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.
Download (1MB) | Preview
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.
|Item Type:||MPRA Paper|
|Original Title:||The financial crisis: impact on BRIC and policy response|
|Keywords:||BRIC; Financial Crisis; Policy Response|
|Subjects:||F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F42 - International Policy Coordination and Transmission
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E60 - General
|Depositing User:||Ritwik Banerjee|
|Date Deposited:||15. May 2012 13:55|
|Last Modified:||12. Feb 2013 11:29|
Alesina, A. and Ardagna, S. “Large Changes in Fiscal Policy: Taxes Versus Spending” NBER Working Paper No. 15438, 2009.
Borensztein,E. and J. De Gregori and J-W. Lee, “How does foreign direct investment affect economic growth?” Journal of International Economics Volume 45, Issue 1, 1 June 1998, Pages 115-135.
Vashisth, P and Rajiv Kumar,“The Global Economic Crisis: Impact on India and Policy Responses” ADBI Working Paper No.164, 2009.
Mohan, Rakesh “Global financial crisis and key risks – impact on India and Asia”, Remarks at the IMF-FSF High-Level Meeting on the Recent Financial Turmoil and Policy Responses, Washington DC, 9 October 2008.
Goldman Sachs BRIC Reports, “Dreaming with BRICs”, Goldman Sachs, 2003.
“Global Financial Stability Report”, IMF, October 2009.
“Global Financial Stability Report”, IMF, April 2010.
“Russian Economic Report” No. 20, World Bank, November 2009.
“Russian Economic Report” No. 21, World Bank, March 2010.
“China Quarterly Update” March 2010.