Loading…
Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises
Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial crises....
Saved in:
| Published in: | IMF economic review 2014-11, Vol.62 (4), p.494-525 |
|---|---|
| Main Authors: | , |
| Format: | Article |
| Language: | English |
| Subjects: | |
| Citations: | Items that this one cites Items that cite this one |
| Online Access: | Get full text |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| cited_by | cdi_FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143 |
|---|---|
| cites | cdi_FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143 |
| container_end_page | 525 |
| container_issue | 4 |
| container_start_page | 494 |
| container_title | IMF economic review |
| container_volume | 62 |
| creator | ALVAREZ, ROBERTO DE GREGORIO, JOSÉ |
| description | Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial crises. It finds that a looser monetary policy played an important role in mitigating crisis. It also finds that higher private credit, more financial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Better macroeconomic management was key to good economic performance, which is confirmed by our analysis of Latin American countries. Finally, there is also evidence for the sample of 31 emerging markets that high terms of trade had a positive impact on resilience. |
| doi_str_mv | 10.1057/imfer.2014.24 |
| format | article |
| fullrecord | <record><control><sourceid>gale_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_1761661448</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><galeid>A397831324</galeid><jstor_id>43297890</jstor_id><sourcerecordid>A397831324</sourcerecordid><originalsourceid>FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143</originalsourceid><addsrcrecordid>eNp1kkGL1DAUx4souKx79CgUvHiwY9OkaXocZt1RGNCDC95Cmr50MrTJmJe6-Bn80qa7so4yJpC8vPz-_zzCy7KXpFyRsm7e2clAWFUlYauKPckuqpKRgpHm69PHmJPn2RXioUyDtq1om4vs563rIWBUrrduyK-tSTbgNGBuXb4N_i7u888QjA-TSuklu1MxresJgtUqT8r8Gr7D6I-Lw8bPLgab9B3EOwCXxz3ka7TK3aPLaTv6To35jXXJ0qZoEywCvsieGTUiXP3eL7Pbm_dfNh-K3aftx816V2hesliIrm37uhaKckK1NlQI0nTUtDWrqe6brqmVMLxjirWCc24E7winlBra1pwwepm9efA9Bv9tBoxysqhhHJUDP6MkDSc8gUwk9PU_6MHPwaXqJOGs5LyqxQk1qBGkdcbHoPRiKte0bQQltFqeLc5QAzgIavQOjE3pv_jVGT7NHiarzwrengi6Ga0DTAvaYR9xUDPi2Xp08IgBjDwGO6nwQ5JSLj0l73tKLj0lT-vBxLkh3fz5i_8IXj0IDhh9eHRntEo1tCX9BY641oY</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1640662588</pqid></control><display><type>article</type><title>Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises</title><source>EconLit s plnými texty</source><source>ABI/INFORM Global</source><source>Politics Collection</source><source>Springer Nature</source><source>Social Science Premium Collection (Proquest) (PQ_SDU_P3)</source><source>PAIS Index</source><source>JSTOR Archival Journals</source><creator>ALVAREZ, ROBERTO ; DE GREGORIO, JOSÉ</creator><creatorcontrib>ALVAREZ, ROBERTO ; DE GREGORIO, JOSÉ</creatorcontrib><description>Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial crises. It finds that a looser monetary policy played an important role in mitigating crisis. It also finds that higher private credit, more financial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Better macroeconomic management was key to good economic performance, which is confirmed by our analysis of Latin American countries. Finally, there is also evidence for the sample of 31 emerging markets that high terms of trade had a positive impact on resilience.</description><identifier>ISSN: 2041-4161</identifier><identifier>EISSN: 2041-417X</identifier><identifier>DOI: 10.1057/imfer.2014.24</identifier><language>eng</language><publisher>London: Palgrave Macmillan</publisher><subject>Analysis ; Asians ; Capital Markets ; Commodities ; Credit ; Developing countries ; E58 ; E63 ; Econometrics ; Economic aspects ; Economic conditions ; Economic crisis ; Economic development ; Economic growth ; Economic indicators ; Economic Policy ; Economics ; Economics and Finance ; Emerging markets ; Finance ; Fixed exchange rates ; Foreign exchange ; Foreign exchange markets ; Foreign exchange rates ; GDP ; Gross Domestic Product ; Growth ; Inflation ; International Economics ; International finance ; Latin America ; LDCs ; Macroeconomics ; Macroeconomics/Monetary Economics//Financial Economics ; Management ; Market economies ; Monetary policy ; Prices ; Prices and rates ; Recessions ; Studies</subject><ispartof>IMF economic review, 2014-11, Vol.62 (4), p.494-525</ispartof><rights>2014 International Monetary Fund</rights><rights>International Monetary Fund 2014</rights><rights>COPYRIGHT 2014 Palgrave Macmillan