Global Financial Crisis Financial Contagion And Emerging Markets

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Global Financial Crisis, Financial Contagion, and Emerging Markets

Mr.F. Gulcin Ozkan,Ms.Filiz Unsal
Global Financial Crisis Financial Contagion and Emerging Markets Book PDF

Author : Mr.F. Gulcin Ozkan,Ms.Filiz Unsal
Publisher : International Monetary Fund
Page : 58 pages
File Size : 53,6 Mb
Release : 2012-12-13
Category : Business & Economics
ISBN : 9781475518498

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Global Financial Crisis, Financial Contagion, and Emerging Markets by Mr.F. Gulcin Ozkan,Ms.Filiz Unsal Pdf

The 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.

The Impact of the Global Financial Crisis on Emerging Financial Markets

Jonathan Batten,Peter G. Szilagyi
The Impact of the Global Financial Crisis on Emerging Financial Markets Book PDF

Author : Jonathan Batten,Peter G. Szilagyi
Publisher : Emerald Group Publishing
Page : 745 pages
File Size : 51,6 Mb
Release : 2011-03-02
Category : Business & Economics
ISBN : 9780857247537

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The Impact of the Global Financial Crisis on Emerging Financial Markets by Jonathan Batten,Peter G. Szilagyi Pdf

The Global Financial Crisis of 2007-2009 has highlighted the resilience of the financial markets and economies from the developing world. This title investigates and assesses the impact and response to the crisis from an emerging markets perspective including asset pricing, contagion, financial intermediation, market structure and regulation.

Unexpected Outcomes

Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Unexpected Outcomes Book PDF

Author : Carol Wise,Leslie Elliott Armijo,Saori N. Katada
Publisher : Brookings Institution Press
Page : 258 pages
File Size : 52,6 Mb
Release : 2015-03-10
Category : Political Science
ISBN : 9780815724773

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Unexpected Outcomes by Carol Wise,Leslie Elliott Armijo,Saori N. Katada Pdf

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

International Financial Contagion

Stijn Claessens,Kirsten Forbes
International Financial Contagion Book PDF

Author : Stijn Claessens,Kirsten Forbes
Publisher : Springer Science & Business Media
Page : 461 pages
File Size : 44,9 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475733143

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International Financial Contagion by Stijn Claessens,Kirsten Forbes Pdf

No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.

The Effects of financial contagion during the Global Financial Crisis in Government Regulated And Sponsored Assets in Emerging Markets. The case of Colombian pension funds and State Owned Enterprises (SOEs) in BRIC countries

Cayón, Edgardo
The Effects of financial contagion during the Global Financial Crisis in Government Regulated And Sponsored Assets in Emerging Markets The case of Colombian pension funds and State Owned Enterprises SOEs in BRIC countries Book PDF

Author : Cayón, Edgardo
Publisher : Editorial CESA
Page : 103 pages
File Size : 41,9 Mb
Release : 2015-06-30
Category : Business & Economics
ISBN : 9789588722849

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The Effects of financial contagion during the Global Financial Crisis in Government Regulated And Sponsored Assets in Emerging Markets. The case of Colombian pension funds and State Owned Enterprises (SOEs) in BRIC countries by Cayón, Edgardo Pdf

The effects of financial contagion during the Global Financial Crisis (GFC) have been extensively studied in the finance literarure. One of the key issues is the devastating effect of the crisis on wealth and asset prices. However, one key difference between this crisis and other crises in the past was the resilience (immunity) or the short term effect of the crisis on emerging markets. Dooley and Hutchison (2009) were the first ones to find evidence in support of the decoupling hypothesis of emerging markets during the early phases of the crisis. Since then the hypothesis have been tested by other researchers (for recent surveys see: Beirne and Gieck, 2014; Koksal and Orhan, 2013).

Financial Contagion

Rob Quail
Financial Contagion Book PDF

Author : Rob Quail
Publisher : John Wiley & Sons
Page : 570 pages
File Size : 45,5 Mb
Release : 2011-02-09
Category : Business & Economics
ISBN : 9781118016527

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Financial Contagion by Rob Quail Pdf

"Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.

Contagion in Financial Markets

Friedrich L. Sell
Contagion in Financial Markets Book PDF

Author : Friedrich L. Sell
Publisher : Edward Elgar Publishing
Page : 248 pages
File Size : 53,8 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 1781956251

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Contagion in Financial Markets by Friedrich L. Sell Pdf

This book aims to integrate the notions of contagion in epidemiology and contagion in financial market crises to discover why emerging markets are so susceptible to financial crises. The author first provides a brief introduction of the contagious spill-over of recent financial market crises and models the pattern of these crises. He finds that the contagion between crises in emerging markets, such as that of the crises in Russia and Brazil in 1998-1999, is explicable, despite the fact that at first sight they appear to have little in common. Finally, Friedrich Sell integrates these findings to outline a proposal for a 'new international financial architecture'.

