Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis

Michael Dooley and Michael Hutchison

No 15120, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We find that emerging markets appeared to be somewhat insulated from developments in U.S. financial markets from early 2007 to summer 2008. From that point on, however, emerging markets responded very strongly to the deteriorating situation in the U.S. financial system and real economy. Policy measures taken in emerging markets to insulate themselves from global financial developments proved inadequate in the face of the credit crunch and decline in international trade that followed the Lehman bankruptcy in September 2008.

JEL-codes: F3 F36 F41 (search for similar items in EconPapers)
Date: 2009-06
New Economics Papers: this item is included in nep-cba and nep-ure
Note: IFM
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Citations: View citations in EconPapers (263)

Published as Dooley, Michael & Hutchison, Michael, 2009. "Transmission of the U.S. subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1331-1349, December.

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Journal Article: Transmission of the U.S. subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis (2009)
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