scholarly journals Monetary Policy in Emerging Market Economies: What Lessons from the Global Financial Crisis?

2012 ◽  
Author(s):  
Brahima Coulibaly
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Emerging Market Economies ◽  
Market Economies ◽  
The Global Financial Crisis

scholarly journals Volatility Contagion across the Equity Markets of Developed and Emerging Market Economies

2019 ◽  
pp. 99-117
Author(s):  
Masazumi Hattori ◽  
Ilhyock Shim ◽  
Yoshihiko Sugihara
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Equity Markets ◽  
Emerging Market Economies ◽  
Fund Flows ◽  
Equity Fund ◽  
Market Economies ◽  
Developed Economies ◽  
The Global Financial Crisis

Using variance risk premiums (VRPs) nonparametrically calculated from equity markets in selected major developed economies and emerging market economies (EMEs) over 2007–15, this chapter documents the correlation of VRPs across markets, examining whether equity fund flows work as a path through which VRPs spill over globally. It finds that VRPs tend to spike up during market turmoil such as the peak of the global financial crisis and the European debt crisis; that all cross-equity market correlations of VRPs are positive, and that some economy pairs exhibit high levels of the correlation. In terms of volatility contagion, it finds that an increase in US VRPs significantly reduces equity fund flows to other developed economies, but not those to EMEs, following the global financial crisis. Two-stage least squares estimation results show that equity fund flows are a channel for spillover of US VRPs to VRPs in other developed economies.

scholarly journals Why Did Public Banks Lend More During the Global Financial Crisis?

2020 ◽  
Vol 20 (84) ◽  
Author(s):  
Joshua Bosshardt ◽  
Eugenio Cerutti
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Emerging Market Economies ◽  
Market Economies ◽  
Data Limitations ◽  
Private Banks ◽  
Before And After ◽  
Public Banks ◽  
The Global Financial Crisis

During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain lending during the GFC. Using a novel bank-level dataset covering 25 emerging market economies, we show that public banks lent relatively more during the GFC because they pursued an objective of helping to stabilize the economy, rather than because they had superior fundamentals or access to public or depositors’ funding. Nonetheless, their countercyclical behavior seems unique to the GFC rather than a regular characteristic of public banks before and after the GFC.

Growth Prospects for Advanced and Emerging Market Economies

2016 ◽  
Vol 16 (4) ◽  
pp. 599-614 ◽  
Author(s):  
Dominick Salvatore
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Emerging Market Economies ◽  
Fiscal Stimulus ◽  
Secular Stagnation ◽  
Market Economies ◽  
The World ◽  
Growth Prospects

This paper examines the reasons for the slow growth in the advanced countries since the recent global financial crisis, the slowdown in growth or recession in emerging market economies, the danger that the world may be drifting toward a new global financial crisis, and that it may face even secular stagnation. The paper concludes that growth is likely to remain slow for the rest of this decade in advanced countries and to continue to decline in emerging market economies. It also examines the danger that with interest rates at the zero-bound level in advanced nations, a new financial bubble may be in the making as investors, in search of returns, undertake excessively risky investments, and that this may lead to a new global financial crisis. It is not certain, however, that the world is facing secular stagnation and, if so, that a new massive fiscal stimulus (as advocated but some) would prevent it or correct it.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

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