Several years have passed since the bankruptcy of Lehman Brothers marked the beginning of a global storm that put many advanced economies on the verge of a financial meltdown. Financial risks have receded somewhat since then, but they continue to loom over the world economy, raising questions about the potential impact of global financial shocks on emerging market economies (EMEs).

Contributor Notes

A previous version of this work was published under the title “Global Financial Shocks and their Economic Impact on Emerging Market Economies” in the Journal of International Commerce, Economics and Policy, Vol. 4, No. 2.
New Challenges to Growth and Stability