Financial Spillovers to Emerging Markets During the Global Financial Crisis
Title | Financial Spillovers to Emerging Markets During the Global Financial Crisis PDF eBook |
Author | Nathaniel Frank |
Publisher | International Monetary Fund |
Pages | 22 |
Release | 2009-05 |
Genre | Business & Economics |
ISBN |
In this paper potential financial linkages between liquidity and bank solvency measures in advanced economies and emerging market (EM) bond and stock markets are analyzedduring the latest crisis. A multivariate GARCH model is estimated in order to gauge the extent of co-movements of these financial variables across markets. The findings indicate that the notion of possible de-coupling (in the financial markets) had been misplaced. While EM stock markets reached their peak in the last quarter of 2007, interlinkages between funding stress and equity markets in advanced economies and EM financial indicators were highly correlated and have seen sharp increases during specific crisis moments.
IMF Working Papers
Title | IMF Working Papers PDF eBook |
Author | Heiko Hesse |
Publisher | |
Pages | |
Release | 2009 |
Genre | Electronic books |
ISBN |
Global Financial Crisis, Financial Contagion, and Emerging Markets
Title | Global Financial Crisis, Financial Contagion, and Emerging Markets PDF eBook |
Author | Mr.F. Gulcin Ozkan |
Publisher | International Monetary Fund |
Pages | 58 |
Release | 2012-12-13 |
Genre | Business & Economics |
ISBN | 1475551169 |
The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.
Emerging Markets
Title | Emerging Markets PDF eBook |
Author | Eswar S. Prasad |
Publisher | Rowman & Littlefield |
Pages | 225 |
Release | 2011-02-01 |
Genre | Business & Economics |
ISBN | 0815705654 |
Emerging market economies (EMEs) have become the darlings of international investors and the focus of enormous attention in academic, media, and policy circles. M. Ayhan Kose and Eswar Prasad present the definitive account of the evolution of EMEs and use the lens of the global financial crisis to evaluate their strengths and weaknesses. Led by a set of large and dynamic countries—including Brazil, China, India, and Russia—EMEs have become a dominant presence in the world economy. They now account for a substantial share of world output and have been a major driver of global growth during the past decade. They are significant players in international trade and financial flows and are beginning to exert rising clout in global policy debates. However, the financial crisis of 2007–09 and the worldwide recession that followed cast a pall over the notion that EMEs had become self-reliant and "decoupled" from demand conditions in and financial flows from advanced countries. Kose and Prasad, prominent experts on emerging market economies and globalization, draw on their extensive research to assess the resilience of EMEs in the face of the global financial crisis. Their analysis shows that EMEs, as a group, weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience and explain why some countries in this group have done better than others. Based on this analysis, they draw lessons for the durability and sustainability of these economies' long-term growth. This book is important reading for anyone trying to anticipate the future growth of emerging markets or contemplating business opportunities in these economies.
The Spillover Effects of the Global Crisison Economic Activity in Mena Emerging Market Countries
Title | The Spillover Effects of the Global Crisison Economic Activity in Mena Emerging Market Countries PDF eBook |
Author | Mr.Kenji Moriyama |
Publisher | International Monetary Fund |
Pages | 22 |
Release | 2010-01-01 |
Genre | Business & Economics |
ISBN | 1451961863 |
The estimated spillover of the global crisis to emerging market (EM) economies in the Middle East and North Africa (MENA) indicates that nearly two-thirds of the increased financial stress in MENA EM countries after the Lehman shock is attributable to direct or indirect spillovers of financial stress in advanced economies. Moreover, the estimated models suggest that the increased financial stress and slowdown in economic activity in advanced economies can explain about half of the drop in real GDP growth in MENA EM countries after the Lehman shock.
The Impact of the Global Financial Crisis on Emerging Financial Markets
Title | The Impact of the Global Financial Crisis on Emerging Financial Markets PDF eBook |
Author | Jonathan Batten |
Publisher | Emerald Group Publishing |
Pages | 745 |
Release | 2011-03-02 |
Genre | Business & Economics |
ISBN | 0857247549 |
The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.
Global Financial Crisis, Financial Contagion and Emerging Markets
Title | Global Financial Crisis, Financial Contagion and Emerging Markets PDF eBook |
Author | Gülçin Özkan |
Publisher | |
Pages | 57 |
Release | 2012 |
Genre | Financial crises |
ISBN |
"The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, they propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. They find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Their results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy."--Abstract.