The Impact of the Global Economic and Financial Crisis on Central Eastern and Southeastern Europe (CESEE) and Latin America

55 Pages Posted: 8 Jul 2010

See all articles by Sonsoles Gallego Herrero

Sonsoles Gallego Herrero

Banco de España

Sandor Gardo

Oesterreichische Nationalbank (OeNB)

Reiner Martin

Joint Vienna Insitute; European Central Bank (ECB)

Luis Molina

Banco de España

José María Serena

Bank for International Settlements (BIS)

Date Written: July 7, 2010

Abstract

This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered momentum. They were, however, both strongly affected by the sharp retrenchment in capital inflows and the collapse of global demand that followed the demise of Lehman Brothers in September 2008. Notwithstanding differences in the channels of transmission and the intensity of the propagation, the short-term outcome in 2009 was one of the deepest recessions in decades. As both regions differ in several important respects, the question arises how structural and institutional features as well as policies before and during the crisis have affected the transmission of global events to the two regions under review.

Keywords: Financial crisis, Central, Eastern and Southeastern Europe, Latin America

JEL Classification: F15, F32, G01, G15, G18, H3

Suggested Citation

Gallego Herrero, Sonsoles and Gardo, Sandor and Martin, Reiner and Molina, Luis and Serena, Jose Maria, The Impact of the Global Economic and Financial Crisis on Central Eastern and Southeastern Europe (CESEE) and Latin America (July 7, 2010). Banco de Espana Occasional Paper No. 1002. Available at SSRN: https://ssrn.com/abstract=1635773 or http://dx.doi.org/10.2139/ssrn.1635773

Sonsoles Gallego Herrero (Contact Author)

Banco de España ( email )

Madrid 28014
Spain

Sandor Gardo

Oesterreichische Nationalbank (OeNB) ( email )

Otto-Wagner-Platz 3
1090 Vienna
Austria

Reiner Martin

Joint Vienna Insitute ( email )

Mariahilferstrasse 97
Wien, A-1090
Austria

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Luis Molina

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Jose Maria Serena

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

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