Abstract
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.
IMF Working Papers
No. 10/82
Price Setting in a Model with Production Chains: Evidence from Sectoral Data
Shamloo, Maral
No. 10/83
Credit Conditions and Recoveries from Recessions Associated with Financial Crises
Kannan, Prakash
No. 10/84
Inflation Expectations and Monetary Policy in India: An Empirical Exploration
Debabrata Patra, Michael; Ray, Partha
No. 10/85
Monetary Policy Committees, Learning, and Communication
Weber, Anke
No. 10/86
The Embodiment of Intangible Investment Goods: A Q-Theory Approach
Belhocine, Nazim
No. 10/87
The GCC Banking Sector: Topography and Analysis
Al-Hassan, Abdullah; Khamis, May Y.; Oulidi, Nada
No. 10/88
Foreign Participation in Emerging Markets’ Local Currency Bond Markets
Peiris, Shanaka J.
No. 10/89
Russia’s Output Collapse and Recovery: Evidence from the Post-Soviet Transition
Kvintradze, Eteri
No. 10/90
Regional Financial Integration in the GCC
Espinoza, Raphael A.; Prasad, Ananthakrishnan; Williams, Oral
No. 10/91
Transparency and Monetary Policy with Imperfect Common Knowledge
Roca, Mauro
No. 10/92
Beyond the Crisis: Revisiting Emerging Europe’s Growth Model
Atoyan, Ruben
No. 10/93
Determinants of China’s Private Consumption: An International Perspective
Guo, Kai; N’Diaye, Papa M’B. P.
No. 10/94
Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease
Arezki, Rabah; Ismail, Kareem
No. 10/95
Bank Efficiency Amid Foreign Entry: Evidence from the Central American Region
Wezel, Torsten
No. 10/96
Growth Convergence and Spillovers among Indian States: What Matters? What Does Not?
Kalra, Sanjay; Sodsriwiboon, Piyaporn
No. 10/97
Absorption Boom and Fiscal Stance: What Lies Ahead in Eastern Europe?
Rahman, Jesmin
No. 10/98
Regulatory Capital Charges for Too-Connected-to-Fail Institutions: A Practical Proposal
Chan-Lau, Jorge A.
No. 10/99
Collateral, Netting and Systemic Risk in the OTC Derivatives Market
Singh, Manmohan
No. 10/100
Quantitative Properties of Sovereign Default Models: Solution Methods Matter
Hatchondo, Juan Carlos; Martinez, Leonardo; Sapriza, Horacio
No. 10/101
Development Accounting and the Rise of TFP
Arezki, Rabah; Cherif, Reda
No. 10/102
The Global Credit Crunch and Foreign Banks’ Lending to Emerging Markets: Why Did Latin America Fare Better?
Kamil, Herman; Rai, Kulwant
No. 10/103
The Structural Manifestation of the “Dutch Disease”: The Case of Oil-Exporting Countries
Ismail, Kareem
No. 10/104
House Price Determinants in Selected Countries of the Former Soviet Union
Stepanyan, Vahram; Poghosyan, Tigran; Bibolov, Aidyn
No. 10/105
Cross-Border Financial Surveillance: A Network Perspective
Espinosa-Vega, Marco; Sole, Juan
No. 10/106
Implementing Official Dollarization
Jácome, Luis Ignacio; Lönnberg, Åke
No. 10/107
Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems
Chan-Lau, Jorge A.
No. 10/108
The Global Financial Crisis and its Impact on the Chilean Banking System
Chan-Lau, Jorge A.
