Risk factors in international financial crises: early lessons from the 2008-2009 turmoil
Sebastian Dullien ()
No 1001, Competence Centre on Money, Trade, Finance and Development from Hochschule fuer Technik und Wirtschaft, Berlin
This paper analyses the global transmission of the recent economic and financial crisis as a function of macroeconomic factors such as per capita gross domestic product, current-account positions prior to the crisis, exchange-rate regimes, inflation prior to the crisis and financial openness. It finds that large current-account imbalances (both surpluses and deficits) were a risk factor in the current global economic turmoil. It also finds that countries that use currency boards have suffered much more from the crisis than countries with other exchange-rate regimes. Financial openness appears to have increased the risk of experiencing a deep recession, while higher inflation prior to the crisis seems to have mitigated its impact.
Keywords: working paper; daadpartnership; finance-and-trade (search for similar items in EconPapers)
Pages: 19 pages
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Published in Berlin Working Papers on Money, Finance, Trade and Development, July 2010
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Persistent link: https://EconPapers.repec.org/RePEc:mtf:wpaper:1001
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