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The Initial Impact of the Crisis on Emerging Market Countries

Author(s)
Blanchard, Olivier Jean; Das, Mitali; Faruqee, Hamid
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DownloadThis paper is also available free online full text in SSRN (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1629865) and on the Brookings web site (http://www.brookings.edu/economics/bpea/past-editions.aspx). Not sure if this is peer reviewed or not, or if it's more like a working paper. (144.3Kb)
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Abstract
To understand the diverse impact of the crisis across emerging market countries, we explore the role of two shocks—the collapse in trade and the sharp decline in financial flows—in the transmission of the crisis from the advanced economies. We first develop a simple open economy model, which allows for imperfect capital mobility and potentially contractionary effects of currency depreciation due to foreign debt exposure. We then look at the cross-country evidence. The data suggest a strong role for both trade and financial shocks. Perhaps surprisingly, the data give little econometric support for a central role of either reserves or exchange rate regimes. We end by presenting case studies for Latvia, Russia, and Chile.
Date issued
2010-06
URI
http://hdl.handle.net/1721.1/64733
Department
Massachusetts Institute of Technology. Department of Economics
Journal
Brookings Papers on Economic Activity
Publisher
Brookings Institution Press
Citation
Blanchard, Oliver J., Mitali Das and Hamid Faruqee. "The Initial Impact of the Crisis on Emerging Market Countries." Brookings Papers on Economic Activity, Spring 2010, pp. 263-307. http://muse.jhu.edu/journals/brookings_papers_on_economic_activity/v2010/2010.1.blanchard.pdf
Version: Author's final manuscript
ISSN
0007-2303
1533-4465

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