Business and Financial Cycles in Emerging Markets

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dc.description.abstract We provide a comprehensive empirical analysis of the implications of recessions and financial disruption episodes for 24 emerging market countries over the period 1978:1 2011:4. We examine how the linkages between key macroeconomic and financial variables evolve around these episodes and their various overlaps. We report four major results. First, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions. Second, compared to advanced countries, recessions and financial disruptions in emerging market countries are more costly and protracted. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets differ substantially from those in advanced countries. Fourth, changes in credit appear to be significantly associated with the costs recession episodes in emerging markets. We discuss the implications of these findings for economic policy and future research. en
dc.title Business and Financial Cycles in Emerging Markets en
dc.contributor.author Claessens, Stijn
dc.contributor.author Kose, M. Ayhan
dc.contributor.author Ozturk, Ezgi
dc.contributor.author Terrones, Marco E.
dc.date.accessioned 2015-10-14T03:07:28Z
dc.date.available 2015-10-14T03:07:28Z
dc.date.issued 2015-10-14
dc.identifier.uri http://hdl.handle.net/123456789/52975
lacea.language.supported en
dc.description Working paper
dc.language.iso en
dc.subject Business Cycles
dc.subject Financial Cycles
dc.subject Emerging Markets
dc.type Working Paper

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