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Can emerging markets be a source of global troubles again?

Author

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  • Marek Dabrowski

    (National Research University Higher School of Economics, Moscow, Russia
    CASE–Center for Social and Economic Research, Warsaw, Poland
    Bruegel, Brussels, Belgium)

Abstract

After two turbulent decades (1980s and 1990s) when emerging-market economies were frequent victims of financial crises, in the first two decades of the 21st century their macroeconomic performance improved. Nevertheless, there were three crisis episodes that hit some of these countries: (i) the spill-over effects of the global financial crisis in 2008–2009; (ii) the consequences of the decline in commodity prices in 2014–2016 for their exporters; (iii) the turbulence in Argentina and Turkey in 2018. Currency crises in Argentina and Turkey in 2018 underlined again the key role of prudent domestic policies. Early policy correction can help to prevent a crisis and avoid its economic, social and political costs. If crisis cannot be avoided, the comprehensive anti-crisis package, including up-front monetary and fiscal adjustment, should be adopted as quickly as possible to arrest market panic and reverse negative expectations.

Suggested Citation

  • Marek Dabrowski, 2019. "Can emerging markets be a source of global troubles again?," Russian Journal of Economics, ARPHA Platform, vol. 5(1), pages 67-87, April.
    • Handle: RePEc:arh:jrujec:v:5:y:2019:i:1:p:67-87
    DOI: 10.32609/j.ruje.5.35506
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    Citations

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    Cited by:

    1. Mahmut BAKIR & Şahap AKAN & Kasım KIRACI & Darjan KARABASEVIC & Dragisa STANUJKIC & Gabrijela POPOVIC, 2020. "Multiple-Criteria Approach of the Operational Performance Evaluation in the Airline Industry: Evidence from the Emerging Markets," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 149-172, July.
    2. Marta Domínguez-Jiménez & Niclas Frederic Poitiers, 2020. "An analysis of EU FDI inflow into Russia," Russian Journal of Economics, ARPHA Platform, vol. 6(2), pages 144-161, June.

    More about this item

    Keywords

    emerging markets; financial crisis; currency crisis; crisis prevention; spill-over; contagion;
    All these keywords.

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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