Empirical Applications to Research the Levels of Affected by the 2008 Crisis According To The Macro-Economic Structures of Developing and Developed Countries

Merve Arslan, Hamide Arslan and Ä°smail Erkan Çelä°k

Fiscaoeconomia, 2022, issue 3

Abstract: In this study, the impact levels of the 2008 crisis were investigated according to the macroeconomic factors of selected developed and developing countries classified according to OECD data. In the study, first of all, the level of being affected by the crisis according to the macro factors of developed and developing countries and the dynamic relations of macroeconomic factors over time were examined. Then, it was researched that developed and developing countries were more affected by the crisis according to which macroeconomic factors. The hypothesis of this study is that while underdeveloped and underdeveloped countries were more affected by the previous crises, developed countries may have been more affected by the 2008 Mortgage Crisis, which is one of the new generation financial crises. In the research, VAR Analysis method was applied by using quarterly unemployment rates, inflation rates, Current Account Deficit/GDP, FDI/GDP data of 18 developed and 13 developing countries between 2008-2019. According to the findings obtained as a result of the analysis, it was determined that developing countries were affected more strongly by the unemployment factor in the first periods after the crisis, and developed countries were affected more than developing countries in the following periods. According to the findings obtained from the inflation rate factor, it is seen that developing countries react more negatively in all periods compared to developed countries, while the reaction of developed countries is positive in all periods. and the severity of the reaction decreases with time.

Keywords: Financial Crises; 2008 Mortgage Crisis; Macroeconomic Factors; VAR Analysis. (search for similar items in EconPapers)
JEL-codes: C32 E31 F32 J64 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:220310

DOI: 10.25295/fsecon.1098921

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