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Unexpected Outcomes: How Emerging Economies Survived The Global Financial Crisis
by Carol Wise /
2015 / English / PDF
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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 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.
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.
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.