Aaron Tornell

University of California, Los Angeles (UCLA) - Department of Economics

Box 951477

Bunche Hall 8387

Los Angeles, CA 90095-1477

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5

Munich, DE-81679

Germany

  • University of California, Los Angeles (UCLA) - Department of Economics

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    • Tel: 310-794-1686
    • Fax: 310-825-9528
SCHOLARLY PAPERS

36

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85

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734

Scholarly Papers (36)

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1.

NAFTA and Mexico's Economic Performance

Number of pages: 45 Posted: 07 Apr 2004
Aaron Tornell, Frank Westermann and Lorenza Martinez Trigueros
University of California, Los Angeles (UCLA) - Department of Economics, University of Osnabrueck - Department of Economics and Bank of Mexico
Downloads 574 (58,549)

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boom-bust cycles, currency mismatch, lending booms, real exchange rate, FDI, credit market imperfections and volatility

2.

The Positive Link between Financial Liberalization, Growth and Crises

Downloads 435 ( 82,350)
Citation 13

The Positive Link between Financial Liberalization, Growth and Crises

Number of pages: 59 Posted: 13 Apr 2004
Aaron Tornell, Frank Westermann and Lorenza Martinez Trigueros
University of California, Los Angeles (UCLA) - Department of Economics, University of Osnabrueck - Department of Economics and Bank of Mexico
Downloads 376 (96,682)

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The Positive Link between Financial Liberalization, Growth and Crises

NBER Working Paper No. w10293
Number of pages: 55 Posted: 13 Feb 2004 Last Revised: 15 Feb 2021
Aaron Tornell, Frank Westermann and Lorenza Martinez Trigueros
University of California, Los Angeles (UCLA) - Department of Economics, University of Osnabrueck - Department of Economics and Bank of Mexico
Downloads 59 (441,174)
Citation 3

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3.

Systemic Crises and Growth

Downloads 297 (126,357)
Citation 74

Systemic Crises and Growth

Number of pages: 58 Posted: 25 Apr 2005
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 162 (224,389)
Citation 1

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financial constraints, growth and institutions, bailout guarantees, volatility, emerging markets

Systemic Crises and Growth

UPF Economics and Business Working Paper 854
Number of pages: 49 Posted: 30 Nov 2005
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 100 (324,113)

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Financial constraints, growth and institutions, bailout guarantees, volatility, emerging markets

Systemic Crises and Growth

NBER Working Paper No. w11076
Number of pages: 71 Posted: 14 Aug 2012
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 35 (548,994)
Citation 10

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4.

Crises and Growth: A Re-Evaluation

Downloads 268 (140,635)
Citation 8

Crises and Growth: A Re-Evaluation

Number of pages: 65 Posted: 13 Apr 2004
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 155 (233,042)

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Crises and Growth: A Re-Evaluation

NBER Working Paper No. w10073
Number of pages: 61 Posted: 04 Jan 2004 Last Revised: 12 Jul 2010
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 77 (381,780)

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Crises and Growth: A Re-Evaluation

UPF Economics and Business Working Paper 852
Number of pages: 48 Posted: 30 Nov 2005
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 36 (543,514)

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Bailouts, bottlenecks, credit market imperfections, currency mismatch, financial fragility, macroeconomic voliatility

5.

Financial Crises in Emerging Markets: The Lessons from 1995

NBER Working Paper No. w5576
Number of pages: 65 Posted: 14 Oct 1996 Last Revised: 02 Oct 2010
Jeffrey D. Sachs, Aaron Tornell and Andrés Velasco
Columbia University - Columbia Earth Institute, University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 232 (162,039)
Citation 12

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6.

The Credit Channel in Middle Income Countries

Downloads 181 (203,796)
Citation 4

The Credit Channel in Middle Income Countries

Number of pages: 63 Posted: 16 Jan 2003
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 150 (239,467)

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The Credit Channel in Middle Income Countries

NBER Working Paper No. w9355
Number of pages: 59 Posted: 06 Dec 2002 Last Revised: 30 Oct 2010
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 31 (571,941)

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7.

The Collapse of the Mexican Peso: What Have We Learned?

NBER Working Paper No. w5142
Number of pages: 57 Posted: 27 Jun 2000 Last Revised: 22 Jul 2021
Jeffrey D. Sachs, Aaron Tornell and Andrés Velasco
Columbia University - Columbia Earth Institute, University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 174 (210,839)
Citation 2

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8.

Credit Market Imperfections in Middle Income Countries

Downloads 169 (216,229)
Citation 7

Credit Market Imperfections in Middle Income Countries

Number of pages: 35 Posted: 19 Jun 2003
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 140 (253,465)

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Credit Market Imperfections in Middle Income Countries

NBER Working Paper No. w9737
Number of pages: 31 Posted: 09 Jun 2003 Last Revised: 08 Feb 2021
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 29 (584,434)

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9.

