WorldCat Identities

Westermann, Frank 1970-

Overview
Works: 92 works in 340 publications in 2 languages and 4,487 library holdings
Roles: Editor, Creator, Author, Contributor
Classifications: HB1, 339.50952
Publication Timeline
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Most widely held works by Frank Westermann
Japan's great stagnation : financial and monetary policy lessons for advanced economies by Michael M Hutchison( )

17 editions published in 2006 in English and held by 1,959 WorldCat member libraries worldwide

Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration
Global interdependence, decoupling and recoupling by Yin-Wong Cheung( )

10 editions published between 2013 and 2016 in English and held by 509 WorldCat member libraries worldwide

One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be seen in the strong economic performance of China and India relative to that of the United States and Europe in the early 2000s. Recoupling then took place as developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy. The contributors discuss such topics as the transmission of exogenous shocks; causes of business cycle synchronicity; the differences between global and regional shocks; the South-South trade relationship and its effect on decoupling; vertical specialization and Mexico's manufacturing exports; growth prospects in China, the United States, and Europe after the financial crisis; and the evolving role of the U.S. dollar in international monetary architecture --
Boom-bust cycles and financial liberalization by Aaron Tornell( Book )

9 editions published in 2005 in English and held by 317 WorldCat member libraries worldwide

"The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data."--Jacket
Designing the European model by Seppo Honkapohja( )

18 editions published in 2009 in English and held by 175 WorldCat member libraries worldwide

This book examines existing problems in the European economy, focusing on labour markets, including labour market reform and outsourcing, as well as macroeconomic issues, such as macroeconomic stabilization in the Euro area and convergence and divergence in economic growth in the EU
International currency exposure( )

10 editions published in 2017 in English and held by 169 WorldCat member libraries worldwide

The foreign currency denomination of contracts in international transactions can lead to international currency exposure at the country level with important economic and policy implications. When debts are denominated in foreign currency and revenues in domestic currency, exchange rate fluctuations can result in balance sheet effects for countries with either net asset or liability positions. Moreover, currency mismatch between assets and liabilities can be a cause for crises in developing and emerging economies. This book looks at the issues surrounding foreign currency exposure in today's increasingly integrated world economy. The contributors draw on cross-country as well as country-specific data. They consider international currency risk after the Swiss franc ended its one-sided peg with the euro, for example, and the foreign exchange positions of firms in Turkey and Russia. Other contributors take macroeconomic perspectives, examining the potential effects of exchange rate realignment, the pressure to appreciate on countries with current account surpluses, and the currency exposure in international trade. Finally, contributors consider the issue from finance and political economy perspectives, addressing the phenomenon of the forward premium puzzle and discussing geopolitical aspects ascending currencies.--
The credit channel in middle income countries by Aaron Tornell( )

19 editions published between 2002 and 2003 in English and held by 126 WorldCat member libraries worldwide

With inflation under control in many in middle income countries (MICs), it is now swings in credit, investment and asset prices that affect these countries the most. In this paper we present a framework to analyze both theoretically and empirically how credit market shocks are propagated and amplified in MICs.The strength of the credit channel in our model derives from two key characteristics of MICs: (i)a sharp asymmetry across the tradables (T) sector and the more bank-dependent nontradables (N) sector; and (ii)a significant degree of currency mismatch in the N-sector. This makes movements in the real exchange rate the driving element in the amplification of shocks. The equilibrium imposes unambiguous contemporaneous linkages among key macroeconomic variables and allows us to derive structural VARs. Estimating these VARs using quarterly data for a group of MICs, we find evidence for a strong credit channel, for a balance sheet effect and for asymmetric sectorial responses. Our findings indicate that inflation targeting is not sufficient to guarantee economic stability, as such policy might overlook the development of lending booms and associated sectorial asymmetries
Boom-bust cycles in middle income countries : facts and explanation by Aaron Tornell( Book )

13 editions published in 2002 in English and Undetermined and held by 123 WorldCat member libraries worldwide

