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GLOBAL FINANCIAL SHOCKS AND THEIR ECONOMIC IMPACT ON EMERGING MARKET ECONOMIES

GLOBAL FINANCIAL SHOCKS AND THEIR ECONOMIC IMPACT ON EMERGING MARKET ECONOMIES The world has experienced episodes of global financial stress every 2.5 years on average over the past two decades, with repercussions on a global scale. Over the same period, emerging economies have improved their macroeconomic fundamentals while becoming increasingly integrated with the world. Against this backdrop, are these economies more or less vulnerable to large global financial shocks? What roles have macroeconomic fundamentals and financial integration played in amplifying or buffering the impact of these shocks? This paper addresses these questions by examining the output cost associated with these events in 40 emerging and nine "small" advanced economies during the period 1990–2010. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of International Commerce, Economics and Policy World Scientific Publishing Company

GLOBAL FINANCIAL SHOCKS AND THEIR ECONOMIC IMPACT ON EMERGING MARKET ECONOMIES

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Publisher
World Scientific Publishing Company
Copyright
Copyright ©
ISSN
1793-9933
eISSN
1793-9941
DOI
10.1142/S1793993313500087
Publisher site
See Article on Publisher Site

Abstract

The world has experienced episodes of global financial stress every 2.5 years on average over the past two decades, with repercussions on a global scale. Over the same period, emerging economies have improved their macroeconomic fundamentals while becoming increasingly integrated with the world. Against this backdrop, are these economies more or less vulnerable to large global financial shocks? What roles have macroeconomic fundamentals and financial integration played in amplifying or buffering the impact of these shocks? This paper addresses these questions by examining the output cost associated with these events in 40 emerging and nine "small" advanced economies during the period 1990–2010.

Journal

Journal of International Commerce, Economics and PolicyWorld Scientific Publishing Company

Published: Apr 1, 2013

Keywords: Global financial shocks spillovers emerging markets

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