Banco Central de Reserva del Perú Banco Central de Reserva del Perú Investigación Económica y Financiera
ES

Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?

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December 2012

Language: Spanish

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Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?

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JEL Classification

  • E50
  • F30
  • G01
  • G15

Abstract

In contrast to the past, many emerging economies weathered the 2008–2009 global financial crisis with the credibility and capacity needed to implement countercyclical policies. This enabled them to better cope with the global downturn and thus perform similarly to developed countries. This study documents the policy responses and discusses other factors that allowed these countries to partially absorb negative external shocks. In particular, it examines (i) monetary and exchange rate policies, (ii) fiscal policies, and (iii) domestic and external financial positions. (Audio: Department of Economic Publications)