Die weltweite Finanzkrise der Jahre 2007-09 beeinträchtigte die Kreditvergabe in Lateinamerika weniger als frühere Krisen. In diesem Feature werden die wichtigsten makroökonomischen Bedingungen vor der jüngsten Krise ermittelt, die dazu beitrugen, dass das reale Kreditvolumen in...

The study involved extending a dynamic general equilibrium neoKeynesian model by considering preferences that exhibit intertemporal nonhomotheticity. Introducing this feature generates a state-dependent intertemporal elasticity of substitution, which induces asymmetric shifts in aggregate demand...

The 2007–09 global financial crisis disrupted the provision of credit in Latin America less than previous crises. We identify key initial macroeconomic conditions that contributed to the higher resilience of real credit in Latin America during this episode. These relate to economies' capacity...

In this paper we analyse how fiscal policy has affected monetary policy in the emerging market economies (EMEs). We find that most EMEs have pursued countercyclical fiscal and monetary policy over the past decade, with little evidence of fiscal dominance, in contrast to earlier periods. Our...

The financial systems in emerging market economies during the 2008-09 global financial crisis performed much better than in previous crisis episodes, albeit with significant differences across regions. For example, real credit growth in Asia and Latin America was less affected than in Central...