06757oam 22012374 450 991096982510332120250426110050.09781475572278147557227197814755184981475518498(CKB)2550000001041544(EBL)1607107(SSID)ssj0000960473(PQKBManifestationID)11562556(PQKBTitleCode)TC0000960473(PQKBWorkID)10949944(PQKB)11541483(Au-PeEL)EBL1607107(CaPaEBR)ebr10661235(OCoLC)821966231(IMF)WPIEE2012293(IMF)WPIEA2012293(MiAaPQ)EBC1607107WPIEA2012293(EXLCZ)99255000000104154420020129d2012 uf 0engurcn|||||||||txtccrGlobal Financial Crisis, Financial Contagion, and Emerging Markets /Gülçin Özkan, Filiz Unsal1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (59 p.)IMF Working PapersDescription based upon print version of record.9781475589849 1475589840 9781475551167 1475551169 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 key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.IMF Working Papers; Working Paper ;No. 2012/293Global Financial Crisis, 2008-2009Financial crisesDeveloping countriesFinancial crisesDeveloping countriesEconometric modelsConventional pegimfCurrencyimfEconomic & financial crises & disastersimfExchange rate arrangementsimfFinanceimfFinance: GeneralimfFinancial contagionimfFinancial CrisesimfFinancial crisesimfFinancial Risk ManagementimfFinancial risk managementimfFinancial sector policy and analysisimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: Government Policy and RegulationimfIncome economicsimfLabor DemandimfLaborimfLabourimfSelf-employedimfSelf-employmentimfArgentinaimfGlobal Financial Crisis, 2008-2009.Financial crisesFinancial crisesEconometric models.Conventional pegCurrencyEconomic & financial crises & disastersExchange rate arrangementsFinanceFinance: GeneralFinancial contagionFinancial CrisesFinancial crisesFinancial Risk ManagementFinancial risk managementFinancial sector policy and analysisForeign ExchangeForeign exchangeGeneral Financial Markets: Government Policy and RegulationIncome economicsLabor DemandLaborLabourSelf-employedSelf-employment332.1;332.152Özkan Gülçin1816669Unsal Filiz1816085DcWaIMFBOOK9910969825103321Global Financial Crisis, Financial Contagion, and Emerging Markets4372948UNINA