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

dc.contributor.authorDidier, Tatiana
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2012-03-19T18:01:57Z
dc.date.available2012-03-19T18:01:57Z
dc.date.issued2011-04-01
dc.description.abstractThis paper studies the cross-country incidence of the 2008-2009 global crisis and documents a structural break in the way emerging economies responded to the global shock. Contrary to popular perceptions, emerging market economies suffered growth collapses comparable, or even larger, to those experienced by advanced economies during the crisis. With such large financial and real shock, most of the world economy came to a halt when the crisis hit, with most countries resuming their pre-crisis growth rates afterwards. While emerging economies were not able to avoid the crisis collapse, they grew at a higher rate during the post crisis, relative to before and, as usual, to advanced countries. Moreover, emerging economies initiated their recovery sooner. Breaking with the past, emerging economies were able to conduct countercyclical policies, and became more similar to developed countries in softening the impact of the crisis and in their ability to pursue expansionary policies.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110428152332
dc.identifier.urihttps://hdl.handle.net/10986/3408
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5637
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO FUNDS
dc.subjectADVANCED COUNTRIES
dc.subjectADVANCED ECONOMIES
dc.subjectASSET PRICES
dc.subjectASSET VALUES
dc.subjectASSETS
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK CLAIMS
dc.subjectBANK LOANS
dc.subjectBANKRUPTCY
dc.subjectBUFFERS
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOIN
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCONSENSUS FORECAST
dc.subjectCONSUMERS
dc.subjectCREDIBILITY
dc.subjectCREDIT RISK
dc.subjectCURRENCY
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY MISMATCHES
dc.subjectCURRENCY VALUE
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT POSITIONS
dc.subjectDEBT
dc.subjectDECELERATION IN GROWTH
dc.subjectDEPRECIATION
dc.subjectDEPRESSION
dc.subjectDEVALUATION
dc.subjectDEVALUATIONS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDIRECT INVESTMENT
dc.subjectDOMESTIC BANKING SYSTEM
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC ECONOMIES
dc.subjectDOMESTIC FINANCIAL SECTORS
dc.subjectDOMESTIC FINANCIAL SYSTEMS
dc.subjectECONOMETRIC ANALYSIS
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC SLOWDOWN
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITY MARKETS
dc.subjectEQUITY PRICES
dc.subjectEXCESS RETURN
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE FLUCTUATIONS
dc.subjectEXCHANGE RATE POLICIES
dc.subjectEXCHANGE RATE POLICY
dc.subjectEXCHANGE RATE REGIME
dc.subjectEXCHANGE RATES
dc.subjectEXPANSIONARY POLICIES
dc.subjectEXPORT VOLUMES
dc.subjectEXPORTER
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectEXPOSURES
dc.subjectEXTERNAL BALANCE
dc.subjectEXTERNAL POSITIONS
dc.subjectEXTERNAL SHOCK
dc.subjectEXTERNAL SHOCKS
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCIAL COLLAPSE
dc.subjectFINANCIAL CONTAGION
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FACTORS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL POLICIES
dc.subjectFINANCIAL POLICY
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTORS
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL VULNERABILITIES
dc.subjectFINANCIALLY OPEN ECONOMIES
dc.subjectFISCAL CONSOLIDATIONS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE REGIMES
dc.subjectFORECASTS
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSET POSITION
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN FINANCING
dc.subjectFOREIGN FUNDS
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN LIABILITIES
dc.subjectFOREIGN RESERVES
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGLOBAL DEMAND
dc.subjectGLOBAL EXPORT
dc.subjectGLOBAL FINANCIAL MARKETS
dc.subjectGLOBAL FINANCIAL SYSTEM
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT ACTIONS
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH PROJECTIONS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHEDGE FUNDS
dc.subjectHOUSING FINANCE
dc.subjectILLIQUID ASSETS
dc.subjectIMPLICIT GOVERNMENT GUARANTEES
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOME GROUPS
dc.subjectINCOME LEVELS
dc.subjectINFLATION
dc.subjectINFLATION TARGETING
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL SYSTEM
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL RESERVE
dc.subjectINTERNATIONAL RESERVES
dc.subjectINTERNATIONAL TRADE
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectLEADING INDICATORS
dc.subjectLEVERAGE
dc.subjectLIQUIDITY
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM ASSETS
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMACROECONOMICS
dc.subjectMARKET INTEREST
dc.subjectMARKET RATES
dc.subjectMATURITY MISMATCHES
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONETARY REGIMES
dc.subjectMONEY MARKET
dc.subjectMORAL HAZARD
dc.subjectMORTGAGE
dc.subjectMORTGAGE MARKETS
dc.subjectMUTUAL FUND
dc.subjectMUTUAL FUNDS
dc.subjectOPEN ECONOMIES
dc.subjectOPPORTUNITY COSTS
dc.subjectOUTPUT
dc.subjectPORTFOLIO
dc.subjectPORTFOLIOS
dc.subjectPOSITIVE SPILLOVER
dc.subjectPOSITIVE SPILLOVER EFFECTS
dc.subjectPRICE OF OIL
dc.subjectPUBLIC DEBT
dc.subjectREAL GDP
dc.subjectREAL SHOCK
dc.subjectRECESSION
dc.subjectRECESSIONS
dc.subjectREGULATORY REQUIREMENTS
dc.subjectRESERVE ACCUMULATION
dc.subjectRESIDENTIAL MORTGAGES
dc.subjectRESPONSE TO SHOCKS
dc.subjectSECURITIES
dc.subjectSHORT-TERM DEBT
dc.subjectSHORT-TERM LIABILITIES
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK MARKETS
dc.subjectSYSTEMIC RISK
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTAX REVENUES
dc.subjectTOTAL DEBT
dc.subjectTRANSMISSION MECHANISMS
dc.subjectTROUGH
dc.subjectUNCERTAINTY
dc.subjectVENTURE CAPITALIST
dc.subjectWAGES
dc.subjectWEALTH
dc.subjectWHOLESALE FUNDS
dc.subjectWHOLESALE MARKET
dc.subjectWORLD ECONOMY
dc.titleHow Resilient Were Emerging Economies to the Global Crisis?en
dspace.entity.typePublication
okr.date.disclosure2011-04-01
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110428152332
okr.identifier.doi10.1596/1813-9450-5637
okr.identifier.externaldocumentum000158349_20110428152332
okr.identifier.internaldocumentum14121634
okr.identifier.reportWPS5637
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/04/28/000158349_20110428152332/Rendered/PDF/WPS5637.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicatione8bf256b-feec-5fd2-9021-2f34752b8f1e
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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