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The Impact of the Global Financial Crisis and the Role of External and Internal Factors in Emerging Economies

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  • Silvia Dal Bianco
  • Chiara Amini
  • Marcello Signorelli

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.

Suggested Citation

  • Silvia Dal Bianco & Chiara Amini & Marcello Signorelli, 2017. "The Impact of the Global Financial Crisis and the Role of External and Internal Factors in Emerging Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(2), pages 229-249, February.
  • Handle: RePEc:mes:emfitr:v:53:y:2017:i:2:p:229-249
    DOI: 10.1080/1540496X.2016.1216840
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    Cited by:

    1. Azzouzi Asmae & Bousselhami Ahmed, 2019. "Impact of the Exchange Rate and Price Volatility on FDI Inflows: Case of Morocco and Turkey," Applied Economics and Finance, Redfame publishing, vol. 6(3), pages 87-104, May.
    2. Zhai, Weiyang, 2020. "Financial structure, capital openness and financial crisis," MPRA Paper 105457, University Library of Munich, Germany.
    3. Silvia Dal Bianco & Nguyen Cong To Loan, 2017. "FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America," IJFS, MDPI, vol. 5(1), pages 1-17, February.
    4. Halit Gonenc & Silviu Ursu, 2018. "The Asset Growth Effect and Investor Protection in Emerging Markets: The Role of the Global Financial Crisis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(3), pages 491-507, February.
    5. Si, Deng-Kui & Li, Xiao-Lin & Huang, Shoujun, 2021. "Financial deregulation and operational risks of energy enterprise: The shock of liberalization of bank lending rate in China," Energy Economics, Elsevier, vol. 93(C).

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