Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View

Stijn Claessens (), Ayhan Kose and Marco Terrones

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets. We report three major findings. First, compared to advanced countries, recessions and financial disruptions in emerging markets are often more costly. Second, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions in emerging markets. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets are different than those in advanced countries. In light of these broad observations, the paper provides a review of recessions and financial market disruptions in Chile

Date: 2010-06
New Economics Papers: this item is included in nep-ban
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Chapter: Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:585

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