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The Fallout from the Financial Crisis (1): Emerging Markets under Stress

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  • Helmut Reisen

    (OECD)

Abstract

The contagion of the global credit crisis from the industrialised countries to the emerging markets has taken some time to develop. Then, in October 2008, it spread rapidly, afflicting all emerging markets, without any distinction or regard to their so-called “fundamentals”. For believers in “decoupling”, the high growth rates, massive foreign exchange (FX) reserves, balanced budgets and rising consumerism in the emerging markets at first reassured investors. It is now clear that the diagnosis of emerging-market policy performance suffered from hyperbole. In the end, all emerging market asset classes were hit: stocks, bonds and currencies.

Suggested Citation

  • Helmut Reisen, 2008. "The Fallout from the Financial Crisis (1): Emerging Markets under Stress," OECD Development Centre Policy Insights 83, OECD Publishing.
    • Handle: RePEc:oec:devaac:83-en
    DOI: 10.1787/228185114075
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    Cited by:

    1. Lili Zhu & Jiawen Yang, 2010. "Psychic Distance in the Eight-year Crisis: An Empirical Study," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 7, Edward Elgar Publishing.
    2. Andrew K. Rose & Mark M. Spiegel, 2010. "Cross‐Country Causes And Consequences Of The 2008 Crisis: International Linkages And American Exposure," Pacific Economic Review, Wiley Blackwell, vol. 15(3), pages 340-363, August.
    3. Ivanka Petkova, 2009. "Attempts of the European Union to Conteina the Financial Crisis," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 119-135.
    4. Wang, Lihong, 2014. "Who moves East Asian stock markets? The role of the 2007–2009 global financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 28(C), pages 182-203.
    5. Rosella Castellano & Luisa Scaccia, 2014. "Can CDS indexes signal future turmoils in the stock market? A Markov switching perspective," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 22(2), pages 285-305, June.

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