LEADER 06539oam 22012494 450 001 9910786486203321 005 20230801225442.0 010 $a1-4755-7006-6 010 $a1-4755-7400-2 035 $a(CKB)2670000000278927 035 $a(EBL)1606883 035 $a(SSID)ssj0000941777 035 $a(PQKBManifestationID)11543337 035 $a(PQKBTitleCode)TC0000941777 035 $a(PQKBWorkID)10963994 035 $a(PQKB)10693635 035 $a(Au-PeEL)EBL1606883 035 $a(CaPaEBR)ebr10627148 035 $a(OCoLC)870244957 035 $a(MiAaPQ)EBC1606883 035 $a(IMF)WPIEE2012188 035 $a(IMF)WPIEA2012188 035 $a(EXLCZ)992670000000278927 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRiding Global Financial Waves : $eThe Economic Impact of Global Financial Shocks on Emerging Market Economies /$fGustavo Adler, Camilo Tovar Mora 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (27 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/188 300 $aDescription based upon print version of record. 311 $a1-4755-6678-6 311 $a1-4755-0536-1 320 $aIncludes bibliographical references. 327 $aCover; 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, 1990-2010 327 $a6. 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 2 327 $aAnnex 1. Key Global Variables during Global Financial Shocks, 1990-2011Annex 3; Annex 2. Exchange Rate Pressures during Global Financial Shocks 330 3 $aOver the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/188 606 $aFinancial risk 606 $aFinancial crises 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aInternational Business Cycles$2imf 606 $aMacroeconomic Aspects of International Trade and Finance: Forecasting and Simulation$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aFinancial integration$2imf 606 $aExchange rate flexibility$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aForeign assets$2imf 606 $aExternal debt$2imf 606 $aFinancial markets$2imf 606 $aExternal position$2imf 606 $aInternational finance$2imf 606 $aFinancial services industry$2imf 606 $aInvestments, Foreign$2imf 606 $aDebts, External$2imf 607 $aGreece$2imf 615 0$aFinancial risk. 615 0$aFinancial crises. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial Aspects of Economic Integration 615 7$aInternational Business Cycles 615 7$aMacroeconomic Aspects of International Trade and Finance: Forecasting and Simulation 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aInternational Lending and Debt Problems 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aFinancial integration 615 7$aExchange rate flexibility 615 7$aEmerging and frontier financial markets 615 7$aForeign assets 615 7$aExternal debt 615 7$aFinancial markets 615 7$aExternal position 615 7$aInternational finance 615 7$aFinancial services industry 615 7$aInvestments, Foreign 615 7$aDebts, External 700 $aAdler$b Gustavo$01474661 701 $aTovar Mora$b Camilo$01578648 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786486203321 996 $aRiding Global Financial Waves$93858249 997 $aUNINA