| Description |
1 online resource (26 pages). |
| Physical Medium |
polychrome |
| Description |
text file |
| Series |
IMF working paper ; WP/12/188
|
|
IMF working paper ; WP/12/188.
|
| Note |
"July 2012." |
|
At head of title: Western Hemisphere Department. |
| Summary |
Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Financial crises -- Developing countries -- Econometric models.
|
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Financial crises. |
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Developing countries. |
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Econometric models. |
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Capital movements -- Developing countries -- Econometric models.
|
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Capital movements. |
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Foreign exchange administration -- Developing countries -- Econometric models.
|
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Foreign exchange administration. |
| Genre/Form |
Electronic books.
|
| Added Author |
Tovar Mora, Camilo Ernesto.
|
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International Monetary Fund. Western Hemisphere Department.
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| ISBN |
9781475566789 (electronic book) |
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1475566786 (electronic book) |
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