Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling

Yeyati, Eduardo Levy; Williams, Tomas

dc.creator	Yeyati, Eduardo Levy
dc.creator	Williams, Tomas
dc.date	2012-03-19T17:29:01Z
dc.date	2012-03-19T17:29:01Z
dc.date	2012-02-01
dc.date.accessioned	2023-02-17T20:49:48Z
dc.date.available	2023-02-17T20:49:48Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120202161000
dc.identifier	http://hdl.handle.net/10986/3246
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243648
dc.description	The paper documents an intriguing development in the emerging world in the 2000s: a decoupling from the business cycle of advanced countries, combined with the strengthening of the co-movements in the main emerging market assets that predates the synchronized sell-off during the crisis. In addition, the paper tests the hypothesis that financial globalization, to the extent that it creates a common, global investor base for emerging markets, could lead to a tighter asset correlation despite the weaker economic ties. While an examination of the impact of alternative financial globalization proxies does not yield conclusive results, a closer look at global emerging market equity and bond funds shows that the latter indeed foster financial recoupling during downturns, reflecting the fact that they trade near their respective benchmarks and respond to withdrawals by liquidating holdings across the board.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5961
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ABSOLUTE VALUE
dc.subject	ABSOLUTE VALUES
dc.subject	ADVANCED COUNTRIES
dc.subject	ADVANCED ECONOMIES
dc.subject	ANNUAL GROWTH
dc.subject	ANNUAL GROWTH RATES
dc.subject	AR
dc.subject	ARBITRAGE
dc.subject	ASSET CLASS
dc.subject	ASSET HOLDINGS
dc.subject	ASSET MANAGER
dc.subject	ASSET MANAGERS
dc.subject	ASSET POSITIONS
dc.subject	ASSET PRICES
dc.subject	ASSET RETURNS
dc.subject	ASSETS
dc.subject	ASSETS UNDER MANAGEMENT
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE OF PAYMENTS FLOWS
dc.subject	BANKING SECTORS
dc.subject	BENCHMARKING
dc.subject	BENCHMARKS
dc.subject	BOND
dc.subject	BOND FUNDS
dc.subject	BOND MARKET
dc.subject	BOND SPREADS
dc.subject	BUSINESS CYCLE
dc.subject	BUSINESS CYCLES
dc.subject	CAPITAL ACCOUNT
dc.subject	CAPITAL ACCOUNT LIBERALIZATION
dc.subject	CAPITAL CONTROLS
dc.subject	CAPITAL FLIGHT
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL MOBILITY
dc.subject	CDS
dc.subject	COMMODITY
dc.subject	COMMODITY PRICES
dc.subject	CORRELATION COEFFICIENTS
dc.subject	COUNTRY EQUITY
dc.subject	COUNTRY FIXED EFFECTS
dc.subject	COUNTRY PORTFOLIOS
dc.subject	CREDIT SPREADS
dc.subject	CROSS-BORDER FLOWS
dc.subject	CROSS-COUNTRY STUDY
dc.subject	CURRENCY
dc.subject	CURRENCY FLOWS
dc.subject	CURRENCY MARKETS
dc.subject	CURRENCY RETURNS
dc.subject	CUSTODIANS
dc.subject	DATA AVAILABILITY
dc.subject	DEBT INSTRUMENTS
dc.subject	DEPENDENT VARIABLES
dc.subject	DEPOSIT
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPMENT POLICY
dc.subject	DIVERSIFICATION
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC PERFORMANCE
dc.subject	ECONOMIC POLICIES
dc.subject	ECONOMIC PROGRESS
dc.subject	ECONOMIC SIZE
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ASSETS
dc.subject	EMERGING MARKET EQUITY
dc.subject	EMERGING MARKETS
dc.subject	EQUITIES
dc.subject	EQUITY FUNDS
dc.subject	EQUITY HOLDINGS
dc.subject	EQUITY INDEXES
dc.subject	EQUITY INSTRUMENTS
dc.subject	EQUITY MARKET
dc.subject	EQUITY MARKET CAPITALIZATION
dc.subject	EQUITY MARKETS
dc.subject	EQUITY RETURNS
dc.subject	EURO ZONE
dc.subject	EXCESS RETURNS
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATES
dc.subject	EXPECTED RETURN
dc.subject	EXPORTERS
dc.subject	EXPOSURE
dc.subject	EXTERNAL SHOCKS
dc.subject	FINANCIAL CAPITAL
