LEADER 06052oam 22010574 450 001 9910812318103321 005 20240402051321.0 010 $a1-4623-8805-1 010 $a1-4527-3695-2 010 $a1-4518-7280-1 010 $a9786612843471 010 $a1-282-84347-8 035 $a(CKB)3170000000055286 035 $a(EBL)1608337 035 $a(SSID)ssj0000939940 035 $a(PQKBManifestationID)11571932 035 $a(PQKBTitleCode)TC0000939940 035 $a(PQKBWorkID)10938518 035 $a(PQKB)10725763 035 $a(OCoLC)530112120 035 $a(IMF)WPIEE2009133 035 $a(MiAaPQ)EBC1608337 035 $a(EXLCZ)993170000000055286 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Transmission of Financial Stress from Advanced to Emerging Economies 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (54 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1709-0 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Measuring Financial Stress; A. Definition of Financial Stress and its Measurement; B. Patterns of Financial Stress in Emerging and Advanced Economies; III. Comovement of Financial Stress: Theory and Evidence; A. Rationale for Stress Comovement; IV. Transmission of Stress: A Comprehensive Analysis; A. Common Time-Varying Component in EM-FSI; B. Stress Transmission Analysis: 2-Stage Procedure (Forbes-Chinn); C. Stress Transmission and Other Country Characteristics: Annual Panel; D. Case Study Analysis: Banking Crisis and Capital Flows; V. Conclusions; References 327 $aData Appendix Tables; 1. Episodes of Widespread Financial Stress in Advanced Economies; 2. Emerging Economy Stress: Determinants; 3. Comovement of Financial Stress; 4. The Role of Linkages as Determinants of Comovement; 5. Emerging Economy Stress: Country-specific Effects; 6. Emerging Economy Stress: Interactions with Stress Periods; 7. Emerging Economy Stress: Interactions with Stress Levels; 8. List of Variables; Figures; 1. Sudden Stops of Capital Flows and Real Effects; 2. Financial Stress in Emerging Regions and by Components; 3. Financial Stress in Advanced Economies 327 $a4. Financial Stress in Emerging and Advanced Economies 5. The Transmission of Stress: Schematic Depiction of Effects; 6. Financial Integration of Emerging and Developing Economies; 7. Financial Exposures of Emerging to Advanced Economies; 8. Financial Linkages between Advanced and Emerging Economies; 9. Vulnerability Indicators by Region, 1990-2007; 10. Emerging Economy Stress: Common Time Component; 11. Comovement of Financial Stress Indices; 12. Impact of the Latin American Debt Crisis on Banking Liabilities; 13. Impact of the Japanese Banking Crisis on Bank Lending 330 3 $aThis paper studies how financial stress is transmitted from advanced to emerging economies, using a new financial stress index for emerging economies. An episode of financial stress is defined as a period when the financial system's ability to intermediate may be impaired. Previous financial crises in advanced economies passed through strongly and rapidly to emerging economies. In line with this pattern, the unprecedented spike in financial stress in advanced economies elevated financial stress across emerging economies above levels seen during the Asian crisis, but with significant cross-country variation. The extent of pass-through of financial stress is related to the depth of financial linkages between advanced and emerging economies. The paper finds that higher current account and fiscal balances do little to insulate emerging economies from the transmission of financial stress in advanced economies. However, they may help dampen the impact on the real sector of emerging economies and help reestablish financial stability and foreign capital inflows once financial stress subsides. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/133 606 $aInternational finance 606 $aFinancial crises 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aMacroeconomics$2imf 606 $aFinancial Crises$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aFinancial crises$2imf 606 $aStock markets$2imf 606 $aSystemic crises$2imf 606 $aBanking crises$2imf 606 $aBanks and banking$2imf 606 $aStock exchanges$2imf 607 $aUnited States$2imf 615 0$aInternational finance. 615 0$aFinancial crises. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aMacroeconomics 615 7$aFinancial Crises 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEconomic & financial crises & disasters 615 7$aBanking 615 7$aFinance 615 7$aFinancial crises 615 7$aStock markets 615 7$aSystemic crises 615 7$aBanking crises 615 7$aBanks and banking 615 7$aStock exchanges 676 $a332.1/52 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812318103321 996 $aThe Transmission of Financial Stress from Advanced to Emerging Economies$93944873 997 $aUNINA