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Respuestas de política a la crisis financiera global: ¿Qué hicieron diferente las economías emergentes?

Author

Listed:
  • Ceballos, Francisco
  • Didier, Tatiana
  • Hevia, Constantino
  • Schmukler, Sergio

Abstract

En contraste con el pasado, muchos países emergentes enfrentaron la crisis financiera mundial de 2008-2009 con la credibilidad y capacidad requerida para conducir políticas contracíclicas. Ello les permitió enfrentar mejor la caída mundial y así comportarse de manera similar a países desarrollados. Este estudio documenta las respuestas de política y discute otros factores que permitieron a estos países absorber parcialmente los choques externos negativos. En particular se caracterizan (i) las políticas monetarias y cambiarias, (ii) las políticas fiscales y (iii) las posiciones financieras domésticas y externas.

Suggested Citation

  • Ceballos, Francisco & Didier, Tatiana & Hevia, Constantino & Schmukler, Sergio, 2012. "Respuestas de política a la crisis financiera global: ¿Qué hicieron diferente las economías emergentes?," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 24, pages 27-43.
  • Handle: RePEc:rbp:esteco:ree-24-02
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    File URL: http://www.bcrp.gob.pe/docs/Publicaciones/Revista-Estudios-Economicos/24/ree-24-ceballos-didier-hevia-schmukler.pdf
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    References listed on IDEAS

    as
    1. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters,in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82 National Bureau of Economic Research, Inc.
    2. Carmen Reinhart & Vincent Reinhart, 2009. "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER Chapters,in: NBER International Seminar on Macroeconomics 2008, pages 9-62 National Bureau of Economic Research, Inc.
    3. 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.
    4. Joshua Aizenman & Yothin Jinjarak, 2009. "Globalisation and Developing Countries - a Shrinking Tax Base?," Journal of Development Studies, Taylor & Francis Journals, vol. 45(5), pages 653-671.
    5. Pierre-Olivier Gourinchas & Maurice Obstfeld, 2012. "Stories of the Twentieth Century for the Twenty-First," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 226-265, January.
    6. Philip R Lane & Gian Maria Milesi-Ferretti, 2011. "The Cross-Country Incidence of the Global Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(1), pages 77-110, April.
    7. Raddatz, Claudio, 2010. "When the rivers run dry : liquidity and the use of wholesale funds in the transmission of the U.S. subprime crisis," Policy Research Working Paper Series 5203, The World Bank.
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    More about this item

    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

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