.
"The High Demand for International Reserves in the Far East: What's Going On?" with Nancy Marion. Journal of the Japanese and International Economies, 2003, 17/3, pp. 370-400.
"Reserve Uncertainty and the Supply of International Credit", with Nancy Marion. JMCB, Volume 34, Number 3 (Part 1), August 2002, pp. 631-649.
"Reserve Requirement on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?" with S. Turnovsky. Economic Journal, January 2002, pp. 107-132.
"International Reserves", forthcoming, The New Palgrave Dictionary of Economics, 2nd edition.
Crises, Sovereign Debt, and Volatility in Developing Countries
"Aid Volatility and Poverty Traps", with R. Agenor, forthcoming, Journal of Development Economics, 2009.
"Managing Volatility and Crises: A Practitioner's Guide Overview", with Brian Pinto. Lead Chapter, in Managing Economic Volatility and Crises: A Practitioner's Guide, Aizenman J. and B. Pinto (eds.), forthcoming, Cambridge University Press, 2005.
"Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Do Not Avert Macroeconomic Crises", with Kenneth M. Kletzer and Brian Pinto. The Economic Journal, 115 (April 2005) pp. 343-367.
"Optimal tax and debt policy with endogenously imperfect creditworthiness", with Michael Gavin and Ricardo Hausmann. Journal of International Trade & Economic Development, 2000, 9:4 pp. 367-395.
"Policy Uncertainty, Persistence and Growth", with Nancy Marion. Review of International Economics, June 1993, pp. 145-163.
Saving, investment, and growth in the open economy
"Prizes for Basic Research- Human Capital, Economic Might and the Shadow of History", with Ilan Noy. forthcoming, Journal of Economic Growth.
"Sources for financing domestic capital - is foreign saving a viable option for developing countries?" with Brian Pinto and Artur Radziwill. Forthcoming, Journal of International Money and Finance.
"Savings and the terms of trade under borrowing constraints", with Pierre-Richard Agenor. Journal of International Economics, 2004, Volume 63, pp. 321-340.
"Volatility and Financial Intermediation", with Andrew Powell. Journal of International Money and Finance, 2003, 22/5 pp. 657-679.
"International Portfolio Diversification with Generalized Expected Utility Preferences", Canadian Journal of Economics, August 1999, pp. 995-1008.
"The political economy of public savings and the role of capital mobility", with Andrew Powell. Journal of Developments Economics, 57 , pp. 67-95 1998.
"Buffer stocks and precautionary savings with loss aversion", Journal of International Money and Finance, 17, pp. 931-947, 1998.
"Volatility and Investment: Interpreting Evidence from Developing Countries", with Nancy Marion. Economica, May 1999, 66, pp. 157-79.
"Emerging Markets", forthcoming, The New Palgrave Dictionary of Economics, 2nd edition.
"Technological Change, Relative Wages, and Unemployment", with Pierre-Richard Agenor. European Economic Review, 1997, 41:2, pp. 187-206.
Fiscal and monetary issues in Developing Countries
"The collection efficiency of the value added tax: theory and international evidence", with Yothin Jinjarak, August 2005. forthcoming, Journal of international trade and economic development.
"Military Expenditure, Threats, and Growth", with Reuven Glick, Journal of International Trade and Development, Vol. 15, No. 2, 129 155, June 2006.
"Competitive Externalities and the Optimal Seigniorage", Journal of Money, Credit and Banking, Vol. 24, February 1992, pp. 61-71.
"Soft Budget Constraints, Taxes and the Incentive to Cooperate", International Economic Review, November 1993, pp. 819-832.
"On the Hidden Links between Financial and Trade Opening", forthcoming, Journal of International Money and Finance.
Exchange rate regimes and pricing in the open economy
"Pegged Exchange Rate Regimes A Trap?" with Reuven Glick. Forthcoming, Journal of Money, Credit and Banking.
"Monetary and Real Shocks, Productive Capacity and Exchange Rate Regimes", Economica, November 1994, pp. 407-34.
"Endogenous Pricing to Market and Financing Costs", Journal of Monetary Economics, Volume 51, May 2004, pp. 691-712. |
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