dc.subject	FINANCIAL COMPANIES
dc.subject	FINANCIAL CONTAGION
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL OPENNESS
dc.subject	FINANCIAL SUPPORT
dc.subject	FIXED INCOME
dc.subject	FORECASTS
dc.subject	FOREIGN ASSET
dc.subject	FOREIGN ASSET HOLDINGS
dc.subject	FOREIGN ASSET POSITIONS
dc.subject	FOREIGN ASSETS
dc.subject	FOREIGN BONDS
dc.subject	FOREIGN EQUITY
dc.subject	FOREIGN LIABILITY
dc.subject	FOREIGN MARKET
dc.subject	FOREIGN PORTFOLIO
dc.subject	FOREIGN PORTFOLIO INVESTMENT
dc.subject	FOREIGN STOCKS
dc.subject	FUND FLOWS
dc.subject	FUND MANAGERS
dc.subject	FUND NET
dc.subject	FUND RETURNS
dc.subject	GDP
dc.subject	GLOBAL ASSET
dc.subject	GLOBAL ASSETS
dc.subject	GLOBAL BUSINESS
dc.subject	GLOBAL EQUITY
dc.subject	GLOBAL EQUITY FUNDS
dc.subject	GLOBAL FUND
dc.subject	GLOBAL FUNDS
dc.subject	GLOBAL GROWTH
dc.subject	GLOBAL INDEXES
dc.subject	GLOBAL INVESTOR
dc.subject	GLOBAL INVESTORS
dc.subject	GLOBAL MARKET
dc.subject	GLOBAL MARKETS
dc.subject	GLOBAL MUTUAL FUNDS
dc.subject	GLOBAL RISK
dc.subject	GLOBALIZATION
dc.subject	GROWTH PERFORMANCE
dc.subject	GROWTH RATE
dc.subject	HARD CURRENCY
dc.subject	HOLDING
dc.subject	HOLDINGS
dc.subject	HOST COUNTRY
dc.subject	INDEX BENCHMARK
dc.subject	INDIVIDUAL FUND
dc.subject	INDIVIDUAL MUTUAL FUND
dc.subject	INSTRUMENT
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE PARITY
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	INTERNATIONAL FINANCIAL INTEGRATION
dc.subject	INTERNATIONAL FINANCIAL MARKETS
dc.subject	INTERNATIONAL FUNDS
dc.subject	INTERNATIONAL INVESTOR
dc.subject	INTERNATIONAL INVESTORS
dc.subject	INTERNATIONAL MONEY
dc.subject	INTERNATIONAL MUTUAL FUNDS
dc.subject	INTERNATIONAL TRADE
dc.subject	INVESTMENT DECISION
dc.subject	INVESTOR BASE
dc.subject	LEVY
dc.subject	LIABILITY
dc.subject	LIQUIDATION
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY PREFERENCES
dc.subject	LOCAL CURRENCY
dc.subject	LOCAL EQUITY MARKET
dc.subject	LOCAL MARKET
dc.subject	LOCAL STOCK MARKET
dc.subject	MACROECONOMIC RISK
dc.subject	MARKET ASSETS
dc.subject	MARKET CAPITALIZATION
dc.subject	MARKET INFRASTRUCTURE
dc.subject	MARKET PORTFOLIO
dc.subject	MARKET RETURNS
dc.subject	MARKET VALUE
dc.subject	MARKET WEIGHTS
dc.subject	MUTUAL FUND
dc.subject	MUTUAL FUND DATA
dc.subject	MUTUAL FUNDS
dc.subject	NATIONAL INCOME
dc.subject	NEWLY INDUSTRIALIZED COUNTRIES
dc.subject	OPEN ECONOMIES
dc.subject	OUTPUT
dc.subject	OUTPUT GAPS
dc.subject	OUTSTANDING DEBT
dc.subject	PERCENTAGE OF ASSETS
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO COMPOSITION
dc.subject	PORTFOLIO INVESTOR
dc.subject	PORTFOLIOS
dc.subject	PRICE CHANGES
dc.subject	PRICE VOLATILITY
dc.subject	PROFESSIONAL INVESTORS
dc.subject	REDEMPTIONS
dc.subject	RELATIVE PRICE
dc.subject	RETURN
dc.subject	RETURN DIFFERENTIALS
dc.subject	RETURNS
dc.subject	RETURNS ON EQUITY
dc.subject	RISK AVERSION
dc.subject	RISK SHARING
dc.subject	S&P
dc.subject	S&P RETURNS
dc.subject	SCATTER PLOT
dc.subject	SECURITIES
dc.subject	SOVEREIGN BOND
dc.subject	SOVEREIGN BONDS
dc.subject	SOVEREIGN DEBT
dc.subject	STANDARD DEVIATION
dc.subject	STOCK HOLDINGS
dc.subject	STOCK MARKET
dc.subject	STOCK MARKET DEVELOPMENT
dc.subject	STOCK MARKET INDEX
dc.subject	STOCK MARKET INDEXES
dc.subject	STOCK MARKET RETURNS
dc.subject	STOCK INDEX
dc.subject	STOCKS
dc.subject	THIRD WORLD
dc.subject	TIME DUMMIES
dc.subject	TIME HORIZONS
dc.subject	TOTAL DEBT
dc.subject	TRADING
dc.subject	TRANQUIL PERIOD
dc.subject	TRANSACTION
dc.subject	TRANSACTION COSTS
dc.subject	TREASURY
dc.subject	TREASURY BONDS
dc.subject	TURNOVER
dc.subject	VALUATION
dc.subject	VOLATILITIES
dc.subject	VOLUME OF FLOWS
dc.subject	WEALTH
dc.subject	WEIGHTS
dc.subject	WORLD ECONOMY
dc.title	Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region