Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?

Francisco Ceballos (), Tatiana Didier (), Constantino Hevia and Sergio Schmukler

No 2013-002, Working Papers from Banco Central de Reserva del Perú

Abstract: In contrast to the past, many emerging countries faced the global financial crisis of 2008-2009 with more solid financial positions and the required credibility and capacity to conduct countercyclical policies. This allowed them to better cope with the global downturn and thus behave more similarly to developed countries. This paper documents the policy responses and discusses other factors that allowed emerging countries to partially absorb the negative external shock. In particular, it characterizes (i) monetary and exchange rate policies, (ii) fiscal policy, and (iii) external and domestic financial positions.

Keywords: financial crisis; policy cyclicality; fiscal policy; monetary policy (search for similar items in EconPapers)
JEL-codes: E50 F30 G01 G15 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-cba and nep-mac
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:rbp:wpaper:2013-002

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