Global Financial Contagion

Shalendra D. Sharma
Global Financial Contagion Book PDF

Author : Shalendra D. Sharma
Publisher : Cambridge University Press
Page : 405 pages
File Size : 53,9 Mb
Release : 2014
Category : Business & Economics
ISBN : 9781107027206

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Global Financial Contagion by Shalendra D. Sharma Pdf

This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.

Multiple Equilibria, Contagion, and the Emerging Market Crises

Mr.Paul R. Masson
Multiple Equilibria Contagion and the Emerging Market Crises Book PDF

Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
Page : 26 pages
File Size : 45,7 Mb
Release : 1999-12-01
Category : Business & Economics
ISBN : 9781451857979

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Multiple Equilibria, Contagion, and the Emerging Market Crises by Mr.Paul R. Masson Pdf

The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices than of macroeconomic fundamentals. Alternative explanations are compared with the stylized facts concerning capital flows, portfolio shifts, and exchange rate crises. Implications for crisis prediction and prevention are then discussed.

Identifying International Financial Contagion

Mardi Dungey,Demosthenes Nicholas Tambakis
Identifying International Financial Contagion Book PDF

Author : Mardi Dungey,Demosthenes Nicholas Tambakis
Publisher : Cerf Monographs on Finance and
Page : 262 pages
File Size : 55,6 Mb
Release : 2005
Category : Business & Economics
ISBN : UCSC:32106018141322

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Identifying International Financial Contagion by Mardi Dungey,Demosthenes Nicholas Tambakis Pdf

This book tackles these factors theoretically, providing an intellectually satisfying framework for the understanding of financial contagion."--Jacket.

Financial Contagion Through Bank Deleveraging

Mr.Thierry Tressel
Financial Contagion Through Bank Deleveraging Book PDF

Author : Mr.Thierry Tressel
Publisher : International Monetary Fund
Page : 39 pages
File Size : 55,9 Mb
Release : 2010-10-01
Category : Business & Economics
ISBN : 9781455209361

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Financial Contagion Through Bank Deleveraging by Mr.Thierry Tressel Pdf

The financial crisis has highlighted the importance of various channels of financial contagion across countries. This paper first presents stylized facts of international banking activities during the crisis. It then describes a simple model of financial contagion based on bank balance sheet identities and behavioral assumptions of deleveraging. Cascade effects can be triggered by bank losses or contractions of interbank lending activities. As a result of shocks on assets or on liabilities of banks, a global deleveraging of international banking activities can occur. Simple simulations are presented to illustrate the use of the model and the relative importance of contagion channels, relying on bank losses of advanced countries’ banking systems during the financial crisis to calibrate the shock. The outcome of the simulations is compared with the deleveraging observed during the crisis suggesting that leverage is a major determinant of financial contagion.

Financial Crisis, Contagion, and Containment

Padma Desai
Financial Crisis Contagion and Containment Book PDF

Author : Padma Desai
Publisher : Princeton University Press
Page : 326 pages
File Size : 46,9 Mb
Release : 2003
Category : Business & Economics
ISBN : 0691113920

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Financial Crisis, Contagion, and Containment by Padma Desai Pdf

A sweeping critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in 1997. Padma Desai retraces the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines and Thailand.

International Contagion

Roberto Chang,Giovanni Majnoni
International Contagion Book PDF

Author : Roberto Chang,Giovanni Majnoni
Publisher : World Bank Publications
Page : 40 pages
File Size : 42,8 Mb
Release : 2000
Category : Bankruptcy and Resolution of Financial Distress
ISBN : 8210379456XXX

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International Contagion by Roberto Chang,Giovanni Majnoni Pdf

What can the international community do to prevent financial contagion?

The Global Financial Crisis

Dick K. Nanto
The Global Financial Crisis Book PDF

Author : Dick K. Nanto
Publisher : DIANE Publishing
Page : 127 pages
File Size : 48,6 Mb
Release : 2009
Category : Business & Economics
ISBN : 9781437919844

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The Global Financial Crisis by Dick K. Nanto Pdf

Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

Evolution of the Global Financial Network and Contagion: A New Approach

Ms.Yevgeniya Korniyenko,Manasa Patnam,Rita Maria del Rio-Chanon,Mason A. Porter
Evolution of the Global Financial Network and Contagion A New Approach Book PDF

Author : Ms.Yevgeniya Korniyenko,Manasa Patnam,Rita Maria del Rio-Chanon,Mason A. Porter
Publisher : International Monetary Fund
Page : 41 pages
File Size : 47,6 Mb
Release : 2018-05-15
Category : Business & Economics
ISBN : 9781484353240

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Evolution of the Global Financial Network and Contagion: A New Approach by Ms.Yevgeniya Korniyenko,Manasa Patnam,Rita Maria del Rio-Chanon,Mason A. Porter Pdf

This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.