How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?

Publication:
How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?

dc.contributor.author	Hevia, Constantino
dc.contributor.author	Didier, Tatiana
dc.contributor.author	Schmukler, Sergio L.
dc.date.accessioned	2013-11-22T21:08:38Z
dc.date.available	2013-11-22T21:08:38Z
dc.date.issued	2012-12
dc.description.abstract	By studying the cross-country incidence of the 2008–2009 global financial crisis, we document a structural break in the way emerging economies responded to the global shock. Contrary to popular perceptions, emerging economies suffered growth collapses (relative to the pre-crisis levels) comparable to those experienced by developed economies, even when they continued growing. Afterwards, most economies returned to their pre-crisis growth rates. Although emerging economies were not able to avoid the collapse originated in the U.S. and then transmitted across countries, they were more resilient during the global crisis than during past crises. Namely, they resumed their higher growth rates earlier and converged more quickly to their pre-crisis growth trend. Moreover, breaking with the past, emerging economies did not fall more than developed economies during the global crisis and were able to conduct countercyclical policies, thus becoming more similar to developed economies.	en
dc.identifier.citation	Journal of International Money and Finance
dc.identifier.doi	10.1596/16309
dc.identifier.issn	0261‐5606
dc.identifier.uri	https://hdl.handle.net/10986/16309
dc.language.iso	en_US
dc.publisher	Elsevier
dc.rights	CC BY-NC-ND 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subject	crisis transmission
dc.subject	contagion
dc.subject	countercyclical policy
dc.subject	procyclical policy
dc.subject	fiscal policy
dc.subject	monetary policy
dc.title	How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?	en
dc.type	Journal Article	en
dc.type	Article de journal	fr
dc.type	Artículo de revista	es
dspace.entity.type	Publication
okr.date.disclosure	2015-12-01
okr.date.doiregistration	2025-05-06T11:08:00.698280Z
okr.doctype	Publications & Research::Journal Article
okr.doctype	Publications & Research
okr.externalcontent	External Content
okr.globalpractice	Macroeconomics and Fiscal Management
okr.globalpractice	Finance and Markets
okr.journal.nbpages	2052-2077
okr.language.supported	en
okr.peerreview	Academic Peer Review
okr.relation.associatedurl	http://www.sciencedirect.com/science/article/pii/S0261560612000988
okr.sector	Finance :: Capital markets
okr.theme	Economic management :: Macroeconomic management
okr.theme	Trade and integration :: International financial architecture
okr.topic	Finance and Financial Sector Development::Financial Crisis Management & Restructuring
okr.topic	Finance and Financial Sector Development::International Financial Markets
okr.topic	Macroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topic	Macroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topic	Macroeconomics and Economic Growth::Macroeconomic Management
okr.unit	DECRG
okr.volume	31(8)
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