The Rising Resilience of Emerging Market and Developing Economies / Abdul Abiad, John Bluedorn, Jaime Guajardo, Petia Topalova.

Format:

Book

Government document

Author/Creator:

Abiad, Abdul.

Contributor:

Bluedorn, John.

Guajardo, Jaime.

Topalova, Petia.

Series:

IMF Working Papers; Working Paper ; No. 2012/300

IMF Working Papers

Language:

English

Subjects (All):

Economic development--Developing countries.

Economic development.

Macroeconomics.

Physical Description:

1 online resource (47 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

Economic performance in many emerging market and developing economies (EMDEs) improved substantially over the past twenty years. The past decade was particularly good—for the first time EMDEs spent more time in expansion and had smaller downturns thanadvanced economies. In this paper we document the history of EMDEs’ resilience over the past sixty years, and investigate what factors have been associated with it. We find that their improved performance in recent years is accounted for by both good policies and a lowerincidence of external and domestic shocks—better policies account for about three-fifths of their improved resilience, while less frequent shocks account for the remainder.

Contents:

Cover; Contents; I. Introduction; Figures; Figure 1. The Strong Performance of Emerging Market and Developing Economies; Figure 2. Diverse Paths of Output; II. Resilience: Some Stylized Facts; A. Resilience Across Time and Regions; Figure 3. Dynamics of Output per Capita following Peaks; Figure 4. Emerging Market and Developing Economy Regions: Dynamics of Output per Capita following Peaks; Figure 5.Emerging Market and Developing Economy Subgroups: Dynamics of Output per Capita following Peaks; Figure 6. Along Which Dimensions Has Emerging Market and Developing Economy Growth Improved?

B. Why Has Resilience Changed? Taking a Look at Steady-state Growth and VariabilityFigure 7. Why Have Emerging Market and Developing Economies Become More Resilient?; Figure 8. Emerging Market and Developing Economies: Effects of Changing the Autoregressive Model Coefficients; Tables; Table 1. Median Coefficients and Interquartile Range; III. What Factors Are Associated with Resilience?; A. What Shocks Tend to End Expansion?; Figure 9. Emerging Market and Developing Economies: Effects of Various Shocks on the Likelihood That an Expansion Will End

B. How are Policies Associated with Resilience?Figure 10. Emerging Market and Developing Economies: Effects of Policies on Expansions Duration and Speed of Recovery; C. How are Structural Characteristics Associated with Resilience?; Figure 11. Emerging Market and Developing Economies: Effects of Structural Characteristics on Expansion Duration and Speed of Recovery; D. Putting it all Together: Multivariate Analysis; Table 2. What Ends Expansions and Recoveries?; IV. Robustness; A. Unobserved Heterogeneity and Omitted Variables; B. Alternative Definitions of Explanatory Variables

Table 3. What Shortens Expansions? Robustness ChecksC. Alternative Definitions of Expansions; D. Alternative Distributional Assumptions; V. Wrapping Up: What has Contributed to Increased Resilience?; Figure 12. Frequency of Various Types of Domestic and External Shocks to Emerging Market and Developing Economies; Figure 13. Policy Frameworks and Policy Space in Emerging Market and Developing Economies; Figure 14. Structural Characteristics of Emerging Market and Developing Economies

Figure 15. Contribution of Shocks, Policies, and Structure to the Length of Expansions in Emerging Market and Developing EconomiesFigure 16. Emerging Market and Developing Economy Regions: Contributions of Shocks, Policies, and Structure to the Length of Expansions; VI. Conclusion; Appendix; I. Data Sources; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475514650

1475514654

9781475518702

1475518706

9781299264748

1299264743

9781475597233

1475597231