Ltd. (Springer)</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143</citedby><cites>FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/43297890$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/43297890$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,27863,27864,27922,27923,33610,33984,36059,58236,58469</link.rule.ids></links><search><creatorcontrib>ALVAREZ, ROBERTO</creatorcontrib><creatorcontrib>DE GREGORIO, JOSÉ</creatorcontrib><title>Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises</title><title>IMF economic review</title><addtitle>IMF Econ Rev</addtitle><description>Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial crises. It finds that a looser monetary policy played an important role in mitigating crisis. It also finds that higher private credit, more financial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Better macroeconomic management was key to good economic performance, which is confirmed by our analysis of Latin American countries. Finally, there is also evidence for the sample of 31 emerging markets that high terms of trade had a positive impact on resilience.</description><subject>Analysis</subject><subject>Asians</subject><subject>Capital Markets</subject><subject>Commodities</subject><subject>Credit</subject><subject>Developing countries</subject><subject>E58</subject><subject>E63</subject><subject>Econometrics</subject><subject>Economic aspects</subject><subject>Economic conditions</subject><subject>Economic crisis</subject><subject>Economic development</subject><subject>Economic growth</subject><subject>Economic indicators</subject><subject>Economic Policy</subject><subject>Economics</subject><subject>Economics and Finance</subject><subject>Emerging markets</subject><subject>Finance</subject><subject>Fixed exchange rates</subject><subject>Foreign exchange</subject><subject>Foreign exchange markets</subject><subject>Foreign exchange rates</subject><subject>GDP</subject><subject>Gross Domestic Product</subject><subject>Growth</subject><subject>Inflation</subject><subject>International Economics</subject><subject>International finance</subject><subject>Latin America</subject><subject>LDCs</subject><subject>Macroeconomics</subject><subject>Macroeconomics/Monetary Economics//Financial Economics</subject><subject>Management</subject><subject>Market economies</subject><subject>Monetary policy</subject><subject>Prices</subject><subject>Prices and rates</subject><subject>Recessions</subject><subject>Studies</subject><issn>2041-4161</issn><issn>2041-417X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2014</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><sourceid>ALSLI</sourceid><sourceid>DPSOV</sourceid><sourceid>M0C</sourceid><sourceid>M2L</sourceid><recordid>eNp1kkGL1DAUx4souKx79CgUvHiwY9OkaXocZt1RGNCDC95Cmr50MrTJmJe6-Bn80qa7so4yJpC8vPz-_zzCy7KXpFyRsm7e2clAWFUlYauKPckuqpKRgpHm69PHmJPn2RXioUyDtq1om4vs563rIWBUrrduyK-tSTbgNGBuXb4N_i7u888QjA-TSuklu1MxresJgtUqT8r8Gr7D6I-Lw8bPLgab9B3EOwCXxz3ka7TK3aPLaTv6To35jXXJ0qZoEywCvsieGTUiXP3eL7Pbm_dfNh-K3aftx816V2hesliIrm37uhaKckK1NlQI0nTUtDWrqe6brqmVMLxjirWCc24E7winlBra1pwwepm9efA9Bv9tBoxysqhhHJUDP6MkDSc8gUwk9PU_6MHPwaXqJOGs5LyqxQk1qBGkdcbHoPRiKte0bQQltFqeLc5QAzgIavQOjE3pv_jVGT7NHiarzwrengi6Ga0DTAvaYR9xUDPi2Xp08IgBjDwGO6nwQ5JSLj0l73tKLj0lT-vBxLkh3fz5i_8IXj0IDhh9eHRntEo1tCX9BY641oY</recordid><startdate>20141101</startdate><enddate>20141101</enddate><creator>ALVAREZ, ROBERTO</creator><creator>DE GREGORIO, JOSÉ</creator><general>Palgrave Macmillan</general><general>Palgrave Macmillan UK</general><general>Palgrave Macmillan Ltd. (Springer)</general><scope>AAYXX</scope><scope>CITATION</scope><scope>N95</scope><scope>XI7</scope><scope>0-V</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7TQ</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>885</scope><scope>8AO</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ALSLI</scope><scope>ANIOZ</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DHY</scope><scope>DON</scope><scope>DPSOV</scope><scope>DWQXO</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>K60</scope><scope>K6~</scope><scope>KC-</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M1F</scope><scope>M2L</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20141101</creationdate><title>Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises</title><author>ALVAREZ, ROBERTO ; DE GREGORIO, JOSÉ</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2014</creationdate><topic>Analysis</topic><topic>Asians</topic><topic>Capital Markets</topic><topic>Commodities</topic><topic>Credit</topic><topic>Developing countries</topic><topic>E58</topic><topic>E63</topic><topic>Econometrics</topic><topic>Economic aspects</topic><topic>Economic conditions</topic><topic>Economic crisis</topic><topic>Economic development</topic><topic>Economic growth</topic><topic>Economic indicators</topic><topic>Economic Policy</topic><topic>Economics</topic><topic>Economics and Finance</topic><topic>Emerging