Boom-Bust Cycles in Middle Income Countries: Facts and Explanation

Downloads 155 (232,564)
Citation 38

Boom-Bust Cycles in Middle Income Countries: Facts and Explanation

Number of pages: 51 Posted: 29 Oct 2002
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 132 (265,373)

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Boom-Bust Cycles in Middle Income Countries: Facts and Explanation

NBER Working Paper No. w9219
Number of pages: 47 Posted: 20 Sep 2002 Last Revised: 12 Mar 2021
Aaron Tornell and Frank Westermann
University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 23 (626,174)
Citation 5

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10.

The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98

NBER Working Paper No. w7042
Number of pages: 56 Posted: 10 Apr 1999 Last Revised: 25 Jul 2000
Anne O. Krueger and Aaron Tornell
International Monetary Fund (IMF) and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 136 (258,523)

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11.

Why Do Reforms Occur in Crises Times?

USC-INET Research Paper No. 16-19
Number of pages: 37 Posted: 16 Jun 2016
Romain G. Rancière and Aaron Tornell
University of Southern California and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 109 (303,639)
Citation 3

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Structural Reforms; Trade Liberalization; Crises; Tragedy of Commons; Preemption Games.

12.

The Mexican Peso Crisis: Sudden Death or Death Foretold?

NBER Working Paper No. w5563
Number of pages: 32 Posted: 03 Oct 1996 Last Revised: 15 Mar 2021
Jeffrey D. Sachs, Aaron Tornell and Andrés Velasco
Columbia University - Columbia Earth Institute, University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 94 (334,824)
Citation 2

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13.

Exchange Rates under Robustness: An Account of the Forward Premium Puzzle

Number of pages: 58 Posted: 16 Nov 2008
Ming Li and Aaron Tornell
SFSU, Finance and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 88 (349,076)
Citation 4

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Misspecification, Momentum, Overreaction, Predictability, Robustness, Structured uncertainty, Underreaction

14.

NAFTA and Mexico&Apos;S Less-than-Stellar Performance

NBER Working Paper No. w10289
Number of pages: 41 Posted: 13 Feb 2004 Last Revised: 12 Feb 2021
Aaron Tornell, Frank Westermann and Lorenza Martinez Trigueros
University of California, Los Angeles (UCLA) - Department of Economics, University of Osnabrueck - Department of Economics and Bank of Mexico
Downloads 82 (364,299)

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15.

Voracity and Growth

Downloads 81 (366,888)

Voracity and Growth

NBER Working Paper No. w6498
Number of pages: 39 Posted: 11 Jun 2000 Last Revised: 08 Apr 2008
Aaron Tornell and Philip R. Lane
University of California, Los Angeles (UCLA) - Department of Economics and Trinity College (Dublin) - Department of Economics
Downloads 81 (370,493)

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Voracity and Growth

CEPR Discussion Paper Series No. 2001
Posted: 22 Apr 1999
Philip R. Lane and Aaron Tornell
Trinity College (Dublin) - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics

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16.

Decomposing the Effects of Financial Liberalization: Crises vs. Growth

NBER Working Paper No. w12806
Number of pages: 23 Posted: 05 Jan 2007 Last Revised: 30 Jun 2021
Romain G. Rancière, Aaron Tornell and Frank Westermann
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 74 (386,360)
Citation 3

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17.

The Euro Area's Common Pool Problem Revisited: Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?

CESifo Working Paper Series No. 6670
Number of pages: 47 Posted: 24 Oct 2017
Sven Steinkamp, Aaron Tornell and Frank Westermann
Universität Osnabrück - Institute of Empirical Economic Research, University of California, Los Angeles (UCLA) - Department of Economics and University of Osnabrueck - Department of Economics
Downloads 73 (389,277)

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single supervisory mechanism, evergreening, nonperforming loans, common-pool problem

18.

Fiscal Discipline and the Choice of Exchange Rate Regime

IDB Working Paper No. 247
Number of pages: 14 Posted: 20 Apr 2011
Aaron Tornell and Andrés Velasco
University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 70 (398,308)
Citation 4

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19.

A New Index of Currency Mismatch and Systemic Risk

IMF Working Paper No. 10/263
Number of pages: 26 Posted: 01 Feb 2011
Romain G. Rancière, Aaron Tornell and Athanasios Vamvakidis
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and International Monetary Fund (IMF) - European Department
Downloads 70 (398,308)

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Banking sector, Cross country analysis, Currencies, Economic models, Emerging markets, Europe, External borrowing, Financial crisis, Fiscal risk, Loans, Sovereign debt, Time series

20.

Exchange Rate Dynamics, Learning and Misperception

Downloads 66 (411,006)
Citation 6

Exchange Rate Dynamics, Learning and Misperception

NBER Working Paper No. w9391
Number of pages: 57 Posted: 14 Dec 2002 Last Revised: 31 Oct 2010
Pierre-Olivier Gourinchas and Aaron Tornell
University of California, Berkeley - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 42 (512,898)

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Exchange Rate Dynamics, Learning and Misperception

Number of pages: 59 Posted: 14 Feb 2003
Pierre-Olivier Gourinchas and Aaron Tornell
University of California, Berkeley - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 24 (618,862)
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Forward premium puzzle, delayed overshooting, predictable returns, monetary policy

21.

