European Parliament Library

The Impact of the Great Recession on Emerging Markets, Ferhan Salman, Mali Chivakul, Ricardo Llaudes

This paper examines the impact of the recent global crisis on emerging market economies (EMs). Our cross-country analysis shows that the impact of the crisis was more pronounced in those EMs that had initial weaker fundamentals and greater financial and trade linkages. This effect is observed along a number of dimensions, such as growth, stock market performance, sovereign spreads, and credit growth. This paper also shows that during this crisis, pre-crisis reserve holdings helped to mitigate the initial growth collapse. This finding contrasts with other studies that fail to find a significant relationship between reserves and the growth decline. This paper argues that our preferred measure of impact is a more accurate reflection of the true impact of the crisis on EMs
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Pre-crisis external vulnerabilities; II. A Broad View of the Impact of the Crisis; 1a. Impact of the crisis; 1b. Correlations - Real and financial variables; 2. Median stock market indices; 3. Capital flows to emerging markets; 4. Impact of the crisis on output; 5. Financial and corporate vulnerabilities; III. Econometric Analysis; A. Measuring impact: Alternative metrics; 6. Alternative growth metrics; B. Impact on growth; 2a. Regressions for percent change in real output between peak and trough (growth_3)
Literary Form
non fiction
"October 2010."
Physical Description
1 online resource (49 p.)
Specific Material Designation
Form Of Item

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