Incidência da crise financeira global de 2008-2009 nas economias emergentes: O papel da abertura financeira.

• Autor(a) principal: Mantoan, Caroline Elisabeth Leme
• Data de Publicação: 2018
• Tipo de documento: Trabalho de conclusão de curso
• Idioma: por
• Título da fonte: Repositório Institucional da UFU
• Texto Completo: https://repositorio.ufu.br/handle/123456789/24005
• topic: Abertura Financeira; Economias Emergentes; Crise Financeira Internacional; Financial Openness; Emerging Economies; International Financial Crisis; CNPQ::CIENCIAS SOCIAIS APLICADAS

This paper presents a theoretical and empirical analysis of the role of financial openness in the incidence of the global financial crisis of 2008-2009. The focus is to verify the effect of financial openness on the incidence of the crisis in selected emerging countries, as well as whether the degree of openness of these countries contributed to their experiencing more severe effects of the crisis. Data are used for 31 emerging economies and cross-sectional models are estimated using the Ordinary Least Squares (OLS) method. The results indicate that the greater the supply of domestic credit to the private sector, the larger the deficits in the current account of the balance of payments, the higher the GDP per capita and the greater the degree of trade liberalization, the greater the impact on the average growth of the Real GDP in the previous period and during the crisis. Thus, these variables, which were statistically significant, contributed to a higher incidence of the crisis in the countries of the sample. For financial openness, evidence was found that, as measured by the de jure index, it would be beneficial to emerging countries as to the incidence and severity of the crisis when measured by the de facto index, evidence was found that the greater the financial opening of a country, the more the incidence of the crisis was severe.