LEADER 04615nam 2200649Ia 450 001 9910452750303321 005 20200520144314.0 010 $a1-4755-7227-1 010 $a1-4755-1849-8 035 $a(CKB)2550000001041544 035 $a(EBL)1607107 035 $a(SSID)ssj0000960473 035 $a(PQKBManifestationID)11562556 035 $a(PQKBTitleCode)TC0000960473 035 $a(PQKBWorkID)10949944 035 $a(PQKB)11541483 035 $a(MiAaPQ)EBC1607107 035 $a(Au-PeEL)EBL1607107 035 $a(CaPaEBR)ebr10661235 035 $a(OCoLC)821966231 035 $a(EXLCZ)992550000001041544 100 $a20121218d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGlobal financial crisis, financial contagion and emerging markets$b[electronic resource] /$fprepared by F. Gulcin Ozkan and D. Filiz Unsal 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (59 p.) 225 1 $aIMF working paper ;$vWP/12/293 300 $aDescription based upon print version of record. 311 $a1-4755-8984-0 311 $a1-4755-5116-9 320 $aIncludes bibliographical references. 327 $aCover; 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 economy 327 $a4.3.2 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; Figures 327 $a1. 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 Openness 327 $a7. 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 Strategy 330 $aThe recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key 410 0$aIMF working paper ;$vWP/12/293. 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises$zDeveloping countries 606 $aFinancial crises$zDeveloping countries$xEconometric models 608 $aElectronic books. 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises 615 0$aFinancial crises$xEconometric models. 700 $aOzkan$b F. Gulcin$0980826 701 $aUnsal$b D. Filiz$0967314 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452750303321 996 $aGlobal financial crisis, financial contagion and emerging markets$92238261 997 $aUNINA