The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America
AbstractThis paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered momentum. They were, however, both strongly affected by the sharp retrenchment in capital inflows and the collapse of global demand that followed the demise of Lehman Brothers in September 2008. Notwithstanding differences in the channels of transmission and the intensity of the propagation, the short-term outcome in 2009 was one of the deepest recessions in decades. As both regions differ in several important respects, the question arises how structural and institutional features as well as policies before and during the crisis have affected the transmission of global events to the two regions under review.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Banco de Espa�a in its series Banco de Espa�a Occasional Papers with number 1002.
Length: 55 pages
Date of creation: Jul 2010
Date of revision:
Financial crisis; Central; Eastern and Southeastern Europe; Latin America;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- G01 - Financial Economics - - General - - - Financial Crises
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-08-21 (All new papers)
- NEP-CBA-2010-08-21 (Central Banking)
- NEP-TRA-2010-08-21 (Transition Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Luis J. Álvarez & Guido Bulligan & Alberto Cabrero & Laurent Ferrara & Harald Stahl, 2010.
"Housing Cycles In The Major Euro Area Countries,"
Banco de Espaï¿½a Occasional Papers
1001, Banco de Espa�a.
- Ana Buisan & Esther Gordo, 1994. "Funciones de importación y exportación de la economía española," Investigaciones Economicas, Fundación SEPI, vol. 18(1), pages 165-192, January.
- Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Banco de Espaï¿½a Occasional Papers 0808, Banco de Espa�a.
- Enrique Alberola & Luis Molina & Pedro del Río, 2012. "Boom-bust cycles, imbalances and discipline in Europe," Banco de Espaï¿½a Working Papers 1220, Banco de Espa�a.
- repec:cbk:journl:v:2:y:2013:i:1:p:93-114 is not listed on IDEAS
- Beáta Farkas, 2012. "The Impact of the Global Economic Crisis in the Old and New Cohesion Member States of the European Union," Public Finance Quarterly, State Audit Office of Hungary, vol. 57(1), pages 53-70.
- Lidija Barjaktarović & Maja Paunović & Dejan Ječmenica, 2013. "Development of the Banking Sector in CEE Countries – Comparative Analysis," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(2), pages 93-114.
- Jean Pierre Allegret, 2012. "Responses of Monetary Authorities in Emerging Economies to International Financial Crises: What Do We Really know?," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 3-32.
- Mariya Hake & Fernando Lopez-Vicente & Luis Molina, 2014.
"Do the Drivers of Loan Dollarization Differ between CESEE and Latin America? A Meta-Analysis,"
Focus on European Economic Integration,
Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-35.
- Mariya Hake & Fernando López-Vicente & Luis Molina, 2014. "Do the drivers of loan dollarisation differ between cesee and Latin America? a meta-analysis," Banco de Espaï¿½a Working Papers 1406, Banco de Espa�a.
- Ardo Hansson & Martti Randveer, 2013. "Economic adjustment in the Baltic Countries," Bank of Estonia Working Papers wp2013-1, Bank of Estonia.
- Forster , Katrin & Vasardani, Melina A. & Ca' Zorzi, Michele, 2011. "Euro area cross-border financial flows and the global financial crisis," Occasional Paper Series 126, European Central Bank.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mar�a Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de Espa�a).
If references are entirely missing, you can add them using this form.