05109oam 22010574 450 991082851390332120200520144314.01-4623-7795-597866128446761-282-84467-91-4527-7326-21-4518-7425-1(CKB)3170000000055396(SSID)ssj0000958266(PQKBManifestationID)11562368(PQKBTitleCode)TC0000958266(PQKBWorkID)10907330(PQKB)11737462(OCoLC)671571357(IMF)WPIEE2009280(MiAaPQ)EBC1605999(IMF)WPIEA2009280(EXLCZ)99317000000005539620020129d2009 uf 0engurcn|||||||||txtccrThe Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact /Gaston Gelos, Robert Rennhack, James Walsh, Pelin Berkmen1st ed.Washington, D.C. :International Monetary Fund,2009.19 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1841-0 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Data -- III. Descriptive Evidence -- IV. Regression results -- A. Baseline Regressions for Emerging Markets -- B. Did Trade Linkages Play a Role? -- C. Robustness Tests -- V. Conclusion -- References -- Tables -- 1. Baseline Regression Results -- 2. Regression Results: All Developing Countries -- 3. Robustness Tests: Changing Dates -- 4. Robustness Tests: WEO Forecasts -- Appendix Tables -- A.1. List of Explanatory Variables -- A.2. Countries Cosidered for Forecast.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, 2008-2009CreditimfCurrencyimfEmerging and frontier financial marketsimfExchange rate flexibilityimfExchange ratesimfExports and ImportsimfExportsimfFinanceimfFinance: GeneralimfFinancial services industryimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational economicsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfTrade: GeneralimfFinancial crises.Global Financial Crisis, 2008-2009.CreditCurrencyEmerging and frontier financial marketsExchange rate flexibilityExchange ratesExports and ImportsExportsFinanceFinance: GeneralFinancial services industryForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)International economicsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyTrade: General332.1Gelos Gaston1624135Berkmen Pelin1614891Rennhack Robert1704941Walsh James1684838International Monetary Fund.DcWaIMFBOOK9910828513903321The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact4256748UNINA