Riding global financial waves :: the economic impact of global financial shocks on emerging market economies /
Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to in...
Gespeichert in:
| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/188. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. |
| Beschreibung: | "July 2012." At head of title: Western Hemisphere Department. |
| Beschreibung: | 1 online resource (26 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475566789 1475566786 1475505361 9781475505368 1475574002 9781475574005 1475570066 9781475570069 |
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| 245 | 1 | 0 | |a Riding global financial waves : |b the economic impact of global financial shocks on emerging market economies / |c prepared by Gustavo Adler and Camilo E. Tovar. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c 2012. | ||
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| 500 | |a "July 2012." | ||
| 500 | |a At head of title: Western Hemisphere Department. | ||
| 520 | 3 | |a Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. | |
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Recurrent Episodes of Global Financial Stress; III. Financial Integration and Economic Fundamentals: Acting in Opposing Directions?; IV. The Impact of Global Financial shocks; A. Sample, Data, and Econometric Approach; B. Cross-Sectional Results; V. Assessing Vulnerabilities: Simulation Analysis; VI. Conclusions; Annex 1; Annex 2; Annex 3; References; Figures; 1. Global Financial Shocks, 1990-2011; 2. Key Variables during Episodes of Global Financial Shocks, 1990-2011; 3. Financial Openness, 1990-2011; 4. EMEs and SAEs Financial Openness, 2010. | |
| 505 | 8 | |a 5. Macroeconomic Fundamentals, 1990-20106. Key Macroeconomic Fundamentals in EMEs and SAEs, 2010 versus 2000; 7. Output Performance during Global Financial Shocks, 1990-2011; 8. Output Performance during Global Financial Shocks, 1990-2011; 9. Output Performance and Fundamentals during Global Financial Shocks, 1990-2011; 10. Macro Fundamentals and the Impact of Global Shocks; 11. Impact of Global Shock; Tables; 1. Global Financial Shocks, 1990-2011; 2. Main Results of Cross-Section Estimation; Annex 1. Key Global Variables during Global Financial Shocks, 1990-2011. | |
| 546 | |a English. | ||
| 650 | 0 | |a Financial crises |z Developing countries |x Econometric models. | |
| 650 | 0 | |a Capital movements |z Developing countries |x Econometric models. | |
| 650 | 0 | |a Foreign exchange administration |z Developing countries |x Econometric models. | |
| 650 | 0 | |a Financial risk. |0 http://id.loc.gov/authorities/subjects/sh2006001093 | |
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| 700 | 1 | |a Tovar Mora, Camilo Ernesto, |e author. |0 http://id.loc.gov/authorities/names/nr97044854 | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. |0 http://id.loc.gov/authorities/names/n82237138 | |
| 758 | |i has work: |a Riding global financial waves (Text) |1 https://id.oclc.org/worldcat/entity/E39PCH9xJfrgkMfWqrjcGpYkQm |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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| author | Adler, Gustavo, 1974- Tovar Mora, Camilo Ernesto |
| author_GND | http://id.loc.gov/authorities/names/no2005009317 http://id.loc.gov/authorities/names/nr97044854 |
| author_corporate | International Monetary Fund. Western Hemisphere Department |
| author_corporate_role | |
| author_facet | Adler, Gustavo, 1974- Tovar Mora, Camilo Ernesto International Monetary Fund. Western Hemisphere Department |
| author_role | aut aut |