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the 'boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed the development of lending booms. Most of the time the boom gradually decelerates. But sometimes the boom ends in twin currency and banking crises, and is followed by a protracted credit crunch that outlives a short-lived recession. We also find that during lending booms there is a real appreciation and the nontradables (N) sector grows faster than the tradables (T) sector. Meanwhile, the opposite is true in the aftermath of crisis. We argue that these comovements are generated by the interaction of two characteristics of financing typical of middle income countries: risky currency mismatch and asymmetric financing opportunities across the N- and T-sectors
The positive link between financial liberalization growth and crises by Aaron Tornell( )

14 editions published in 2004 in English and Undetermined and held by 112 WorldCat member libraries worldwide

There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing countries trade liberalization has typically been followed by financial liberalization, which has indeed led to financial fragility and a greater incidence of crises. However, financial liberalization also has led to higher GDP growth. In fact, the fastestgrowing countries are typically those that have experienced boom-bust cycles. That is, there is a positive link between GDP growth and the bumpiness of credit, which is captured by the negative skewness - not by the variance - of credit growth. To substantiate our interpretation of the data we present a model that shows why in countries with severe credit market imperfections, liberalization leads to higher growth and, as a byproduct, to financial fragility. Thus, occasional crises need not forestall growth and may even be a necessary component of a developing country's growth experience. Finally, our analysis indicates that foreign direct investment does not obviate the need for risky international bank flows, as the latter are the only source of financing for most firms in the nontradables sector
NAFTA and Mexico's less-than-stellar performance by Aaron Tornell( )

12 editions published in 2004 in English and held by 98 WorldCat member libraries worldwide

Mexico, a prominent liberalizer, failed to attain stellar gross domestic product (GDP) growth in the 1990s, and since 2001 its GDP and exports have stagnated. In this paper we argue that the lack of spectacular growth in Mexico cannot be blamed on either the North American Free Trade Agreement (NAFTA) or the other reforms that were implemented, but on the lack of further judicial and structural reform after 1995. In fact, the benefits of liberalization can be seen in the extraordinary growth of exports and foreign domestic investment (FDI). The key to the Mexican puzzle lies in Mexico's response to crisis: a deterioration in contract enforceability and an increase in nonperforming loans. As a result, the credit crunch in Mexico has been far deeper and far more protracted than in the typical developing country. The credit crunch has hit the nontradables sector especially hard and has generated bottlenecks, which have blocked growth in the tradables sector and have contributed to the recent fall in exports
Crises and growth : a re-evaluation by Romain Ranciere( Book )

18 editions published between 2003 and 2004 in English and Undetermined and held by 93 WorldCat member libraries worldwide

We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have experienced occasional crises have grown on average faster than countries with smooth credit conditions. We then present a two-sector endogenous growth model in which financial crises can occur, and analyze the relationship between financial fragility and growth. The underlying credit market imperfections generate borrowing constraints, bottlenecks and low growth. We show that under certain conditions endogenous real exchange rate risk arises and firms find it optimal to take on credit risk in the form of currency mismatch. Along such a risky path average growth is higher, but self-fulfilling crises occur occasionally. Furthermore, we establish conditions under which the adoption of credit risk is welfare improving and brings the allocation nearer to the Pareto optimal level. The design of the model is motivated by several features of recent crises: credit risk in the form of foreign currency denominated debt; costly crises that generate firesales and widespread bankruptcies; and asymmetric sectorial responses, where the nontradables sector falls more than the tradables sector in the wake of crises
Why has the euro been falling? : an investigation into the determinants of the exchange rate by Hans-Werner Sinn( Book )

14 editions published in 2001 in English and held by 85 WorldCat member libraries worldwide

This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern Europe and to variations in the demand for black money balances in Europe as a whole. We reject the view that the strength of the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both theoretical and empirical grounds
Decomposing the effects of financial liberalization : crises vs. growth by Romain Ranciere( )

11 editions published in 2006 in English and held by 84 WorldCat member libraries worldwide

