The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact
We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of vari...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/280 |
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| Zusammenfassung: | We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some -weaker-evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables |
| Beschreibung: | 1 Online-Ressource (19 p) |
| ISBN: | 1451874251 9781451874259 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Gelos, Gaston Verfasser (DE-588)123415381 aut The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact Gelos, Gaston Washington, D.C International Monetary Fund 2009 1 Online-Ressource (19 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/280 We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some -weaker-evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables Online-Ausg Berkmen, Pelin Sonstige oth Rennhack, Robert Sonstige (DE-588)170820858 oth Walsh, James Sonstige oth http://elibrary.imf.org/view/IMF001/10593-9781451874259/10593-9781451874259/10593-9781451874259.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Gelos, Gaston The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact |
| title | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact |
| title_auth | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact |
| title_exact_search | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact |
| title_exact_search_txtP | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact |
| title_full | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact Gelos, Gaston |
| title_fullStr | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact Gelos, Gaston |
| title_full_unstemmed | The Global Financial Crisis Explaining Cross-Country Differences in the Output Impact Gelos, Gaston |
| title_short | The Global Financial Crisis |
| title_sort | the global financial crisis explaining cross country differences in the output impact |
| title_sub | Explaining Cross-Country Differences in the Output Impact |
| url | http://elibrary.imf.org/view/IMF001/10593-9781451874259/10593-9781451874259/10593-9781451874259.xml |
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