WorldCat Identities

Glick, Reuven

Works: 150 works in 496 publications in 1 language and 3,202 library holdings
Genres: Conference papers and proceedings  Case studies  Essays 
Roles: Author, Editor, Other
Classifications: HG3997.55, 332.456099
Publication Timeline
Most widely held works by Reuven Glick
Financial crises in emerging markets by Reuven Glick( Book )

21 editions published between 2001 and 2010 in English and Undetermined and held by 381 WorldCat member libraries worldwide

This 2001 book looks at numerous financial crises, beginning with Mexico in 1994-1995, the Asian crisis of 1997-1998, and the crises in Russia, Brazil, and other Latin American countries in 1998-1999. Such contemporary crises illustrate the risks of financial volatility and macroeconomic instability during the process of economic growth and development. They also raise issues regarding the management of risks associated with liberalization and global integration, particularly in financial markets. Concerns about the implications of international capital flows for developing countries have grown with the sharply increased volume of these flows since the late 1980s. The essays in this volume provide analysis and evidence on the determinants of currency and banking crises in emerging markets, the specific roles of capital flows and the financial sector, and the appropriateness of various policy responses
Exchange rate policy and interdependence : perspectives from the Pacific basin by Reuven Glick( Book )

16 editions published between 1994 and 2007 in English and held by 358 WorldCat member libraries worldwide

Why countries choose different exchange rate arrangements and how these arrangements affect domestic monetary policy control and macroeconomic stability are questions of substantial interest to policy makers and researchers alike. The countries of the Pacific Basin region offer a wide variety of examples for the comparative study of the implications of different exchange rate arrangements. The essays in this volume examine the degree of financial interdependence and the conduct of exchange rate and monetary policy among Pacific Basin countries. The essays address four broad issues: one, the degree of regional financial market integration in the Pacific Basin, two, the implications of choosing different exchange rate regimes for domestic macroeconomic stability, three, the effect of exchange rate intervention policy on the conduct of domestic monetary policy, and four, the prospects for a yen currency bloc. Some of the essays focus on the national experience of specific countries in the Pacific Basin; others adopt a cross-country comparison approach
Managing capital flows and exchange rates : perspectives from the Pacific basin by Conference Managing Capital Flows and Exchange Rates: Lessons from the Pacific Basin( Book )

13 editions published between 1998 and 2011 in English and held by 324 WorldCat member libraries worldwide

"The essays in this volume examine the theoretical and policy issues associated with international capital flows and exchange rates for emerging markets in the Pacific Basin region. The essays address four broad issues. First, they investigate the determinants of international capital flows, particularly the relative role of domestic and external factors in driving capital flows. Second, they inquire how predictable and contagious capital flow reversals and exchange rate crises are. Third, they explore what the domestic economic effects of capital inflows on emerging economies have been and, fourth, seek to suggest what are the appropriate responses by policy makers to capital inflow surges."--Jacket
Economic perspectives on foreign borrowing and debt repudiation : an analytic literature review by Reuven Glick( Book )

11 editions published between 1986 and 1987 in English and held by 221 WorldCat member libraries worldwide

Contagion and trade : why are currency crises regional? by Reuven Glick( Book )

25 editions published in 1998 in English and held by 168 WorldCat member libraries worldwide

Currency crises tend to be regional; they affect countries in geographic proximity. This suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. We provide empirical support for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency crises affect clusters of countries tied together by international trade. By way of contrast, macroeconomic and financial influences are not closely associated with the cross-country incidence of speculative attacks. We also show that trade linkages help explain cross-country correlations in exchange market pressure during crisis episodes, even after controlling for macroeconomic factors
Does a currency union affect trade? : the time series evidence by Reuven Glick( Book )

26 editions published in 2001 in English and held by 150 WorldCat member libraries worldwide

"Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set covering 217 countries from 1948 through 1997. During this sample a large number of countries left currency unions; they experienced economically and statistically significant declines in bilateral trade, after accounting for other factors. Assuming symmetry, we estimate that a pair of countries that starts to use a common currency experiences a near doubling in bilateral trade."--FRB of San Francisco web site
Global versus country-specific productivity shocks and the current account by Reuven Glick( )

21 editions published between 1992 and 1993 in English and held by 126 WorldCat member libraries worldwide

The intertemporal approach to the current account is often regarded as theoretically elegant but of limited empirical significance. This paper derives highly tractable current account and investment specifications that we estimate without resorting to calibration or simulation methods. In time-series data for eight industrialized countries, we find that country-specific productivity shocks tend to worsen the current account, whereas global shocks have little effect. Both types of shock raise investment. It is a puzzle, however, for the intertemporal model that long-lasting local productivity shocks have a larger impact effect on investment than on current account
Productivity, tradability and the long-run price puzzle by Paul R Bergin( )

18 editions published in 2004 in English and held by 117 WorldCat member libraries worldwide

Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson' effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is often assumed to be a universal property is actually quite specific to recent times. What might explain this historical pattern? We adopt a framework where goods are differentiated by tradability and productivity. A model with monopolistic competition, a continuum-of-goods, and endogenous tradability allows for theory and history to be consistent for a wide range of underlying productivity shocks
Collateral damage : trade disruption and the economic impact of war by Reuven Glick( )

