Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?
AbstractIn contrast to the past, many emerging countries faced the global financial crisis of 2008-2009 with more solid financial positions and the required credibility and capacity to conduct countercyclical policies. This allowed them to better cope with the global downturn and thus behave more similarly to developed countries. This paper documents the policy responses and discusses other factors that allowed emerging countries to partially absorb the negative external shock. In particular, it characterizes (i) monetary and exchange rate policies, (ii) fiscal policy, and (iii) external and domestic financial positions.
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Bibliographic InfoPaper provided by Banco Central de Reserva del Perú in its series Working Papers with number 2013-002.
Date of creation: Jan 2013
Date of revision:
financial crisis; policy cyclicality; fiscal policy; monetary policy;
Find related papers by JEL classification:
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- F30 - International Economics - - International Finance - - - General
- G01 - Financial Economics - - General - - - Financial Crises
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-09 (All new papers)
- NEP-CBA-2013-03-09 (Central Banking)
- NEP-MAC-2013-03-09 (Macroeconomics)
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