Unexpected Outcomes

How Emerging Economies Survived the Global Financial Crisis

Nonfiction, Social & Cultural Studies, Political Science, International, Foreign Legal Systems, Politics, Economic Conditions, Social Science
Cover of the book Unexpected Outcomes by , Brookings Institution Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: ISBN: 9780815724773
Publisher: Brookings Institution Press Publication: March 10, 2015
Imprint: Brookings Institution Press Language: English
Author:
ISBN: 9780815724773
Publisher: Brookings Institution Press
Publication: March 10, 2015
Imprint: Brookings Institution Press
Language: English

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why?

This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis.

The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why?

This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis.

The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

More books from Brookings Institution Press

Cover of the book The Governor's Solution by
Cover of the book Mr. Putin by
Cover of the book To the Edge by
Cover of the book Circus Maximus by
Cover of the book Bending History by
Cover of the book Generation Unbound by
Cover of the book Turkey and Transatlantic Relations by
Cover of the book Confronting the Weakest Link by
Cover of the book Digital Schools by
Cover of the book Agents of Change by
Cover of the book Healing the Wounded Giant by
Cover of the book Reflections on Progress by
Cover of the book Affordable Excellence by
Cover of the book Pakistan by
Cover of the book Deadly Embrace by
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy