The Impact of the Great Recessionon Emerging Markets [electronic resource] Salman, Ferhan.
- Washington, D.C. : International Monetary Fund, 2010.
- IMF eLibrary
IMF Working Papers; Working Paper No. 10/237.
IMF Working Papers; Working Paper No. 10/237
- Government document
1 online resource (34 p.)
- Local subjects:
- Asian crisis.
Capital account crisis.
Current account balance.
Current account deficit.
Current account deficits.
Early warning system.
External public sector debt.
Global economic crisis.
Global financial crisis.
Global Financial Crisis. -- 2008-2009
International Policy Coordination and Transmission.
Pre - crisis.
Public sector debt.
Short term debt.
Systemic financial crisis.
- This paper examines the impact of the recent global crisis on emerging market economies (EMs). Our cross-country analysis shows that the impact of the crisis was more pronounced in those EMs that had initial weaker fundamentals and greater financial and trade linkages. This effect is observed along a number of dimensions, such as growth, stock market performance, sovereign spreads, and credit growth. This paper also shows that during this crisis, pre-crisis reserve holdings helped to mitigate the initial growth collapse. This finding contrasts with other studies that fail to find a significant relationship between reserves and the growth decline. This paper argues that our preferred measure of impact is a more accurate reflection of the true impact of the crisis on EMs.
- Description based on print version record.
- Chivakul, Mali.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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