TITLE

Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises

AUTHOR(S)
Alvarez, Roberto; De Gregorio, José
PUB. DATE
November 2014
SOURCE
IMF Economic Review;Nov2014, Vol. 62 Issue 4, p494
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
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.
ACCESSION #
100160742

 

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