Riding global financial waves : the economic impact of global financial shocks on emerging market economies /
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Author / Creator: | Adler, Gustavo, 1974- author. |
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Imprint: | [Washington, D.C.] : International Monetary Fund, 2012. |
Description: | 1 online resource (26 pages) |
Language: | English |
Series: | IMF working paper ; WP/12/188 IMF working paper ; WP/12/188. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/11139268 |
Other authors / contributors: | Tovar Mora, Camilo Ernesto, author. International Monetary Fund. Western Hemisphere Department. |
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ISBN: | 9781475566789 1475566786 1475505361 9781475505368 1475574002 9781475574005 9781475505368 9781475574005 |
Digital file characteristics: | data file |
Notes: | "July 2012." At head of title: Western Hemisphere Department. Includes bibliographical references. |
Summary: | 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. |
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