No. 10/109
Power Laws in Firm Size and Openness to Trade: Measurement and Implications
di Giovanni, Julian; Levchenko, Andrei A.; Ranciere, Romain
No. 10/110
Public Investment as a Fiscal Stimulus: Evidence from Japan’s Regional Spending During the 1990s
Bruckner, Markus; Tuladhar, Anita
No. 10/111
Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers Work, Always and Everywhere
Debrun, Xavier; Kapoor, Radhicka
No. 10/112
Equity and Fiscal Policy: The Income Distribution Effects of Taxation and Social Spending in Central America
Cubero, Rodrigo; Hollar, Ivanna Vladkova
No. 10/113
Important Elements for Inflation Targeting for Emerging Economies
Freedman, Charles; Ötker, Inci
No. 10/114
Managing the Exit: Lessons from Japan’s Reversal of Unconventional Monetary Policy
Syed, Murtaza H.; Yamaoka, Hiromi
No. 10/115
Short-Versus Long-Term Credit and Economic Performance: Evidence from the WAEMU
Kpodar, Kangni; Gbenyo, Kodzo
No. 10/116
Oil Windfalls in Ghana: A DSGE Approach
Dagher, Jihad; Gottschalk, Jan; Portillo, Rafael
No. 10/117
Determinants of Investment Grade Status in Emerging Markets
Jaramillo, Laura
No. 10/118
The Linkage between the Oil and Non-oil Sectors--A Panel VAR Approach
Klein, Nir
No. 10/119
ASEAN: A Chronicle of Shifting Trade Exposure and Regional Integration
Kalra, Sanjay
No. 10/120
Sovereign Spreads: Global Risk Aversion, Contagion or Fundamentals?
Caceres, Carlos; Guzzo, Vincenzo; Segoviano Basurto, Miguel A.
No. 10/121
Fiscal Policy and the Current Account
Abbas, S. M. Ali; Bouhga-Hagbe, Jacques; Fatas, Antonio J.; Mauro, Paolo; Velloso, Ricardo
No. 10/122
Recoveries in the Middle East, North Africa, and Pakistan: Have Macroeconomic Policies Been Effective?
Hakura, Dalia; Grigoli, Francesco
No. 10/123
Fiscal Stimulus and Credibility in Emerging Countries
Kandil, Magda E.; Morsy, Hanan
No. 10/124
International Transmission of Bank and Corporate Distress Chen, Qianying; Gray, Dale F.; N’Diaye, Papa M’B.P.; Oura, Hiroko; Tamirisa, Natalia T.
No. 10/125
Dynamic Loan Loss Provisions in Uruguay: Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas
Wezel, Torsten
No. 10/126
Mining Taxation: An Application to Mali
Thomas, Saji
No. 10/127
Potential Growth of Australia and New Zealand in the Aftermath of the Global Crisis
Sun, Yan
No. 10/128
The Potential Contribution of Fiscal Policy to Rebalancing and Growth in New Zealand
Schule, Werner
No. 10/129
What Explains the Rise in Food Price Volatility?
Roache, Shaun K.
No. 10/130
The Credit Boom in the EU New Member States: Bad Luck or Bad Policies?
Bakker, Bas Berend; Gulde, Anne Marie
No. 10/131
U.S. Bank Behavior in the Wake of the 2007-2009 Financial Crisis
Barajas, Adolfo; Chami, Ralph; Cosimano, Thomas F.; Hakura,
Dalia
No. 10/132
FDI Flows to Low-Income Countries: Global Drivers and Growth Implications
Dabla-Norris, Era; Honda, Jiro; Lahréche-Révil, Amina; Verdier, Geneviéve
No. 10/133
How Expensive is Norway? New International Relative Price Measures
Tulin, Volodymyr; Krajnyák, Kornélia
No. 10/134
On the Optimal Adherence to Money Targets in a New-Keynesian Framework: An Application to Low-Income Countries
Berg, Andrew; Portillo, Rafael; Unsal, D. Filiz
No. 10/135
Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
Crowley, Joseph
No. 10/136
Banking Efficiency and Financial Development in Sub-Saharan Africa
Kablan, Sandrine
No. 10/137
In Search of Lost Revenue: Why Restoring Fiscal Soundness after a Crisis Is Harder than It Looks
Miyazaki, Masato
No. 10/138
Tax Revenue Downturns: Anatomy and Links to Imports
Li, Kun; Lopez Murphy, Pablo
No. 10/139
Current Account Imbalances in the Southern Euro Area
Jaumotte, Florence; Sodsriwiboon, Piyaporn
No. 10/140
Beyond Aid: How Much Should African Countries Pay to Borrow?
Gueye, Cheikh A.; Sy, Amadou N. R.
