Munich Personal RePEc Archive

The financial crisis: impact on BRIC and policy response

Banerjee, Ritwik and Vashisht, Pankaj (2010): The financial crisis: impact on BRIC and policy response. Published in: Revista Tempo Do Mundo , Vol. 2, No. 2 (2010): pp. 57-80.

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Abstract

The paper looks at the transmission channels by which the financial crisis affected the four emerging economies- Brazil, Russia, India and China, the degree and extent of the impact of the crisis, the subsequent policy interventions which enabled recovery and an assessment of how successful recovery has been in these economies. We conclude by noting that in the long term global recovery will necessitate a rebalancing of the world economy which in turn means that the hub of global consumption has to shift from the west to the global south, particularly to BRICs.

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