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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • Sonsoles Gallego & Sándor Gardó & Reiner Martin & Luis Molina & José María Serena, 2010. "The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America," Occasional Papers 1002, Banco de España.
    • Handle: RePEc:bde:opaper:1002
    as

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/10/Fic/do1002e.pdf
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    References listed on IDEAS

    as
    1. lvarez, L-J. & Bulligan, G. & Cabrero, A. & Laurent Ferrara & Stahl, H., 2009. "Housing cycles in the major euro area countries," Working papers 269, Banque de France.
    2. 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.
    3. Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Occasional Papers 0808, Banco de España.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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