No. 10/141
Fire Sales and the Financial Accelerator
Choi, Woon Gyu; Cook, David
No. 10/142
Demand Spillovers and the Collapse of Trade in the Global Recession
Bems, Rudolfs; Johnson, Robert C.; Yi, Kei-Mu
No. 10/143
Treasury Single Account: Concept, Design, and Implementation Issues
Pattanayak, Sailendra; Fainboim Yaker, Israel
No. 10/144
Inflation Dynamics in Yemen: An Empirical Analysis
Almounsor, Abdullah
No. 10/145
Can You Map Global Financial Stability?
Dattels, Peter; McCaughrin, Rebecca; Miyajima, Ken; Puig, Jaume
No. 10/146
Resolution of Banking Crises: The Good, the Bad, and the
Ugly
Laeven, Luc; Valencia, Fabian
No. 10/147
Subnational Health Spending and Soft Budget Constraints in OECD Countries
Crivelli, Ernesto; Leive, Adam; Stratmann, Thomas No. 10/148
Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks
Imam, Patrick A.; Koehler, Rainer
No. 10/149
Vietnam: Bayesian Estimation of Output Gap
Maliszewski, Wojciech
No. 10/150
Procyclicality in Central Bank Reserve Management: Evidence from the Crisis
Pihlman, Jukka; van der Hoorn, Han
No. 10/151
Currency Hedging for International Portfolios
Schmittmann, Jochen M.
No. 10/152
Monetary Policy Analysis and Forecasting in the Group of Twenty: A Panel Unobserved Components Approach
Vitek, Francis
No. 10/153
The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions
Ötker, Inci; Podpiera, Jiri
No. 10/154
The Impact of Capital and Foreign Exchange Flows on the Competitiveness of Developing Countries
Bakardzhieva, Damyana; Ben Naceur, Sami; Kamar, Bassem
No. 10/155
Automatic Stabilizers and the Size of Government: Correcting a Common Misunderstanding
Cottarelli, Carlo; Fedelino, Annalisa
No. 10/156
Of Runes and Sagas: Perspectives on Liquidity Stress Testing Using an Iceland Example
Ong, Li L.; Cihák, Martin
No. 10/157
Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa
Debrun, Xavier; Masson, Paul R.; Pattillo, Catherine A.
No. 10/158
External Finance, Sudden Stops, and Financial Crisis: What is Different This Time?
Gulcin Ozkan, F.; Unsal, D. Filiz
No. 10/159
Inflation and Conflict in Iraq: The Economics of Shortages Revisited
Grigorian, David A.; Kock, Udo
No. 10/160
The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios
Berg, Andrew; Gottschalk, Jan; Portillo, Rafael; Zanna, Luis-Felipe
No. 10/161
World Food Prices and Monetary Policy
Catáo, Luis; Chang, Roberto
No. 10/162
Exchange Rate Assessment for Sub-Saharan Economies
Aydin, Burcu
No. 10/163
Budget Consolidation: Short-Term Pain and Long-Term Gain
Clinton, Kevin; Kumhof, Michael; Laxton, Douglas; Mursula, Susanna
No. 10/164
Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis
Boz, Emine; Mendoza, Enrique G.
No. 10/165
China’s Economic Growth: International Spillovers
Arora, Vivek B.; Vamvakidis, Athanasios
No. 10/166
How Do International Financial Flows to Developing Countries Respond to Natural Disasters?
David, Antonio
No. 10/167
Local Housing Market Cycle and Loss Given Default: Evidence from Sub-Prime Residential Mortgages
Zhang, Yanan; Ji, Lu; Liu, Fei
No. 10/168
Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
Guscina, Anastasia; Ilyina, Anna; Kamil, Herman
No. 10/169
Peru: Drivers of De-dollarization
Garcia-Escribano, Mercedes
No. 10/170
The Dark Side of Bank Wholesale Funding
Huang, Rocco; Ratnovski, Lev
No. 10/171
The Cross-Country Incidence of the Global Crisis
Lane, Philip R.; Milesi-Ferretti, Gian Maria
No. 10/172
The (Sizable) Role of Rehypothecation in the Shadow Banking System
Singh, Manmohan; Aitken, James
No. 10/173
Democracy and Reforms: Evidence from a New Dataset
Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio
IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: http://www.imf.org/research.