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| contents | Cover; Contents; I. Introduction; II. Recurrent Episodes of Global Financial Stress; III. Financial Integration and Economic Fundamentals: Acting in Opposing Directions?; IV. The Impact of Global Financial shocks; A. Sample, Data, and Econometric Approach; B. Cross-Sectional Results; V. Assessing Vulnerabilities: Simulation Analysis; VI. Conclusions; Annex 1; Annex 2; Annex 3; References; Figures; 1. Global Financial Shocks, 1990-2011; 2. Key Variables during Episodes of Global Financial Shocks, 1990-2011; 3. Financial Openness, 1990-2011; 4. EMEs and SAEs Financial Openness, 2010. 5. Macroeconomic Fundamentals, 1990-20106. Key Macroeconomic Fundamentals in EMEs and SAEs, 2010 versus 2000; 7. Output Performance during Global Financial Shocks, 1990-2011; 8. Output Performance during Global Financial Shocks, 1990-2011; 9. Output Performance and Fundamentals during Global Financial Shocks, 1990-2011; 10. Macro Fundamentals and the Impact of Global Shocks; 11. Impact of Global Shock; Tables; 1. Global Financial Shocks, 1990-2011; 2. Main Results of Cross-Section Estimation; Annex 1. Key Global Variables during Global Financial Shocks, 1990-2011. |
| ctrlnum | (OCoLC)801706578 |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.042 |
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| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic | Developing countries fast |
| geographic_facet | Developing countries |
| id | ZDB-4-EBA-ocn801706578 |
| illustrated | Not Illustrated |
| indexdate | 2024-10-25T16:20:58Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n82237138 |
| isbn | 9781475566789 1475566786 1475505361 9781475505368 1475574002 9781475574005 1475570066 9781475570069 |
| language | English |
| oclc_num | 801706578 |
| open_access_boolean | |
| owner | MAIN |
| owner_facet | MAIN |
| physical | 1 online resource (26 pages) |
| psigel | ZDB-4-EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Adler, Gustavo, 1974- author. https://id.oclc.org/worldcat/entity/E39PCjyjTQKmh6VMbJGh8Ftp6C http://id.loc.gov/authorities/names/no2005009317 Riding global financial waves : the economic impact of global financial shocks on emerging market economies / prepared by Gustavo Adler and Camilo E. Tovar. [Washington, D.C.] : International Monetary Fund, 2012. 1 online resource (26 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file IMF working paper ; WP/12/188 "July 2012." At head of title: Western Hemisphere Department. Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. Includes bibliographical references. Cover; Contents; I. Introduction; II. Recurrent Episodes of Global Financial Stress; III. Financial Integration and Economic Fundamentals: Acting in Opposing Directions?; IV. The Impact of Global Financial shocks; A. Sample, Data, and Econometric Approach; B. Cross-Sectional Results; V. Assessing Vulnerabilities: Simulation Analysis; VI. Conclusions; Annex 1; Annex 2; Annex 3; References; Figures; 1. Global Financial Shocks, 1990-2011; 2. Key Variables during Episodes of Global Financial Shocks, 1990-2011; 3. Financial Openness, 1990-2011; 4. EMEs and SAEs Financial Openness, 2010. 5. Macroeconomic Fundamentals, 1990-20106. Key Macroeconomic Fundamentals in EMEs and SAEs, 2010 versus 2000; 7. Output Performance during Global Financial Shocks, 1990-2011; 8. Output Performance during Global Financial Shocks, 1990-2011; 9. Output Performance and Fundamentals during Global Financial Shocks, 1990-2011; 10. Macro Fundamentals and the Impact of Global Shocks; 11. Impact of Global Shock; Tables; 1. Global Financial Shocks, 1990-2011; 2. Main Results of Cross-Section Estimation; Annex 1. Key Global Variables during Global Financial Shocks, 1990-2011. English. Financial crises Developing countries Econometric models. Capital movements Developing countries Econometric models. Foreign exchange administration Developing countries Econometric models. Financial risk. http://id.loc.gov/authorities/subjects/sh2006001093 Risque financier. BUSINESS & ECONOMICS Finance. bisacsh Capital movements Econometric models fast Financial crises Econometric models fast Foreign exchange administration Econometric models fast Developing countries fast Tovar Mora, Camilo Ernesto, author. http://id.loc.gov/authorities/names/nr97044854 International Monetary Fund. Western Hemisphere Department. http://id.loc.gov/authorities/names/n82237138 has work: Riding global financial waves (Text) https://id.oclc.org/worldcat/entity/E39PCH9xJfrgkMfWqrjcGpYkQm https://id.oclc.org/worldcat/ontology/hasWork 1-4755-6678-6 1-4755-0536-1 IMF working paper ; WP/12/188. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568187 Volltext CBO01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568187 Volltext |
