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Lessons of the crisis for emerging markets

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  • Barry Eichengreen

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Abstract

This paper attempts to draw out the implication of the financial crisis for emerging markets. The most important implications will center on financial markets, where there will be less reliance on portfolio capital flows to finance investment and some deglobalization of banking so that the domain of bank operations more closely coincides with the domain of regulation. By contrast, the implications for other dimensions of globalization and for the structure of the international monetary system will be more limited.
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Suggested Citation

  • Barry Eichengreen, 2010. "Lessons of the crisis for emerging markets," International Economics and Economic Policy, Springer, vol. 7(1), pages 49-62, May.
  • Handle: RePEc:kap:iecepo:v:7:y:2010:i:1:p:49-62
    DOI: 10.1007/s10368-010-0149-9
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    File URL: http://hdl.handle.net/10.1007/s10368-010-0149-9
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    References listed on IDEAS

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    1. Alejandro Jara & Ramon Moreno & Camilo E Tovar, 2009. "The global crisis and Latin America: financial impact and policy responses," BIS Quarterly Review, Bank for International Settlements, June.
    2. Stephany Griffith-Jones & José Antonio Ocampo, 2009. "The Financial Crisis and Its Impact on Developing Countries," Working Papers 53, International Policy Centre for Inclusive Growth.
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    Cited by:

    1. Didier, Tatiana & Hevia, Constantino & Schmukler, Sergio L., 2011. "How resilient and countercyclical were emerging economies to the global financial crisis ?," Policy Research Working Paper Series 5637, The World Bank.
    2. Didier, Tatiana & Schmukler, Sergio L., 2014. "Financial development in Asia : beyond aggregate indicators," Policy Research Working Paper Series 6761, The World Bank.
    3. Cheng, Gong, 2015. "Balance sheet effects, foreign reserves and public policies," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 146-165.
    4. Didier, Tatiana & Hevia, Constantino & Schmukler, Sergio L., 2012. "How resilient and countercyclical were emerging economies during the global financial crisis?," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 2052-2077.
    5. Pierluigi Morelli & Giovanni Pittaluga & Elena Seghezza, 2015. "The role of the Federal Reserve as an international lender of last resort during the 2007–2008 financial crisis," International Economics and Economic Policy, Springer, vol. 12(1), pages 93-106, March.
    6. Dilip K. Das, 2012. "The Asian economy: current state of play and future prospects," Asia Pacific Business Review, Taylor & Francis Journals, vol. 18(3), pages 441-447, April.
    7. Irina Alina Popescu, 2013. "Workforce Professional Skills Development in Times of Economic Crisis," Management, University of Primorska, Faculty of Management Koper, vol. 8(2), pages 139-155.
    8. Cheng, Gong, 2015. "Balance sheet effects, foreign reserves and public policies," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 146-165.
    9. Duygu Yolcu Karadam & Nadir Ocal, 2014. "Financial Integration and Growth: A Nonlinear Panel Data Analysis," ERC Working Papers 1415, ERC - Economic Research Center, Middle East Technical University, revised Nov 2014.
    10. Hasan Comert & Selman Colak, 2014. "The Impacts of the Global Crisis on the Turkish Economy and Policy Responses," ERC Working Papers 1417, ERC - Economic Research Center, Middle East Technical University, revised Dec 2014.
    11. Ceballos, Francisco & Didier, Tatiana & Hevia, Constantino & Schmukler, Sergio, 2013. "Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?," Working Papers 2013-002, Banco Central de Reserva del Perú.
    12. Radulescu Magdalena & Jianu Elena & Zamfiroiu Tatiana, 2015. "The Financial Crisis: A Neverending Story," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 10-15, October.
    13. Didier, Tatiana & Schmukler, Sergio L., 2013. "Financial development in Latin America and the Caribbean : stylized facts and the road ahead," Policy Research Working Paper Series 6582, The World Bank.

    More about this item

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General

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