20 editions published in 2005 in English and held by 116 WorldCat member libraries worldwide

"Conventional wisdom in economic history suggests that conflict between countries can be enormously disruptive of economic activity, especially international trade. Yet nothing is known empirically about these effects in large samples. We study the effects of war on bilateral trade for almost all countries with available data extending back to 1870. Using the gravity model, we estimate the contemporaneous and lagged effects of wars on the trade of belligerent nations and neutrals, controlling for other determinants of trade. We find large and persistent impacts of wars on trade, and hence on national and global economic welfare. A rough accounting indicates that such costs might be of the same order of magnitude as the "direct" costs of war, such as lost human capital, as illustrated by case studies of World War I and World War II"--National Bureau of Economic Research web site
Military expenditure, threats, and growth by Joshua Aizenman( )

13 editions published in 2003 in English and held by 105 WorldCat member libraries worldwide

This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of the non-linear interactions between military expenditure, external threats, corruption, and other relevant controls. While growth falls with higher levels of military spending, given the values of the other independent variables, we show that military expenditure in the presence of threats increases growth. We explain the presence of these non-linearities in an extended version of Barro and Sala-i-Martin (1995), allowing the dependence of growth on the severity of external threats, and on the effective military expenditure associated with these threats
Pegged exchange rate regimes--a trap? by Joshua Aizenman( )

10 editions published in 2005 in English and held by 90 WorldCat member libraries worldwide

This paper studies the empirical and theoretical association between the duration of a pegged exchange rate and the cost experienced upon exiting the regime. We confirm empirically that exits from pegged exchange rate regimes during the past two decades have often been accompanied by crises, the cost of which increases with the duration of the peg before the crisis. We explain these observations in a framework in which the exchange rate peg is used as a commitment mechanism to achieve inflation stability, but multiple equilibria are possible. We show that there are ex ante large gains from choosing a more conservative not only in order to mitigate the inflation bias from the well-known time inconsistency problem, but also to steer the economy away from the high inflation equilibria. These gains, however, come at a cost in the form of the monetary authority's lesser responsiveness to output shocks. In these circumstances, using a pegged exchange rate as an anti-inflation commitment device can create a "trap" whereby the regime initially confers gains in anti-inflation credibility, but ultimately results in an exit occasioned by a big enough adverse real shock that creates large welfare losses to the economy. We also show that the more conservative is the regime in place and the larger is the cost of regime change, the longer will be the average spell of the fixed exchange rate regime, and the greater the output contraction at the time of a regime change
Tradability, productivity, and understanding international economic integration by Paul R Bergin( )

12 editions published in 2005 in English and held by 89 WorldCat member libraries worldwide

"This paper develops a two-country macro model with endogenous tradability to study features of international economic integration. Recent episodes of integration in Europe and North America suggest some surprising observations: while quantities of trade have increased significantly, especially along the extensive margin, price dispersion has not decreased and may even have increased. We propose a way of reconciling these price and quantity observations in a macroeconomic model where the decision of heterogeneous firms to trade internationally is endogenous. Trade is shaped both by the nature of heterogeneity--trade costs versus productivity--and by the nature of trade policies--cuts in fixed costs versus cuts in per unit costs like tariffs. For example, in contrast to tariff cuts, trade policies that work mainly by lowering various fixed costs of trade may have large effects on entry decisions at the extensive margin without having direct effects on price-setting decisions. Whether this entry raises or lowers overall price dispersion depends on the type of heterogeneity that distinguishes the new entrants from incumbent traders"--National Bureau of Economic Research web site
Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds by Joshua Aizenman( )

12 editions published in 2010 in English and held by 81 WorldCat member libraries worldwide

This paper presents a model comparing the degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden stops in foreign capital inflows, it will place a high weight on holding safer foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We also show how the diversification differences between the strategies of the bank and SWF is affected by the government's delegation of responsibilities and by various parameters of the economy, such as the volatility of equity returns and the total amount of public foreign assets available for management
Sovereign wealth funds : stylized facts about their determinants and governance by Joshua Aizenman( )

11 editions published in 2008 in English and held by 72 WorldCat member libraries worldwide

This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves. It analyzes the degree to which measures of SWF governance and transparency compare with national norms of behavior. We provide evidence that many countries with SWFs are characterized by effective governance, but weak democratic institutions, as compared to other nonindustrial countries. We also present a model with which we compare the optimal degree of diversification abroad by a central bank versus that of a sovereign wealth fund. We show that if the central bank manages its foreign assets with the objective of reducing the probability of sudden stops, it will place a high weight on the downside risk of holding risky assets abroad and will tend to hold primarily safe foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We discuss how the degree of a country's transparency may affect the size of the foreign asset base entrusted to a wealth fund's management, and show that, for relatively low levels of public foreign assets, assigning portfolio management independence to the central bank may be advantageous. However, for a large enough foreign asset base, the opportunity cost associated with the limited portfolio diversification of the central bank induces authorities to establish a wealth fund in pursuit of higher returns
Sterilization, monetary policy, and global financial integration by Joshua Aizenman( )

