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The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America

  • Sonsoles Gallego


    (Banco de España)

  • Sándor Gardó


    (Oesterreichische Nationalbank)

  • Reiner Martin


    (European Central Bank)

  • Luis Molina


    (Banco de España)

  • José María Serena


    (Banco de España)

This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: 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 one of the deepest recessions in decades. As both regions differ in several important respects, the question arises how structural and institutional features as well as policies before and during the crisis have affected the transmission of global events to the two regions under review.

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Paper provided by Banco de Espa�a in its series Banco de Espa�a Occasional Papers with number 1002.

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Length: 55 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:bde:opaper:1002
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  1. Luis J. Álvarez & Guido Bulligan & Alberto Cabrero & Laurent Ferrara & Harald Stahl, 2010. "Housing Cycles In The Major Euro Area Countries," Banco de Espa�a Occasional Papers 1001, Banco de Espa�a.
  2. Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Banco de Espa�a Occasional Papers 0808, Banco de Espa�a.
  3. Ana Buisan & Esther Gordo, 1994. "Funciones de importación y exportación de la economía española," Investigaciones Economicas, Fundación SEPI, vol. 18(1), pages 165-192, January.
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