{
  "title": "The Impact of the Great Recession on Emerging Markets",
  "publication": "IMF Working Papers, October 1, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-impact-of-the-great-recession-on-emerging-markets-24286",
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  "summary": "This paper examines the impact of the recent global crisis on emerging market economies (EMs). Our cross-country analysis shows that the impact of the crisis was more pronounced in those EMs that had initial weaker fundamentals and greater financial and trade linkages.",
  "sections": [
    {
      "heading": "Main findings and analysis",
      "content": "- The paper examines the impact of the recent global crisis on emerging market economies (EMs).\n- Cross-country analysis shows the impact of the crisis was more pronounced in EMs that had initial weaker fundamentals and greater financial and trade linkages.\n- The more pronounced impact is observed along multiple dimensions:\n  - growth\n  - stock market performance\n  - sovereign spreads\n  - credit growth\n- The paper finds that pre-crisis reserve holdings helped to mitigate the initial growth collapse during this crisis.\n- This finding contrasts with other studies that fail to find a significant relationship between reserves and the growth decline.\n- The authors argue that their preferred measure of impact is a more accurate reflection of the true impact of the crisis on EMs."
    },
    {
      "heading": "Authors, date, and publication context",
      "content": "- Authors: Ferhan Salman, Mali Chivakul, Ricardo Llaudes\n- Publication date: October 1, 2010\n- Series: Working Paper No. 2010/237\n- Issue: 237\n- Volume: 2010"
    },
    {
      "heading": "Subject classification and keywords",
      "content": "- Subject: Credit, Early warning systems, Emerging and frontier financial markets, Financial crises, Stock markets\n- Keywords: credit growth, crisis, EMs, short-term debt, vulnerability EMs, WP\n\n---\n\n Content in this bundle\n\n- wp10237 — Appendix 3. Reserve Robustness with Alternative Control Variables\n  - wp10237 — Appendix 3. Reserve Robustness with Alternative Control Variables (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp10237 — Appendix 3. Reserve Robustness with Alternative Control Variables (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-impact-of-the-great-recession-on-emerging-markets-24286"
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    "Authors: Ferhan Salman, Mali Chivakul, Ricardo Llaudes",
    "Published: October 1, 2010",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455209378.001",
    "The paper examines the impact of the recent global crisis on emerging market economies (EMs).",
    "Cross-country analysis shows the impact of the crisis was more pronounced in EMs that had initial weaker fundamentals and greater financial and trade linkages.",
    "The more pronounced impact is observed along multiple dimensions:",
    "The paper finds that pre-crisis reserve holdings helped to mitigate the initial growth collapse during this crisis.",
    "This finding contrasts with other studies that fail to find a significant relationship between reserves and the growth decline.",
    "The authors argue that their preferred measure of impact is a more accurate reflection of the true impact of the crisis on EMs.",
    "Authors: Ferhan Salman, Mali Chivakul, Ricardo Llaudes",
    "Publication date: October 1, 2010",
    "Series: Working Paper No. 2010/237",
    "Issue: 237",
    "Volume: 2010",
    "Subject: Credit, Early warning systems, Emerging and frontier financial markets, Financial crises, Stock markets",
    "Keywords: credit growth, crisis, EMs, short-term debt, vulnerability EMs, WP",
    "**_wp10237 — Appendix 3. Reserve Robustness with Alternative Control Variables**"
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