LEADER 06618oam 22011774 450 001 9910823407303321 005 20240402045912.0 010 $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(Au-PeEL)EBL1607107 035 $a(CaPaEBR)ebr10661235 035 $a(OCoLC)821966231 035 $a(IMF)WPIEE2012293 035 $a(IMF)WPIEA2012293 035 $a(MiAaPQ)EBC1607107 035 $a(EXLCZ)992550000001041544 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGlobal Financial Crisis, Financial Contagion, and Emerging Markets /$fGülçin Özkan, Filiz Unsal 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (59 p.) 225 1 $aIMF Working Papers 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 3 $aThe recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/293 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises$zDeveloping countries 606 $aFinancial crises$zDeveloping countries$xEconometric models 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aForeign Exchange$2imf 606 $aLabor$2imf 606 $aLabor Demand$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aFinancial Crises$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aFinance$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aConventional peg$2imf 606 $aSelf-employment$2imf 606 $aExchange rate arrangements$2imf 606 $aFinancial contagion$2imf 606 $aFinancial crises$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aSelf-employed$2imf 606 $aFinancial risk management$2imf 607 $aArgentina$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises 615 0$aFinancial crises$xEconometric models. 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aForeign Exchange 615 7$aLabor 615 7$aLabor Demand 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aFinancial Crises 615 7$aCurrency 615 7$aForeign exchange 615 7$aLabour 615 7$aincome economics 615 7$aFinance 615 7$aEconomic & financial crises & disasters 615 7$aConventional peg 615 7$aSelf-employment 615 7$aExchange rate arrangements 615 7$aFinancial contagion 615 7$aFinancial crises 615 7$aFinancial sector policy and analysis 615 7$aSelf-employed 615 7$aFinancial risk management 676 $a332.1;332.152 700 $aÖzkan$b Gülçin$01658112 701 $aUnsal$b Filiz$01623477 801 0$bDcWaIMF 906 $aBOOK 912 $a9910823407303321 996 $aGlobal Financial Crisis, Financial Contagion, and Emerging Markets$94011924 997 $aUNINA