The Spillover Effects of the Global Crisison Economic Activity in Mena Emerging Market Countries : An Analysis Using the Financial Stress Index

Author/Editor:

Kenji Moriyama

Publication Date:

January 1, 2010

Electronic Access:

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Summary:

The estimated spillover of the global crisis to emerging market (EM) economies in the Middle East and North Africa (MENA) indicates that nearly two-thirds of the increased financial stress in MENA EM countries after the Lehman shock is attributable to direct or indirect spillovers of financial stress in advanced economies. Moreover, the estimated models suggest that the increased financial stress and slowdown in economic activity in advanced economies can explain about half of the drop in real GDP growth in MENA EM countries after the Lehman shock.

Series:

Working Paper No. 10/8

Subject:

Cross country analysis Economic growth Economic models Financial crisis Fiscal policy Global Financial Crisis 2008-2009 Middle East Monetary policy North Africa Regional shocks Spillovers

English

Publication Date:

January 1, 2010

ISBN/ISSN:

9781451961867/1018-5941

Stock No:

WPIEA2010008

Format:

Paper

Pages:

21

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