Amini, C;
Dal Bianco, S;
Signorelli, M;
(2017)
The Impact of the Global Financial Crisis and the Role of External and Internal Factors in Emerging Economies.
Emerging Markets Finance and Trade
, 53
(2)
pp. 229-249.
10.1080/1540496X.2016.1216840.
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Abstract
This article assesses the impact of trade, capital openness and institutions on emerging economies’ output loss during the “Great Recession.” The fixed-effect estimates of an unbalanced panel of 122 emerging countries observed from 2008 to 2010 yield three main results. First, trade openness has exacerbated output loss. Second, capital openness can help mitigate the negative impact of an external shock, but this is conditional on the level of financial development. Finally, the results also point out that the interrelations between financial and institutional development affect the crisis’s severity.
| Type: | Article |
|---|---|
| Title: | The Impact of the Global Financial Crisis and the Role of External and Internal Factors in Emerging Economies |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/1540496X.2016.1216840 |
| Publisher version: | https://doi.org/10.1080/1540496X.2016.1216840 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Emerging economies, financial institutions and governance, global financial crises, trade and capital openness |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10043843 |
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