11 editions published in 2008 in English and held by 72 WorldCat member libraries worldwide

This paper investigates the changing patterns and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net exports and various forms of capital flows, across countries and over time. We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows. We also find that sterilization depends on the composition of balance of payments inflows
Endogenous nontradability and macroeconomic implications by Paul R Bergin( Book )

11 editions published in 2003 in English and held by 71 WorldCat member libraries worldwide

This paper proposes a new way of thinking about nontraded goods in an open economy macro model. It develops a simple method for analyzing a continuum of goods with heterogeneous trade costs, and it explores the endogenous decision by a seller of whether to trade a good internationally. This way of thinking is appealing in that it provides a natural explanation for a prominent puzzle in international macroeconomics, that the relative price of nontraded goods tends to move much less volatilely than the real exchange rate. Because nontradedness is an endogenous decision, the good on the margin forms a linkage between the prices of traded and nontraded goods, preventing the two price indexes from wandering too far apart. The paper goes on to find that this mechanism has implications for other macroeconomic issues that rely upon the presence of nontraded goods
Mussa redux and conditional PPP by Paul R Bergin( )

8 editions published in 2012 in English and held by 67 WorldCat member libraries worldwide

Abstract: Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an argument based on short-run volatility to one based on long-run dynamics. The first key result is that the extremely persistent real exchange rate found commonly in post Bretton Woods data does not apply to the preceding fixed exchange rate period in our sample, where the half-live was perhaps half as large. This result suggests a reinterpretation of Mussa's original finding, indicating that up to two thirds of the rise in variance of the real exchange rate in the recent period is actually due to the rise in persistence of the response to shocks, rather than due to a rise in the variance of shocks themselves. The second key result explains the rise in persistence over time by identifying underlying shocks using a panel VECM model. Shocks to the nominal exchange rate induce more persistent real exchange rate responses compared to price shocks, and these shocks became more prevalent under a flexible exchange rate regime
The micro-macro disconnect of purchasing power parity by Paul R Bergin( )

9 editions published between 2009 and 2010 in English and held by 64 WorldCat member libraries worldwide

The persistence of aggregate real exchange rates is a prominent puzzle, especially since international relative prices in microeconomic data adjust much faster. This paper finds that adjustment to the law of one price in disaggregated data is not just a faster version of the adjustment to purchasing power parity in the aggregate data; while aggregate real exchange rate adjustment works through the foreign exchange market, microeconomic adjustment works through the goods market. These distinct adjustment dynamics appear to arise from distinct classes of shocks generating micro and macro price deviations. A vector error correction model nesting aggregate and disaggregated relative prices permits identification of distinct macroeconomic and good-specific shocks. When half-lives are estimated conditional on shocks, the macro-micro disconnect puzzle disappears: microeconomic relative prices adjust to macro shocks just as slowly as do aggregate real exchange rates. These results provide evidence against theories of real exchange rate behavior based on sticky prices and on heterogeneity across goods
Currency unions and trade : a post-EMU mea culpa by Reuven Glick( )

10 editions published in 2015 in English and held by 60 WorldCat member libraries worldwide

In our European Economic Review (2002) paper, we used pre-1998 data on countries participating in and leaving currency unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a variety of empirical gravity models to estimate the currency union effect on trade and exports, using recent data which includes the European Economic and Monetary Union (EMU). We have three findings. First, our assumption of symmetry between the effects of entering and leaving a currency union seems reasonable in the data but is uninteresting. Second, EMU typically has a smaller trade effect than other currency unions, often estimated to be negligible or negative. Third and most importantly, estimates of the currency union effect on trade are sensitive to the exact econometric methodology; we find no substantive reliable and robust effect of currency union on trade
Conditional PPP and Real Exchange Rate Convergence in the Euro Area by Paul R Bergin( )

5 editions published in 2016 in English and held by 48 WorldCat member libraries worldwide

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange rates, the adjustment of real exchange rates toward purchasing power parity (PPP) became faster. To disentangle the possible causes for this finding we develop a novel methodology for conducting counterfactual simulations of an estimated VECM that distinguishes between the roles of the nominal exchange rate as an adjustment mechanism and as a source of shocks. We find evidence that prior to joining the euro currency union, member countries relied upon exchange rate adjustments as a mechanism to correct for PPP deviations arising from divergent domestic inflation rates. But the loss of the exchange rate as an adjustment mechanism after the introduction of the euro was more than compensated by the elimination of the exchange rate as a source of shocks, in combination with faster adjustment in national price indices. These findings support claims that flexible exchange rates are not necessary to promote long-run international relative price adjustment
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Financial crises in emerging markets
Exchange rate policy and interdependence : perspectives from the Pacific basinManaging capital flows and exchange rates : perspectives from the Pacific basin
Alternative Names
Glick, R. 1951-

Reuven Glick economist (Federal Reserve Bank of San Francisco)

Reuven Glick econoom

Reuven Glick Wirtschaftswissenschaftler (Federal Reserve Bank of San Francisco)

גליק, ראובן

English (282)