Common Fundamentals in the Tequila and Asian Crises

NBER Working Paper No. w7139
Number of pages: 41 Posted: 03 Feb 2000 Last Revised: 05 Jul 2021
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 59 (434,828)

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22.

Rational Atrophy: The Us Steel Industry

NBER Working Paper No. w6084
Number of pages: 51 Posted: 13 Jul 2000 Last Revised: 15 Feb 2021
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 57 (442,037)

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23.

The Political Economy of Mexico's Entry to NAFTA

NBER Working Paper No. w5322
Number of pages: 51 Posted: 13 Jun 2000 Last Revised: 24 Sep 2010
Aaron Tornell and Gerardo Esquivel
University of California, Los Angeles (UCLA) - Department of Economics and El Colegio de Mexico - Centro de Estudios Economicos
Downloads 56 (445,717)

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24.

Balance Sheet Effects, Bailout Guarantees and Financial Crises

NBER Working Paper No. w8060
Number of pages: 59 Posted: 15 Dec 2000 Last Revised: 20 Oct 2010
Martin Schneider and Aaron Tornell
Independent and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 48 (476,570)
Citation 14

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25.

Fixed Versus Flexible Exchange Rates: Which Provides More Fiscal Discipline?

NBER Working Paper No. w5108
Number of pages: 37 Posted: 30 Aug 2000
Aaron Tornell and Andrés Velasco
University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 43 (498,158)

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26.

Reform from within

NBER Working Paper No. w6497
Number of pages: 52 Posted: 12 Jul 2000 Last Revised: 08 Apr 2008
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 40 (511,930)

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27.

Privatizing the Privatized

NBER Working Paper No. w7206
Number of pages: 41 Posted: 24 Mar 2000 Last Revised: 12 Mar 2021
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 40 (511,930)

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28.

Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy

NBER Working Paper No. w4839
Number of pages: 44 Posted: 24 Nov 2000 Last Revised: 24 Mar 2021
Aaron Tornell and Philip R. Lane
University of California, Los Angeles (UCLA) - Department of Economics and Trinity College (Dublin) - Department of Economics
Downloads 38 (521,377)

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29.

Why Aren&Apos;T Savings Rates in Latin America Procyclical?

NBER Working Paper No. w6502
Number of pages: 28 Posted: 07 May 1998 Last Revised: 09 Apr 2021
Philip R. Lane and Aaron Tornell
Trinity College (Dublin) - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 36 (531,244)

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30.

Robust-H-Infinity Forecasting and Asset Pricing Anomalies

NBER Working Paper No. w7753
Number of pages: 52 Posted: 19 Jul 2000 Last Revised: 10 Mar 2021
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 34 (541,564)

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31.

Exchange Rate Dynamics and Learning

NBER Working Paper No. w5530
Number of pages: 67 Posted: 21 May 1998 Last Revised: 11 Feb 2021
Pierre-Olivier Gourinchas and Aaron Tornell
University of California, Berkeley - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 31 (557,578)

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32.

Money-Based Versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy

NBER Working Paper No. w5300
Number of pages: 39 Posted: 21 Jul 2000 Last Revised: 27 Jun 2021
Aaron Tornell and Andrés Velasco
University of California, Los Angeles (UCLA) - Department of Economics and Harvard University - Harvard Kennedy School (HKS)
Downloads 29 (569,035)

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33.

Economic Growth and Decline with Endogenous Property Rights

NBER Working Paper No. w4354
Number of pages: 45 Posted: 05 Jan 2002
Aaron Tornell
University of California, Los Angeles (UCLA) - Department of Economics
Downloads 28 (575,099)
Citation 2

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34.

A New Index of Currency Mismatch and Systemic Risk

CEPR Discussion Paper No. DP8250
Number of pages: 28 Posted: 21 Feb 2011
Romain G. Rancière, Aaron Tornell and Athanasios Vamvakidis
University of Southern California, University of California, Los Angeles (UCLA) - Department of Economics and International Monetary Fund (IMF) - European Department
Downloads 7 (724,497)
Citation 1
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Currency Mismatch, Emerging Economies, Financial Crises, Systemic Risk

35.

Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees

CEPR Discussion Paper No. DP8248
Number of pages: 60 Posted: 21 Feb 2011
Romain G. Rancière and Aaron Tornell
University of Southern California and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 6 (732,370)
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Bailout Guarantees, Derivatives, Financial Crisis, Financial Regulation

36.

Speculation and Hedging in the Currency Futures Markets: Are They Informative to the Spot Exchange Rates

Journal of Futures Markets, Volume 32, Issue 2, pp. 122–151, February 2012, http://dx.doi.org/10.1002/fut.20511
Posted: 27 Feb 2013
Aaron Tornell and Chunming Yuan
University of California, Los Angeles (UCLA) - Department of Economics and University of Maryland, Baltimore County (UMBC) - Department of Economics

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Spot Exchange Rates, Currency Futures, Speculation, Hedging, Commitments of Traders