04500oam 22010094 450 991078822220332120230721045651.01-4623-7795-597866128446761-282-84467-91-4527-7326-21-4518-7425-1(CKB)3170000000055396(SSID)ssj0000958266(PQKBManifestationID)11562368(PQKBTitleCode)TC0000958266(PQKBWorkID)10907330(PQKB)11737462(OCoLC)671571357(MiAaPQ)EBC1605999(IMF)WPIEE2009280(EXLCZ)99317000000005539620020129d2009 uf 0engurcn|||||||||txtccrThe Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact /Gaston Gelos, Robert Rennhack, James Walsh, Pelin BerkmenWashington, D.C. :International Monetary Fund,2009.19 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1841-0 Includes bibliographical references.We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some -weaker-evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables.IMF Working Papers; Working Paper ;No. 2009/280Financial crisesGlobal Financial Crisis, 2008-2009Exports and ImportsimfFinance: GeneralimfForeign ExchangeimfMoney and Monetary PolicyimfGeneral Financial Markets: General (includes Measurement and Data)imfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfTrade: GeneralimfCurrencyimfForeign exchangeimfFinanceimfMonetary economicsimfInternational economicsimfEmerging and frontier financial marketsimfExchange rate flexibilityimfCreditimfExchange ratesimfExportsimfFinancial services industryimfFinancial crises.Global Financial Crisis, 2008-2009.Exports and ImportsFinance: GeneralForeign ExchangeMoney and Monetary PolicyGeneral Financial Markets: General (includes Measurement and Data)Monetary Policy, Central Banking, and the Supply of Money and Credit: GeneralTrade: GeneralCurrencyForeign exchangeFinanceMonetary economicsInternational economicsEmerging and frontier financial marketsExchange rate flexibilityCreditExchange ratesExportsFinancial services industryGelos Gaston1465377Rennhack Robert1462072Walsh James1481165Berkmen Pelin1472677International Monetary Fund.DcWaIMFBOOK9910788222203321The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact3741526UNINA