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dc.contributor.authorAllegret, Jean Pierre-
dc.identifier.citationAllegret, J. P. (2012). Responses of monetary authorities in emerging economies to international financial crises : what do we really know? European Research Studies Journal, 15(3), 3-32.en_GB
dc.description.abstractThis paper analyses policy options available for emerging economies to cope with the financial crises. A seminal paper on this question has been published by Kaminsky et al. (2005). Their main conclusion was that developing countries exhibit pro-cyclical fiscal and monetary policies, amplifying the destabilizing effects of capital inflows. The global financial crisis of 2008-09 had led to a renewed interest of the analysis concerning economic policies responses in emerging countries to financial crises. A growing number of studies have provided new empirical evidences according to which emerging economies tend to adopt more frequently counter-cyclical policies to face crises. The main purpose of this paper is to survey the literature on policy responses in emerging countries to financial crises. More precisely, we identify what are the main factors explaining the behavior of monetary policy during financial crises. Two main lessons can be drawn. On the one hand, initial conditions matter. In other words, the ability to face financial crises depends on pre-crisis vulnerabilities. On the other hand, the currency mismatch appears as one of the main impediments to conduct countercyclical monetary policies.en_GB
dc.publisherUniversity of Piraeus. International Strategic Management Associationen_GB
dc.subjectGlobal Financial Crisis, 2008-2009en_GB
dc.subjectMonetary policyen_GB
dc.subjectEconomic policyen_GB
dc.subjectEconomic developmenten_GB
dc.titleResponses of monetary authorities in emerging economies to international financial crises : what do we really know?en_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.publication.titleEuropean Research Studies Journalen_GB
Appears in Collections:European Research Studies Journal, Volume 15, Issue 3

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