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The Fallout from the Financial Crisis (1): Emerging Markets under Stress

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  • Helmut Reisen

    (OECD)

Abstract

The contagion of the global credit crisis from the industrialised countries to the emerging markets has taken some time to develop. Then, in October 2008, it spread rapidly, afflicting all emerging markets, without any distinction or regard to their so-called “fundamentals”. For believers in “decoupling”, the high growth rates, massive foreign exchange (FX) reserves, balanced budgets and rising consumerism in the emerging markets at first reassured investors. It is now clear that the diagnosis of emerging-market policy performance suffered from hyperbole. In the end, all emerging market asset classes were hit: stocks, bonds and currencies.

Suggested Citation

  • Helmut Reisen, 2008. "The Fallout from the Financial Crisis (1): Emerging Markets under Stress," OECD Development Centre Policy Insights 83, OECD Publishing.
  • Handle: RePEc:oec:devaac:83-en
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    File URL: http://dx.doi.org/10.1787/228185114075
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    Cited by:

    1. Lili Zhu & Jiawen Yang, 2010. "Psychic Distance in the Eight-year Crisis: An Empirical Study," Chapters,in: Handbook of Behavioral Finance, chapter 7 Edward Elgar Publishing.

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