Journal Article

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

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collection.link.125
https://openknowledge.worldbank.org/handle/10986/4401
collection.name.125
C. Journal articles published externally
dc.contributor.author
Didier, Tatiana
dc.contributor.author
Hevia, Constantino
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.issn
0261‐5606
dc.identifier.uri
http://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
okr.date.disclosure
2015-12-01
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.googlescholar.linkpresent
yes
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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