Spillovers to emerging markets during global financial crisis

Spillovers to emerging markets during global financial crisis

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At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on o...

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Autor principal: Kalemli-Özcan, Sebnem
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
Acceso en línea:https://hdl.handle.net/20.500.12580/3819
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spelling oai-20.500.12580-38192021-04-24T11:09:36Z Spillovers to emerging markets during global financial crisis Kalemli-Özcan, Sebnem CRISIS FINANCIERA CRISIS ECONÓMICA 2008 At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on output comovements during normal times is the opposite of the effect during crises. During tranquil periods increased financial linkages induce greater output divergence since capital is better able to move to where it is most productive. During the global financial crisis financial linkages contributed to the spread of financial stress across borders but other factors such as global panic increased uncertainty and wake-up calls that changed investors’ perceptions acted as a common shock and played a much larger role in increasing output synchronization. 2019-11-01T00:07:10Z 2019-11-01T00:07:10Z 2015 Artículo 978-956-7421-47-3 https://hdl.handle.net/20.500.12580/3819 eng Series on Central Banking Analysis and Economic Policies no. 20 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 281-314 application/pdf ESTADOS UNIDOS Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
spellingShingle CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
Kalemli-Özcan, Sebnem
Spillovers to emerging markets during global financial crisis
description At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on output comovements during normal times is the opposite of the effect during crises. During tranquil periods increased financial linkages induce greater output divergence since capital is better able to move to where it is most productive. During the global financial crisis financial linkages contributed to the spread of financial stress across borders but other factors such as global panic increased uncertainty and wake-up calls that changed investors’ perceptions acted as a common shock and played a much larger role in increasing output synchronization.
format Artículo
author Kalemli-Özcan, Sebnem
author_facet Kalemli-Özcan, Sebnem
author_sort Kalemli-Özcan, Sebnem
title Spillovers to emerging markets during global financial crisis
title_short Spillovers to emerging markets during global financial crisis
title_full Spillovers to emerging markets during global financial crisis
title_fullStr Spillovers to emerging markets during global financial crisis
title_full_unstemmed Spillovers to emerging markets during global financial crisis
title_sort spillovers to emerging markets during global financial crisis
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3819
work_keys_str_mv AT kalemliozcansebnem spilloverstoemergingmarketsduringglobalfinancialcrisis
_version_ 1718346946639298560

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