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

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dc.contributor.author
Didier, Tatiana
en_US
dc.contributor.author
Hevia, Constantino
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dc.contributor.author
Schmukler, Sergio L.
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dc.date.accessioned
2013-11-22T21:08:38Z
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dc.date.available
2013-11-22T21:08:38Z
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dc.date.issued
2012-12
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dc.identifier.citation
Journal of International Money and Finance
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dc.identifier.issn
0261‐5606
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dc.identifier.uri
http://hdl.handle.net/10986/16309
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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_US
dc.language.iso
en_US
en_US
dc.publisher
Elsevier
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dc.rights
Attribution-NonCommercial-NoDerivs 3.0 IGO
en_US
dc.rights.uri
http://creativecommons.org/licenses/by-nc-nd/3.0/igo
en_US
dc.subject
crisis transmission
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dc.subject
contagion
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dc.subject
countercyclical policy
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dc.subject
procyclical policy
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dc.subject
fiscal policy
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dc.subject
monetary policy
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dc.title
How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?
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dc.type
Journal Article
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okr.volume
31(8)
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okr.date.disclosure
2015-12-01
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okr.topic
Finance and Financial Sector Development :: Financial Crisis Management & Restructuring
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okr.topic
Finance and Financial Sector Development :: International Financial Markets
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okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
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okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
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okr.topic
Macroeconomics and Economic Growth :: Macroeconomic Management
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okr.theme
Economic management :: Macroeconomic management
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okr.theme
Trade and integration :: International financial architecture
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okr.sector
Finance :: Capital markets
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okr.unit
DECRG
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okr.doctype
Publications & Research :: Journal Article
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okr.doctype
Publications & Research
en_US
dc.rights.holder
World Bank
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okr.peerreview
Academic Peer Review
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okr.relation.associatedurl
http://www.sciencedirect.com/science/article/pii/S0261560612000988
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okr.externalcontent
External Content
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okr.journal.nbpages
2052-2077
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okr.globalpractice
Macroeconomics and Fiscal Management
en_US
okr.globalpractice
Finance and Markets
en_US
okr.googlescholar.linkpresent
yes

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