06584oam 22012734 450 991081611910332120240402045426.01-4755-7006-61-4755-7400-2(CKB)2670000000278927(EBL)1606883(SSID)ssj0000941777(PQKBManifestationID)11543337(PQKBTitleCode)TC0000941777(PQKBWorkID)10963994(PQKB)10693635(Au-PeEL)EBL1606883(CaPaEBR)ebr10627148(OCoLC)870244957(MiAaPQ)EBC1606883(IMF)WPIEE2012188(IMF)WPIEA2012188(EXLCZ)99267000000027892720020129d2012 uf 0engur|n|---|||||txtccrRiding Global Financial Waves : The Economic Impact of Global Financial Shocks on Emerging Market Economies /Gustavo Adler, Camilo Tovar Mora1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (27 p.)IMF Working PapersIMF working paper ;WP/12/188Description based upon print version of record.1-4755-6678-6 1-4755-0536-1 Includes bibliographical references.Cover; Contents; I. Introduction; II. Recurrent Episodes of Global Financial Stress; Figures; 1. Global Financial Shocks, 1990-2011; Tables; 1. Global Financial Shocks, 1990-2011; 2. Key Variables during Episodes of Global Financial Shocks, 1990-2011; III. Financial Integration and Economic Fundamentals: Acting in Opposing Directions?; 3. Financial Openness, 1990-2011; 4. EMEs and SAEs Financial Openness, 2010; IV. The Impact of Global Financial shocks; A. Sample, Data, and Econometric Approach; 5. Macroeconomic Fundamentals, 1990-20106. Key Macroeconomic Fundamentals in EMEs and SAEs, 2010 versus 20007. Output Performance during Global Financial Shocks, 1990-2011; 8. Output Performance during Global Financial Shocks, 1990-2011; 9. Output Performance and Fundamentals during Global Financial Shocks, 1990-2011; B. Cross-Sectional Results; 2. Main Results of Cross-Section Estimation; 10. Macro Fundamentals and the Impact of Global Shocks; V. Assessing Vulnerabilities: Simulation Analysis; 11. Impact of Global Shock; VI. Conclusions; References; Annex 1; Annex 2Annex 1. Key Global Variables during Global Financial Shocks, 1990-2011Annex 3; Annex 2. Exchange Rate Pressures during Global Financial ShocksOver the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime.IMF Working Papers; Working Paper ;No. 2012/188Financial riskFinancial crisesExports and ImportsimfFinance: GeneralimfForeign ExchangeimfFinancial Markets and the MacroeconomyimfFinancial Aspects of Economic IntegrationimfInternational Business CyclesimfMacroeconomic Aspects of International Trade and Finance: Forecasting and SimulationimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational InvestmentimfLong-term Capital MovementsimfInternational Lending and Debt ProblemsimfFinanceimfCurrencyimfForeign exchangeimfInternational economicsimfFinancial integrationimfExchange rate flexibilityimfEmerging and frontier financial marketsimfForeign assetsimfExternal debtimfFinancial marketsimfExternal positionimfInternational financeimfFinancial services industryimfInvestments, ForeignimfDebts, ExternalimfGreeceimfFinancial risk.Financial crises.Exports and ImportsFinance: GeneralForeign ExchangeFinancial Markets and the MacroeconomyFinancial Aspects of Economic IntegrationInternational Business CyclesMacroeconomic Aspects of International Trade and Finance: Forecasting and SimulationGeneral Financial Markets: General (includes Measurement and Data)International InvestmentLong-term Capital MovementsInternational Lending and Debt ProblemsFinanceCurrencyForeign exchangeInternational economicsFinancial integrationExchange rate flexibilityEmerging and frontier financial marketsForeign assetsExternal debtFinancial marketsExternal positionInternational financeFinancial services industryInvestments, ForeignDebts, External330.9378Adler Gustavo1614878Tovar Mora Camilo1667757DcWaIMFBOOK9910816119103321Riding Global Financial Waves4031142UNINA