LEADER 04500oam 22010094 450 001 9910788222203321 005 20230721045651.0 010 $a1-4623-7795-5 010 $a9786612844676 010 $a1-282-84467-9 010 $a1-4527-7326-2 010 $a1-4518-7425-1 035 $a(CKB)3170000000055396 035 $a(SSID)ssj0000958266 035 $a(PQKBManifestationID)11562368 035 $a(PQKBTitleCode)TC0000958266 035 $a(PQKBWorkID)10907330 035 $a(PQKB)11737462 035 $a(OCoLC)671571357 035 $a(MiAaPQ)EBC1605999 035 $a(IMF)WPIEE2009280 035 $a(EXLCZ)993170000000055396 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact /$fGaston Gelos, Robert Rennhack, James Walsh, Pelin Berkmen 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a19 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1841-0 320 $aIncludes bibliographical references. 330 3 $aWe provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some -weaker-evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/280 606 $aFinancial crises 606 $aGlobal Financial Crisis, 2008-2009 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aTrade: General$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aFinance$2imf 606 $aMonetary economics$2imf 606 $aInternational economics$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aExchange rate flexibility$2imf 606 $aCredit$2imf 606 $aExchange rates$2imf 606 $aExports$2imf 606 $aFinancial services industry$2imf 615 0$aFinancial crises. 615 0$aGlobal Financial Crisis, 2008-2009. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aTrade: General 615 7$aCurrency 615 7$aForeign exchange 615 7$aFinance 615 7$aMonetary economics 615 7$aInternational economics 615 7$aEmerging and frontier financial markets 615 7$aExchange rate flexibility 615 7$aCredit 615 7$aExchange rates 615 7$aExports 615 7$aFinancial services industry 700 $aGelos$b Gaston$01465377 701 $aRennhack$b Robert$01462072 701 $aWalsh$b James$01481165 701 $aBerkmen$b Pelin$01472677 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788222203321 996 $aThe Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact$93741526 997 $aUNINA