04615nam 2200649Ia 450 991045275030332120200520144314.01-4755-7227-11-4755-1849-8(CKB)2550000001041544(EBL)1607107(SSID)ssj0000960473(PQKBManifestationID)11562556(PQKBTitleCode)TC0000960473(PQKBWorkID)10949944(PQKB)11541483(MiAaPQ)EBC1607107(Au-PeEL)EBL1607107(CaPaEBR)ebr10661235(OCoLC)821966231(EXLCZ)99255000000104154420121218d2012 uy 0engurcn|||||||||txtccrGlobal financial crisis, financial contagion and emerging markets[electronic resource] /prepared by F. Gulcin Ozkan and D. Filiz UnsalWashington, D.C. International Monetary Fundc20121 online resource (59 p.)IMF working paper ;WP/12/293Description based upon print version of record.1-4755-8984-0 1-4755-5116-9 Includes bibliographical references.Cover; Contents; 1. Introduction; 2. The Model; 2.1 Households; 2.2 Firms; 2.2.1 Production Firms; 2.2.2 Importing Firms; 2.2.3 Unfinished Capital Producing Firms; 2.3 Entrepreneurs; 2.4 Monetary Policy; 2.5 General Equilibrium and Balance of Payments Dynamics; 3. Solution and Parametrization; 3.1 Consumption, Production and Monetary Policy; 3.2 Entrepreneurs; 4. Financial Crisis and the Domestic Economy; 4.1 Model Dynamics; 4.2 Financial Crisis Originating in the Domestic Economy; 4.3 Financial Crisis in the Global Economy; 4.3.1 The Impact of the financial shock on the foreign economy4.3.2 The transmission of the foreign shock onto the domestic economy 4.3.3 The role of trade openness; 4.4 Monetary Policy Options and Welfare Analysis; 5. Conclusions; References; Appendixes; A. Optimal Contracting Problem; B. Model Equations; B.2 Model Equations: Foreign Economy; Tables; 1. Parameter Values for Consumption, Production and Monetary Policy; 2. Parameter Values for the Entrepreneurial Sector; 3. Business Cycles in Emerging Economies: Data vs. Model; 4. Business Cycles in Advanced (Big) Economies: Data vs. Model; 5. Cross-Country Correlations; 6. Welfare Results; Figures1. Responses to a Financial Crisis in Domestic Economy 2. Responses to a Financial Crisis in a Foreign Economy; 3. Responses to a Financial Crisis in Foreign Economy with Financial Contagion; 4. Responses to a Financial Crisis in Foreign Economy without Financial Contagion; 5. Responses to a Financial Crisis in Foreign Economy with Financial Contagion: Domestic Economy-The Impact of Openness; 6. Responses to a Financial Crisis in Foreign Economy without Financial Contagion: Domestic Economy-The Impact of Openness7. Responses to a Financial Crisis in Foreign Economy with Financial Contagion: Domestic Economy-The Role of Monetary Policy Strategy 8. Responses to a Financial Crisis in Foreign Economy without Financial Contagion: Domestic Economy-The Role of Monetary Policy StrategyThe recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are keyIMF working paper ;WP/12/293.Global Financial Crisis, 2008-2009Financial crisesDeveloping countriesFinancial crisesDeveloping countriesEconometric modelsElectronic books.Global Financial Crisis, 2008-2009.Financial crisesFinancial crisesEconometric models.Ozkan F. Gulcin980826Unsal D. Filiz967314MiAaPQMiAaPQMiAaPQBOOK9910452750303321Global financial crisis, financial contagion and emerging markets2238261UNINA