The Spillover Effects of the Global Crisis on Economic Activity in Mena Emerging Market Countries-An Analysis Using the Financial Stress Index

21 Pages Posted: 18 Jan 2010

See all articles by Kenji Moriyama

Kenji Moriyama

International Monetary Fund (IMF)

Date Written: Janurary 2010

Abstract

The estimated spillover of the global crisis to emerging market (EM) economies in the Middle East and North Africa (MENA) indicates that nearly two-thirds of the increased financial stress in MENA EM countries after the Lehman shock is attributable to direct or indirect spillovers of financial stress in advanced economies. Moreover, the estimated models suggest that the increased financial stress and slowdown in economic activity in advanced economies can explain about half of the drop in real GDP growth in MENA EM countries after the Lehman shock.

Keywords: Cross country analysis, Economic growth, Economic models, Emerging markets, Financial crisis, Fiscal policy, Global Financial Crisis 2008-2009, Middle East, Monetary policy, North Africa, Regional shocks, Spillovers

Suggested Citation

Moriyama, Kenji, The Spillover Effects of the Global Crisis on Economic Activity in Mena Emerging Market Countries-An Analysis Using the Financial Stress Index (Janurary 2010). IMF Working Paper No. 10/8, Available at SSRN: https://ssrn.com/abstract=1537517

Kenji Moriyama (Contact Author)

International Monetary Fund (IMF) ( email )

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