Crisis Transmission: Global Financial Crisis
نویسنده
چکیده
The aim of this paper is to explore, empirically, the channels of crisis transmission with regard to the Global financial crisis. EMP-based crisis proxy is used for eight countries, which include Argentina, Brazil, Canada, Indonesia, Japan, Korea, Mexico and Russia. The period considered for estimation was Q1 2001 Q2 2010. Based on the Vector AutoRegression (VAR) and Ordinary Least Squares (OLS) specification, it is concluded that the competitive devaluation effect did not play significant role in the transmission of the present crisis. Wake-up call and Cash-in effects were the major contributing transmission channels for Global financial crisis. Indonesia, Japan and Russia showed signs of wake-up call effect, whereas Brazil and Japan recorded cash-in effect.
منابع مشابه
Effect of Global Financial Crisis on International Trade in Developed and Developing Countries
The recent global crisis, as a big crash ( Baldwin and Simon , 2009), has reduced foreign demand growth affecting total countriesâ exports. Given the importance of foreign trade to nations and the reality that recent crisis has affected international trade we study the effects of the global financial crisis on trade relations between countries by using Ma and Cheng (2003) approach and by appl...
متن کاملInvestigating the Effect of Financial Distress on Tax Avoidance during the Global Financial Crisis in Companies Listed on Tehran Stock Exchange
Due to the integration and interrelatedness of the global economy in recent decades, the onset of financial crisis from the U.S. economy and its diffusion to the other global economies has led to the most important events and global financial crisis at the beginning of the third millennium. This investigation aims to examine the impact of financial distress on tax avoidance of the listed compan...
متن کاملCamelia Minoiu (international Monetary Fund) Crisis Transmission in the Global Banking Network
In the wake of the global financial crisis much attention has been devoted to the role of complexity of bank linkages in the transmission of shocks. We shed light on this issue using a rich dataset on international syndicated bank lending matched with bank financial information. To study how financial crises spread through the global banking network, we distinguish among channels such as banks'...
متن کاملFinancial Crisis and Steel Trade Integration in Asia and Pacific: A Static and Dynamic Analysis
The objective of this paper is to explore the effect of financial crisis on trade flows of steel industries in the major Asian-Pacific steel producing countries. Using a static and dynamic panel data analysis, we test the hypothesis that the global financial crisis has a negative effect on Asia-Pacific bilateral steel trade flows. We also examine the role of regional trade integration in bilate...
متن کاملHow International Financial Crisis Affects Industries in Beijing, Capital City of China
Beijingâs industrial structure is service-oriented with a high degree of economic openness, and GDP has maintained rapid growth. This paper analyzes the international financial crisis and the impact of Chinaâs anti-crisis policies on Beijingâs economic development as well as its transmission mechanism. Impact Index (excluding seasonal factors) and ARMA Model are employed in the empirical...
متن کامل