This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.
Volume 58 Number 1
Sudden Financial Arrest
Ricardo J. Caballero
Do Global Banks Spread Global Imbalances? Asset-Backed Commercial Paper during the Financial Crisis of 2007—09
Viral V. Acharya and Philipp Schnabl
Household Leverage and the Recession of 2007—09
Atif Mian and Amir Sufi
Balance Sheet Adjustments during the 2008 Crisis
Zhiguo He, In Gu Khang, and Arvind Krishnamurthy
Debt Overhang and Recapitalization in Closed and Open Economies
Macro Risk Premium and Intermediary Balance Sheet Quantities
Tobias Adrian, Emanuel Moench, and Hyun Song Shin
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