We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis. We also discuss several models of financial liberalization and growth whose predictions are consistent with our empirical findings
Die Zukunft der Wohlfahrtsgesellschaft Festschrift für Hans-Werner Sinn by Sascha O Becker( Book )

2 editions published in 2013 in German and held by 73 WorldCat member libraries worldwide

Hauptbeschreibung Finanzmarktkrise und wachsende Staatsschulden, Überalterung der Gesellschaft und Bevölkerungsschwund, die Krise des Euro, Lohnkonkurrenz aus Asien: Hat unter diesen Bedingungen die Wohlfahrtsgesellschaft noch eine Chance? Die Autoren, alle prominente Ökonomen, beleuchten die Krisenszenarien und fragen über die wirtschaftliche Entwicklung hinaus nach den gesellschaftspolitischen Perspektiven. So diskutieren sie in diesem Buch, wie die Investition in Bildung und Arbeit neben sozialem Zusammenhalt und nationaler Identität Quellen für Wohlstand und Wachstum werden könn
Credit market imperfections in middle income countries by Aaron Tornell( )

7 editions published in 2003 in English and held by 55 WorldCat member libraries worldwide

Abstract: In this paper we document three credit market imperfections prevalent in middle income countries that can help explain the boom-bust cycles as well as other macroeconomic patterns observed at higher frequencies across these countries. These imperfections are: the existence of financing constraints that affect mainly the nontradables sector, currency mismatch and systemic bailout guarantees
Two Mezzogiornos by Hans-Werner Sinn( Book )

15 editions published between 2000 and 2001 in English and held by 50 WorldCat member libraries worldwide

The analogy between the economic problems of the Mezzogiorno region and East Germany has been initially contested by many authors. This paper argues that there are striking similarities in the two regions, in terms of the causes of their economic predicament. With an aggregate labour productivity of 55% relative to the rest of the country, both are true transfer economies, whose consumption exceeds production by far. Beyond locational disadvantages, the present paper identifies overdrawn wages, high social security spending and the Dutch disease problem as core reasons for the poor economic performance and discusses possible cures
Designing the European Model( )

1 edition published in 2009 in English and held by 37 WorldCat member libraries worldwide

This book examines existing problems in the European economy, focusing on labour markets, including labour market reform and outsourcing, as well as macroeconomic issues, such as macroeconomic stabilization in the Euro area and convergence and divergence in economic growth in the EU
Equity price dynamics before and after the introduction of the euro : a note by Yin-Wong Cheung( Book )

7 editions published in 2001 in English and held by 31 WorldCat member libraries worldwide

Optimal tariffs and subsidies and changes in markets structure by Dominik Egli( Book )

5 editions published in 2000 in English and held by 29 WorldCat member libraries worldwide

We present a unified treatment of optimal trade policy for a small country. The well-known results for duopoly and competitive markets emerge as benchmark cases of our model. In addition, we show that changes in market structure have non-monotonic effects on optimal tariffs. Our results suggest that the recent reduction of tariffs in Eastern Europe is consistent with welfare maximizing trade policy in response to the substantial changes in the market structure of these countries
Output dynamics of the G7 countries : stochastic trends and cyclical movements by Yin-Wong Cheung( Book )

5 editions published between 1999 and 2000 in English and held by 22 WorldCat member libraries worldwide

Factor price equalization? the cointegration approach revisited by Helge Berger( Book )

3 editions published in 2001 in English and held by 22 WorldCat member libraries worldwide

 
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Japan's great stagnation : financial and monetary policy lessons for advanced economies
Covers
Boom-bust cycles and financial liberalizationDesigning the European model
Alternative Names
Frank Westermann economist (Universität Osnabrück; CESifo; ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V.)

Frank Westermann econoom

Frank Westermann Wirtschaftswissenschaftler (M.Sc. (1996) und Ph.D. (1998), Center for Economic Studies, Univ. of California, Santa Cruz, Calif., USA)

Westermann, F. 1970-

Languages
English (205)

German (2)