How Resilient Were Emerging Economies to the Global Crisis?

Didier, Tatiana; Hevia, Constantino; Schmukler, Sergio L.

dc.creator	Didier, Tatiana
dc.creator	Hevia, Constantino
dc.creator	Schmukler, Sergio L.
dc.date	2012-03-19T18:01:57Z
dc.date	2012-03-19T18:01:57Z
dc.date	2011-04-01
dc.date.accessioned	2023-02-17T20:56:14Z
dc.date.available	2023-02-17T20:56:14Z
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_20110428152332
dc.identifier	http://hdl.handle.net/10986/3408
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244372
dc.description	This paper studies the cross-country incidence of the 2008-2009 global crisis and documents a structural break in the way emerging economies responded to the global shock. Contrary to popular perceptions, emerging market economies suffered growth collapses comparable, or even larger, to those experienced by advanced economies during the crisis. With such large financial and real shock, most of the world economy came to a halt when the crisis hit, with most countries resuming their pre-crisis growth rates afterwards. While emerging economies were not able to avoid the crisis collapse, they grew at a higher rate during the post crisis, relative to before and, as usual, to advanced countries. Moreover, emerging economies initiated their recovery sooner. Breaking with the past, emerging economies were able to conduct countercyclical policies, and became more similar to developed countries in softening the impact of the crisis and in their ability to pursue expansionary policies.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5637
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCESS TO FUNDS
dc.subject	ADVANCED COUNTRIES
dc.subject	ADVANCED ECONOMIES
dc.subject	ASSET PRICES
dc.subject	ASSET VALUES
dc.subject	ASSETS
dc.subject	BALANCE SHEET
dc.subject	BALANCE SHEETS
dc.subject	BANK CLAIMS
dc.subject	BANK LOANS
dc.subject	BANKRUPTCY
dc.subject	BUFFERS
dc.subject	BUSINESS CYCLE
dc.subject	CAPITAL FLOW
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL OUTFLOWS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANKS
dc.subject	COIN
dc.subject	COMMODITIES
dc.subject	COMMODITY
dc.subject	COMMODITY PRICES
dc.subject	CONSENSUS FORECAST
dc.subject	CONSUMERS
dc.subject	CREDIBILITY
dc.subject	CREDIT RISK
dc.subject	CURRENCY
dc.subject	CURRENCY CRISES
dc.subject	CURRENCY MISMATCHES
dc.subject	CURRENCY VALUE
dc.subject	CURRENT ACCOUNT
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	CURRENT ACCOUNT DEFICITS
dc.subject	CURRENT ACCOUNT POSITIONS
dc.subject	DEBT
dc.subject	DECELERATION IN GROWTH
dc.subject	DEPRECIATION
dc.subject	DEPRESSION
dc.subject	DEVALUATION
dc.subject	DEVALUATIONS
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPMENT ECONOMICS
dc.subject	DEVELOPMENT POLICY
dc.subject	DIRECT INVESTMENT
dc.subject	DOMESTIC BANKING SYSTEM
dc.subject	DOMESTIC CREDIT
dc.subject	DOMESTIC CURRENCIES
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC ECONOMIES
dc.subject	DOMESTIC FINANCIAL SECTORS
dc.subject	DOMESTIC FINANCIAL SYSTEMS
dc.subject	ECONOMETRIC ANALYSIS
dc.subject	ECONOMIC OUTLOOK
dc.subject	ECONOMIC PERFORMANCE
dc.subject	ECONOMIC SLOWDOWN
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	EQUITY MARKETS
dc.subject	EQUITY PRICES
dc.subject	EXCESS RETURN
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE FLUCTUATIONS
dc.subject	EXCHANGE RATE POLICIES
dc.subject	EXCHANGE RATE POLICY
dc.subject	EXCHANGE RATE REGIME
dc.subject	EXCHANGE RATES
dc.subject	EXPANSIONARY POLICIES
dc.subject	EXPORT VOLUMES
dc.subject	EXPORTER
dc.subject	EXPORTERS
dc.subject	EXPORTS
dc.subject	EXPOSURE
dc.subject	EXPOSURES
dc.subject	EXTERNAL BALANCE
dc.subject	EXTERNAL POSITIONS
dc.subject	EXTERNAL SHOCK
dc.subject	EXTERNAL SHOCKS
dc.subject	FEDERAL RESERVE
dc.subject	FEDERAL RESERVE BANK