| spellingShingle | Adler, Gustavo, 1974- Tovar Mora, Camilo Ernesto Riding global financial waves : the economic impact of global financial shocks on emerging market economies / IMF working paper ; Cover; Contents; I. Introduction; II. Recurrent Episodes of Global Financial Stress; III. Financial Integration and Economic Fundamentals: Acting in Opposing Directions?; IV. The Impact of Global Financial shocks; A. Sample, Data, and Econometric Approach; B. Cross-Sectional Results; V. Assessing Vulnerabilities: Simulation Analysis; VI. Conclusions; Annex 1; Annex 2; Annex 3; References; Figures; 1. Global Financial Shocks, 1990-2011; 2. Key Variables during Episodes of Global Financial Shocks, 1990-2011; 3. Financial Openness, 1990-2011; 4. EMEs and SAEs Financial Openness, 2010. 5. Macroeconomic Fundamentals, 1990-20106. Key Macroeconomic Fundamentals in EMEs and SAEs, 2010 versus 2000; 7. Output Performance during Global Financial Shocks, 1990-2011; 8. Output Performance during Global Financial Shocks, 1990-2011; 9. Output Performance and Fundamentals during Global Financial Shocks, 1990-2011; 10. Macro Fundamentals and the Impact of Global Shocks; 11. Impact of Global Shock; Tables; 1. Global Financial Shocks, 1990-2011; 2. Main Results of Cross-Section Estimation; Annex 1. Key Global Variables during Global Financial Shocks, 1990-2011. Financial crises Developing countries Econometric models. Capital movements Developing countries Econometric models. Foreign exchange administration Developing countries Econometric models. Financial risk. http://id.loc.gov/authorities/subjects/sh2006001093 Risque financier. BUSINESS & ECONOMICS Finance. bisacsh Capital movements Econometric models fast Financial crises Econometric models fast Foreign exchange administration Econometric models fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh2006001093 |
| title | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / |
| title_auth | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / |
| title_exact_search | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / |
| title_full | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / prepared by Gustavo Adler and Camilo E. Tovar. |
| title_fullStr | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / prepared by Gustavo Adler and Camilo E. Tovar. |
| title_full_unstemmed | Riding global financial waves : the economic impact of global financial shocks on emerging market economies / prepared by Gustavo Adler and Camilo E. Tovar. |
| title_short | Riding global financial waves : |
| title_sort | riding global financial waves the economic impact of global financial shocks on emerging market economies |
| title_sub | the economic impact of global financial shocks on emerging market economies / |
| topic | Financial crises Developing countries Econometric models. Capital movements Developing countries Econometric models. Foreign exchange administration Developing countries Econometric models. Financial risk. http://id.loc.gov/authorities/subjects/sh2006001093 Risque financier. BUSINESS & ECONOMICS Finance. bisacsh Capital movements Econometric models fast Financial crises Econometric models fast Foreign exchange administration Econometric models fast |
| topic_facet | Financial crises Developing countries Econometric models. Capital movements Developing countries Econometric models. Foreign exchange administration Developing countries Econometric models. Financial risk. Risque financier. BUSINESS & ECONOMICS Finance. Capital movements Econometric models Financial crises Econometric models Foreign exchange administration Econometric models Developing countries |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568187 |
| work_keys_str_mv | AT adlergustavo ridingglobalfinancialwavestheeconomicimpactofglobalfinancialshocksonemergingmarketeconomies AT tovarmoracamiloernesto ridingglobalfinancialwavestheeconomicimpactofglobalfinancialshocksonemergingmarketeconomies AT internationalmonetaryfundwesternhemispheredepartment ridingglobalfinancialwavestheeconomicimpactofglobalfinancialshocksonemergingmarketeconomies |