Download or read book The Cross Country Incidence of the Global Crisis written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 2010-07-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis.

Download or read book Cross country Causes and Consequences of the Crisis written by Andrew K. Rose and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the 'Great Recession' of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis intensity by other scholars. We check a number of different indicators of crisis intensity, and a variety of different country samples. While countries with higher income seemed to suffer worse crises, we find few clear reliable indicators in the pre-crisis data of the incidence of the Great Recession. Countries with current account surpluses seemed better insulated from slowdowns -- National Bureau of Economic Research web site.

Download or read book Explaining the Cross Country Differences in the Economic Fallout During the Covid 19 Pandemic Crisis written by Dimitris Malliaropulos and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the main drivers of the differences in the economic fallout in advanced economies during the COVID-19 crisis. In addition to containment measures, the analysis places emphasis on pre-crisis factors that may have bolstered economic resilience during the health crisis and mitigated the output loss. Also, it assesses the role of discretionary fiscal policy in 2020 in explaining the cross-country variation in the economic fallout by explicitly controlling for the simultaneity of the policy measures and the size of the GDP shock. The authors find that factors such as social distancing measures and the structure of the economy, which are directly related to the COVID-19 crisis, explain a large part of the asymmetry in output loss in 2020 across countries. Pre-crisis structural and institutional factors also seem to contribute to economic resilience during the current crisis, while stronger discretionary fiscal support in 2020 is associated with lower output loss.

Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.

Download or read book Time of Uncertainty written by Cesar A. Ferrari and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In September 2007, a serious financial crisis became evident in the developed countries, due to serious mistakes in economic policy. Even against their own ideology, governments have not spared measures to reduce its effects, have failed to contain it, and it advances towards a global recession of uncertain depth and duration. The crisis has already changed the theoretical and practical paradigms that have dominated the academic and policy worlds in the last three decades. It will also cause serious effects in the fragile economic, social and political equilibriums of the developing countries, especially in Latin America because of its dependence on raw materials production, remittances and external capitals flows that are diminishing rapidly. The crisis will lead to a new state-market relation and to new paradigms with large Keynesian influence, and from this, will grow a new opportunity for Latin America, if it consolidates a new way of managing its economy.

Download or read book Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets written by Michael D. Bordo and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we compare various characteristics of the cross-country transmission of shocks in the financial markets of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold standard era, 1880-1914, and the post-Bretton Woods era, 1975-2000. Based on principal components analysis on monthly spreads on long-term sovereign bond yields and on an EMP measure of currency crises, an index of global stress, and impulse response functions from VARs estimated using weekly data on short-term interest rates, we conclude that financial market shocks were more globalized before 1914 compared to the present. We postulate that this difference in systemic stability between the two eras of globalization reflects factors such as strong cross-country interdependence fostered through links to gold, the growing financial maturity of advanced countries, and the widening of the center to include a more diverse group of countries spanning several regions.

Download or read book Cross country causes and the consequences of the crisis an update written by and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We update Rose and Spiegel (2009a, b) and search for simple quantitative models of macroeconomic and financial indicators of the "Great Recession" of 2008-09. We use a cross-country approach and examine a number of potential causes that have been found to be successful indicators of crisis intensity by other scholars. We check a number of different indicators of crisis intensity, and a variety of different country samples. While countries with higher income seemed to suffer worse crises, we find few clear reliable indicators in the pre-crisis data of the incidence of the Great Recession. Countries with current account surpluses seemed better insulated from slowdowns.

Download or read book Financial Crises Explanations Types and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Download or read book Hits and Runs written by Shane Dwyer and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical work on the 2008-09 financial crisis has found mixed results on the usefulness of indicators to explain the cross-country variation in the incidence of the crisis in non-originating countries. While some authors have found success with various indicators, Rose and Spiegel (2009a,b) find that almost no indicators are robust. We employ Bayesian model averaging (BMA) to verify Rose-Spiegel's conclusions under model uncertainty, confirming their findings. We then employ latent class models (LCM) to check the data for parameter heterogeneity. We find that there is substantial evidence of heterogeneity in the relationship between various indicators and crisis impact, both across individual indicators as well as across financial crisis episodes. In particular, a similar model fits the 1997 Asian financial crisis, although the coefficients change qualitatively in some cases. These results highlight the difficulty in employing simple linear models for early warning purposes, but demonstrate that there are robust indicators of cross-country variation in crisis impact across episodes, such as the pre-crisis growth in banking credit. A 2-class model explains the variation in crisis impact, where pre-crisis level of per-capita income assists in the prediction of membership in a particular class.

Download or read book The Global Crisis and Transformative Social Change written by Peter Utting and published by . This book was released on 2012 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book The Global Economic Recovery 10 Years After the 2008 Financial Crisis written by Ms.Wenjie Chen and published by International Monetary Fund. This book was released on 2019-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.

Download or read book Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability Evidence from the 2008 09 Global Crisis written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Global Social Crisis written by United Nations and published by UN. This book was released on 2011 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.

Download or read book Global Economic Prospects 2010 written by World Bank and published by World Bank Publications. This book was released on 2010-02-12 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The crisis has deeply impacted virtually every economy in the world, and although growth has returned, much progress in the fight against poverty has been lost. More difficult international conditions in the years to come will mean that developing countries will have to place even more emphasis on improving domestic economic conditions to achieve the kind of growth that can durably eradicate poverty.� —Justin Yifu Lin, Chief Economist and Senior Vice President The World Bank 'Global Economic Prospects 2010: Crisis, Finance, and Growth' explores both the short- and medium-term impacts of the financial crisis on developing countries. Although global growth has resumed, the recovery is fragile, and unless business and consumer demand strengthen, the world economy could slow down again. Even if, as appears likely, a double-dip recession is avoided, the recovery is expected to be slow. High unemployment and widespread restructuring will continue to characterize the global economy for the next several years. Already, the crisis has provoked large-scale human suffering. Some 64 million more people around the world are expected to be living on less than a $1.25 per day by the end of 2010, and between 30,000 and 50,000 more infants may have died of malnutrition in 2009 in Sub-Saharan Africa, than would have been the case if the crisis had not occurred. Over the medium term, economic growth is expected to recover. But increased risk aversion, a necessary and desirable tightening of financial regulations in high-income countries, and measures to reduce the exposure of developing economies to external shocks are likely to make finance scarcer and more costly than it was during the boom period. As a result, just as the ample liquidity of the early 2000s prompted an investment boom and an acceleration in developing-country potential output, higher costs will likely yield a slowing in developing-country potential growth rates of between 0.2 and 0.7 percentage points, and as much as an 8 percent decline in potential output over the medium term. In the longer term, however, developing countries can more than offset the implications of more expensive international finance by reducing the cost of capital channeled through their domestic financial markets. For more information, please visit www.worldbank.org/gep2010. To access Prospects for the Global Economy, an online companion publication, please visit www.worldbank.org/globaloutlook.

Download or read book Case Study on South South Cooperation PRC ADB Knowledge Sharing Platform written by Asian Development Bank and published by Asian Development Bank. This book was released on 2012-08-01 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication showcases the beginnings of the People‘s Republic of China–Asian Development Bank knowledge sharing platform, its context, activities, challenges, and lessons learned. It concludes by mapping out the next steps to bring it to its strategic mission.

Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.