dc.subject	FINANCIAL COLLAPSE
dc.subject	FINANCIAL CONTAGION
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL FACTORS
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INTEGRATION
dc.subject	FINANCIAL INTERMEDIARIES
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL OPENNESS
dc.subject	FINANCIAL POLICIES
dc.subject	FINANCIAL POLICY
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SECTORS
dc.subject	FINANCIAL SYSTEM
dc.subject	FINANCIAL SYSTEMS
dc.subject	FINANCIAL VULNERABILITIES
dc.subject	FINANCIALLY OPEN ECONOMIES
dc.subject	FISCAL CONSOLIDATIONS
dc.subject	FISCAL POLICIES
dc.subject	FISCAL POLICY
dc.subject	FLEXIBLE EXCHANGE RATE
dc.subject	FLEXIBLE EXCHANGE RATE REGIMES
dc.subject	FORECASTS
dc.subject	FOREIGN ASSET
dc.subject	FOREIGN ASSET POSITION
dc.subject	FOREIGN ASSETS
dc.subject	FOREIGN CAPITAL
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN CURRENCY DEBT
dc.subject	FOREIGN DEBT
dc.subject	FOREIGN FINANCING
dc.subject	FOREIGN FUNDS
dc.subject	FOREIGN INVESTMENTS
dc.subject	FOREIGN INVESTORS
dc.subject	FOREIGN LIABILITIES
dc.subject	FOREIGN RESERVES
dc.subject	GDP
dc.subject	GDP PER CAPITA
dc.subject	GENERAL EQUILIBRIUM
dc.subject	GLOBAL DEMAND
dc.subject	GLOBAL EXPORT
dc.subject	GLOBAL FINANCIAL MARKETS
dc.subject	GLOBAL FINANCIAL SYSTEM
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT ACTIONS
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GROWTH PROJECTIONS
dc.subject	GROWTH RATE
dc.subject	GROWTH RATES
dc.subject	HEDGE FUNDS
dc.subject	HOUSING FINANCE
dc.subject	ILLIQUID ASSETS
dc.subject	IMPLICIT GOVERNMENT GUARANTEES
dc.subject	IMPORTS
dc.subject	INCOME
dc.subject	INCOME GROUPS
dc.subject	INCOME LEVELS
dc.subject	INFLATION
dc.subject	INFLATION TARGETING
dc.subject	INSTITUTIONAL CAPACITY
dc.subject	INSURANCE
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL DEBT
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	INTERNATIONAL FINANCIAL INTEGRATION
dc.subject	INTERNATIONAL FINANCIAL SYSTEM
dc.subject	INTERNATIONAL INVESTORS
dc.subject	INTERNATIONAL RESERVE
dc.subject	INTERNATIONAL RESERVES
dc.subject	INTERNATIONAL TRADE
dc.subject	INVENTORIES
dc.subject	INVENTORY
dc.subject	LEADING INDICATORS
dc.subject	LEVERAGE
dc.subject	LIQUIDITY
dc.subject	LOCAL CURRENCY
dc.subject	LONG-TERM ASSETS
dc.subject	MACROECONOMIC POLICIES
dc.subject	MACROECONOMIC POLICY
dc.subject	MACROECONOMIC VARIABLES
dc.subject	MACROECONOMICS
dc.subject	MARKET INTEREST
dc.subject	MARKET RATES
dc.subject	MATURITY MISMATCHES
dc.subject	MONETARY POLICIES
dc.subject	MONETARY POLICY
dc.subject	MONETARY REGIMES
dc.subject	MONEY MARKET
dc.subject	MORAL HAZARD
dc.subject	MORTGAGE
dc.subject	MORTGAGE MARKETS
dc.subject	MUTUAL FUND
dc.subject	MUTUAL FUNDS
dc.subject	OPEN ECONOMIES
dc.subject	OPPORTUNITY COSTS
dc.subject	OUTPUT
dc.subject	PORTFOLIO
dc.subject	PORTFOLIOS
dc.subject	POSITIVE SPILLOVER
dc.subject	POSITIVE SPILLOVER EFFECTS
dc.subject	PRICE OF OIL
dc.subject	PUBLIC DEBT
dc.subject	REAL GDP
dc.subject	REAL SHOCK
dc.subject	RECESSION
dc.subject	RECESSIONS
dc.subject	REGULATORY REQUIREMENTS
dc.subject	RESERVE ACCUMULATION
dc.subject	RESIDENTIAL MORTGAGES
dc.subject	RESPONSE TO SHOCKS
dc.subject	SECURITIES
dc.subject	SHORT-TERM DEBT
dc.subject	SHORT-TERM LIABILITIES
dc.subject	STOCK MARKET
dc.subject	STOCK MARKET CAPITALIZATION
dc.subject	STOCK MARKETS
dc.subject	SYSTEMIC RISK
dc.subject	T-BILLS
dc.subject	TAX
dc.subject	TAX REVENUES
dc.subject	TOTAL DEBT
dc.subject	TRANSMISSION MECHANISMS
dc.subject	TROUGH
dc.subject	UNCERTAINTY
dc.subject	VENTURE CAPITALIST
dc.subject	WAGES
dc.subject	WEALTH
dc.subject	WHOLESALE FUNDS
dc.subject	WHOLESALE MARKET
dc.subject	WORLD ECONOMY
dc.title	How Resilient Were Emerging Economies to the Global Crisis?
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region