markets</topic><topic>Finance</topic><topic>Fixed exchange rates</topic><topic>Foreign exchange</topic><topic>Foreign exchange markets</topic><topic>Foreign exchange rates</topic><topic>GDP</topic><topic>Gross Domestic Product</topic><topic>Growth</topic><topic>Inflation</topic><topic>International Economics</topic><topic>International finance</topic><topic>Latin America</topic><topic>LDCs</topic><topic>Macroeconomics</topic><topic>Macroeconomics/Monetary Economics//Financial Economics</topic><topic>Management</topic><topic>Market economies</topic><topic>Monetary policy</topic><topic>Prices</topic><topic>Prices and rates</topic><topic>Recessions</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>ALVAREZ, ROBERTO</creatorcontrib><creatorcontrib>DE GREGORIO, JOSÉ</creatorcontrib><collection>CrossRef</collection><collection>Gale Business Insights</collection><collection>Business Insights: Essentials</collection><collection>ProQuest Social Sciences Premium Collection【Remote access available】</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>PAIS Index</collection><collection>ProQuest_ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>Social Science Premium Collection (Proquest) (PQ_SDU_P3)</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>Politics Collection</collection><collection>ProQuest Central Korea</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ProQuest Politics Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>Political Science Database (Proquest)</collection><collection>ProQuest research library</collection><collection>Research Library (Corporate)</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>IMF economic review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>ALVAREZ, ROBERTO</au><au>DE GREGORIO, JOSÉ</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises</atitle><jtitle>IMF economic review</jtitle><stitle>IMF Econ Rev</stitle><date>2014-11-01</date><risdate>2014</risdate><volume>62</volume><issue>4</issue><spage>494</spage><epage>525</epage><pages>494-525</pages><issn>2041-4161</issn><eissn>2041-417X</eissn><abstract>Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? This paper compares growth during the Asian and global financial crises. It finds that a looser monetary policy played an important role in mitigating crisis. It also finds that higher private credit, more financial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Better macroeconomic management was key to good economic performance, which is confirmed by our analysis of Latin American countries. Finally, there is also evidence for the sample of 31 emerging markets that high terms of trade had a positive impact on resilience.</abstract><cop>London</cop><pub>Palgrave Macmillan</pub><doi>10.1057/imfer.2014.24</doi><tpages>32</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 2041-4161 |
| ispartof | IMF economic review, 2014-11, Vol.62 (4), p.494-525 |
| issn | 2041-4161 2041-417X |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1761661448 |
| source | EconLit s plnými texty; ABI/INFORM Global; Politics Collection; Springer Nature; Social Science Premium Collection (Proquest) (PQ_SDU_P3); PAIS Index; JSTOR Archival Journals |
| subjects | Analysis Asians Capital Markets Commodities Credit Developing countries E58 E63 Econometrics Economic aspects Economic conditions Economic crisis Economic development Economic growth Economic indicators Economic Policy Economics Economics and Finance Emerging markets Finance Fixed exchange rates Foreign exchange Foreign exchange markets Foreign exchange rates GDP Gross Domestic Product Growth Inflation International Economics International finance Latin America LDCs Macroeconomics Macroeconomics/Monetary Economics//Financial Economics Management Market economies Monetary policy Prices Prices and rates Recessions Studies |
| title | Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises |
| url | http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-14T09%3A42%3A43IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-gale_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Understanding%20Differences%20in%20Growth%20Performance%20in%20Latin%20America%20and%20Developing%20Countries%20between%20the%20Asian%20and%20the%20Global%20Financial%20Crises&rft.jtitle=IMF%20economic%20review&rft.au=ALVAREZ,%20ROBERTO&rft.date=2014-11-01&rft.volume=62&rft.issue=4&rft.spage=494&rft.epage=525&rft.pages=494-525&rft.issn=2041-4161&rft.eissn=2041-417X&rft_id=info:doi/10.1057/imfer.2014.24&rft_dat=%3Cgale_proqu%3EA397831324%3C/gale_proqu%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c604t-8b99d558a3613ccf38817b3f95453cd7b75a8f6b4a498666f86b16333f3956143%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=1640662588&rft_id=info:pmid/&rft_galeid=A397831324&rft_jstor_id=43297890&rfr_iscdi=true |