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How Did the Global Financial Crisis Affect the CESEE Region and Latin America? – A Comparative Analysis

Listed author(s):
  • Peter Backé

    ()

    (Oesterreichische Nationalbank, Foreign Research Division)

  • Sonsoles Gallego

    ()

    (Banco de España)

  • Sándor Gardó

    ()

    (Oesterreichische Nationalbank, Foreign Research Division)

  • Reiner Martin

    ()

    (European Central Bank)

  • Luis Molina

    ()

    (Banco de España)

  • José Maria Serena

    ()

    (Banco de España)

This paper examines the impact the global economic and financial crisis had on two distinct emerging market regions, namely 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 similar for both regions: one of the deepest recessions in decades. At the same time, the worst case scenario of a fully-fledged financial meltdown occurred neither in the CESEE region nor in Latin America.

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File URL: https://www.oenb.at/dam/jcr:10711ea8-b3e2-4f89-8d53-2f97a562ca2a/feei_2010_q1_studies_latam_tcm16-186371.pdf
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Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

Volume (Year): (2010)
Issue (Month): 1 ()
Pages: 49-66

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Handle: RePEc:onb:oenbfi:y:2010:i:1:b:3
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  1. Sabine Herrmann & Dubravko Mihaljek, 2010. "The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crises," BIS Working Papers 315, Bank for International Settlements.
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