06723oam 22013334 450 991096578280332120250426110053.09781475570069147557006697814755740051475574002(CKB)2670000000278927(EBL)1606883(SSID)ssj0000941777(PQKBManifestationID)11543337(PQKBTitleCode)TC0000941777(PQKBWorkID)10963994(PQKB)10693635(Au-PeEL)EBL1606883(CaPaEBR)ebr10627148(OCoLC)870244957(IMF)WPIEE2012188(IMF)WPIEA2012188(MiAaPQ)EBC1606883WPIEA2012188(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.9781475566789 1475566786 9781475505368 1475505361 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 crisesCurrencyimfDebts, ExternalimfEmerging and frontier financial marketsimfExchange rate flexibilityimfExports and ImportsimfExternal debtimfExternal positionimfFinanceimfFinance: GeneralimfFinancial Aspects of Economic IntegrationimfFinancial integrationimfFinancial Markets and the MacroeconomyimfFinancial marketsimfFinancial services industryimfForeign assetsimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfInternational Business CyclesimfInternational economicsimfInternational financeimfInternational InvestmentimfInternational Lending and Debt ProblemsimfInvestments, ForeignimfLong-term Capital MovementsimfMacroeconomic Aspects of International Trade and Finance: Forecasting and SimulationimfGreeceimfFinancial risk.Financial crises.CurrencyDebts, ExternalEmerging and frontier financial marketsExchange rate flexibilityExports and ImportsExternal debtExternal positionFinanceFinance: GeneralFinancial Aspects of Economic IntegrationFinancial integrationFinancial Markets and the MacroeconomyFinancial marketsFinancial services industryForeign assetsForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)International Business CyclesInternational economicsInternational financeInternational InvestmentInternational Lending and Debt ProblemsInvestments, ForeignLong-term Capital MovementsMacroeconomic Aspects of International Trade and Finance: Forecasting and Simulation330.9378Adler Gustavo1614878Tovar Mora Camilo1815938DcWaIMFBOOK9910965782803321Riding Global Financial Waves4372442UNINA