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The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America

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Author Info

  • Sonsoles Gallego

    ()
    (Banco de España)

  • Sándor Gardó

    ()
    (Oesterreichische Nationalbank)

  • Reiner Martin

    ()
    (European Central Bank)

  • Luis Molina

    ()
    (Banco de España)

  • José María Serena

    ()
    (Banco de España)

Abstract

This 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.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/10/Fic/do1002e.pdf
File Function: First version, July 2010
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Occasional Papers with number 1002.

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Length: 55 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:bde:opaper:1002

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Keywords: Financial crisis; Central; Eastern and Southeastern Europe; Latin America;

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  1. Ana Buisan & Esther Gordo, 1994. "Funciones de importación y exportación de la economía española," Investigaciones Economicas, Fundación SEPI, Fundación SEPI, vol. 18(1), pages 165-192, January.
  2. Luis J. Álvarez & Guido Bulligan & Alberto Cabrero & Laurent Ferrara & Harald Stahl, 2010. "Housing Cycles In The Major Euro Area Countries," Banco de Espa�a Occasional Papers, Banco de Espa�a 1001, Banco de Espa�a.
  3. Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Banco de Espa�a Occasional Papers, Banco de Espa�a 0808, Banco de Espa�a.
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Cited by:
  1. 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 Espa�a Working Papers, Banco de Espa�a 1406, Banco de Espa�a.
  2. 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, Central bank of Montenegro, vol. 2(2), pages 93-114.
  3. Forster , Katrin & Vasardani, Melina A. & Ca' Zorzi, Michele, 2011. "Euro area cross-border financial flows and the global financial crisis," Occasional Paper Series, European Central Bank 126, European Central Bank.
  4. 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, State Audit Office of Hungary, vol. 57(1), pages 53-70.
  5. 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, European Research Studies Journal, vol. 0(3), pages 3-32.
  6. Ardo Hansson & Martti Randveer, 2013. "Economic adjustment in the Baltic Countries," Bank of Estonia Working Papers, Bank of Estonia wp2013-1, Bank of Estonia.
  7. repec:cbk:journl:v:2:y:2013:i:1:p:93-114 is not listed on IDEAS
  8. Enrique Alberola & Luis Molina & Pedro del Río, 2012. "Boom-bust cycles, imbalances and discipline in Europe," Banco de Espa�a Working Papers, Banco de Espa�a 1220, Banco de Espa�a.

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