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Books > Business & Economics > Economics > Political economy
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Unexpected Outcomes - How Emerging Markets Survived the Global Financial Crisis (Paperback)
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Unexpected Outcomes - How Emerging Markets Survived the Global Financial Crisis (Paperback)
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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 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.
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