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.
Staff Position Notes showcase new policy-related analysis and research by IMF departments. These papers are generally brief and written in nontechnical language, and are aimed at a broad audience interested in economic policy issues. This series replaced Policy Discussion Papers at the end of 2008.
No.10/09
Monetary Policy and Bank Risk Taking
Gianni De Nicolo, Giovanni Dell’Ariccia, Luc Laeven, and Fabian Valencia
No. 10/10
Redesigning the Contours of the Future Financial System
Laura Kodres and Aditya Narain
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IMF Research Bulletin
M. Ayhan Kose
Editor
David Einhorn
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Tracey Lookadoo
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Feras Abu Amra
Systems Consultant
Julio Prego
Typesetting
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