Global Economic Crisis
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Global Economic Crisis

Impacts, Transmission and Recovery

Edited by Maurice Obstfeld, Dongchul Cho and Andrew Mason

The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of financial markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies?
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Chapter 4: International Financial Markets and Transmission of the Crisis: Determinants of Exchange Market Pressure and Absorption by International Reserves

Joshua Aizenman and Michael M. Hutchison

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4. International financial markets and transmission of the crisis: determinants of exchange market pressure and absorption by international reserves Joshua Aizenman and Michael M. Hutchison INTRODUCTION This chapter evaluates how the global financ...

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