Abstract
Even though the Great Recession has been a global crisis, the performance of emerging market economies has been heterogeneous during the crisis and the recovery. Several emerging economies in Europe were hit more severely than other emerging market economies, and for many emerging European countries the dynamics of output have been more similar to advanced economies.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
A. Abiad, D. Leigh and A. Mody (2009) ‘Financial integration, capital mobility, and income convergence,’ Economic Policy, 24 (April).
P. Antràs and R. J. Caballero (2009) ‘Trade and capital flows: a financial frictions perspective,’ Journal of Political Economy, 117(4), 701–44 (University of Chicago Press).
K. Aoki, G. Benigno and N. Kiyotaki (2007) ‘Capital Flows and Asset Prices’, August, mimeo.
A. Brezigar-Masten, F. Coricelli and I. Masten (2008) ‘Non-linear growth effects of financial development: does financial integration matter?’, Journal of International Money and Finance, 27, 295–313.
G. Calvo (2009) ‘Dumping Russia in 1998 and Lehman Ten Years Later: Triple Time-inconsistency Episodes’, Vox-EU.
G. Calvo (2011) ‘Capital Inflows, Liquidity and Bubbles’, mimeo, Columbia University.
G. Calvo and R. Loo-Kung (2010) ‘US Recovery: A New Phoenix Miracle?’, Vox-EU.
G. Calvo, A. Izquierdo and L. F. MejÃa (2004) ‘On the empirics of sudden stops: the relevance of balance-sheet effects’, Proceedings, Federal Reserve Bank of San Francisco, June.
G. Calvo, A. Izquierdo and E. Talvi (2006) ‘Sudden stops and phoenix miracles in emerging markets,’ American Economic Review, 96 (2), 405–10.
F. Castiglionesi, F. Feriozzi and G. Lorenzoni (2009) ‘Financial Integration, Liquidity and the Depth of Systemic Crises, July, mimeo.
EBRD (2010) ‘Transition Report 2010: Recovery and Reform’, London.
IMF (2010), Regional Economic Outlook: Europe.
M. A. Kose, E. Prasad, K. Rogoff and S. J. Wei (2010) ‘Financial globalization and economic policies’, Handbook of Development Economics, Vol. 5.
P. Martin and H. Rey (2006) ‘Globalization and emerging markets: with or without crash?’, American Economic Review, 96(5), 1631–51, December.
R. Rancière, A. Tornell and A. Vamvakidis (2010) ‘Currency mismatch, systemic risk and growth in emerging Europe’, Economic Policy, 25, 597–658.
R. Rancière, A. Tornell and F. Westermann (2008) ‘Systemic crises and growth’, The Quarterly Journal of Economics, MIT Press, 123(1), 359–406.
R. De Haas, Y. Korniyenko, E. Loukoianova and A. Pivovarsky (2011) ‘Foreign banks during the crisis: sinners or saints’, mimeo.
U. Vogel and A. Winkler (2011) ‘Cross-border flows and foreign banks in the global financial crisis—has eastern Europe been different?’, European Economy Occasional Papers, 75, 112–49.
Editor information
Editors and Affiliations
Copyright information
© 2012 Fabrizio Coricelli
About this chapter
Cite this chapter
Coricelli, F. (2012). Emerging Europe in the Great Recession: Is Europe different?. In: Bracke, T., Martin, R. (eds) From Crisis to Recovery. Palgrave Macmillan, London. https://doi.org/10.1057/9781137034830_6
Download citation
DOI: https://doi.org/10.1057/9781137034830_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-34701-8
Online ISBN: 978-1-137-03483-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)