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The financial crisis: impact on BRIC and policy response

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  • Banerjee, Ritwik
  • Vashisht, Pankaj

Abstract

The paper looks at the transmission channels by which the financial crisis affected the four emerging economies- Brazil, Russia, India and China, the degree and extent of the impact of the crisis, the subsequent policy interventions which enabled recovery and an assessment of how successful recovery has been in these economies. We conclude by noting that in the long term global recovery will necessitate a rebalancing of the world economy which in turn means that the hub of global consumption has to shift from the west to the global south, particularly to BRICs.

Suggested Citation

  • Banerjee, Ritwik & Vashisht, Pankaj, 2010. "The financial crisis: impact on BRIC and policy response," MPRA Paper 38812, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:38812
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    File URL: https://mpra.ub.uni-muenchen.de/38812/1/MPRA_paper_38812.pdf
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    References listed on IDEAS

    as
    1. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June.
    2. Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters, in: Tax Policy and the Economy, Volume 24, pages 35-68, National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. Sashi SIVRAMKRISHNA, 2016. "Cracks in BRICs: A sectoral financial balances analysis and implications for macroeconomic policy," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 53-78, Autumn.
    2. Antoniades, Andreas, 2015. "The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics," MPRA Paper 68181, University Library of Munich, Germany.
    3. Sashi SIVRAMKRISHNA, 2016. "Cracks in BRICs: A sectoral financial balances analysis and implications for macroeconomic policy," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 53-78, Autumn.
    4. Jamal Bouoiyour & Refk Selmi, 2016. "The responses of BRICS Equities to China's Slowdown: A Multi-Scale Causality Analysis," Working Papers hal-01880323, HAL.
    5. Lila J. Truett & Dale B. Truett, 2023. "The impacts of imports and trade liberalization in Brazil: Insights from an aggregate cost function," Review of Development Economics, Wiley Blackwell, vol. 27(2), pages 1013-1033, May.
    6. Andreas Antoniades, 2017. "The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics," Global Policy, London School of Economics and Political Science, vol. 8(2), pages 170-180, May.

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    More about this item

    Keywords

    BRIC; Financial Crisis; Policy Response;
    All these keywords.

    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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