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    A Contagion through Exposure to Foreign Banks during the Global Financial Crisis

    Park, Cyn-Young; Shin, Kwanho | July 2017
    Abstract
    Although the global financial crisis of 2008 took root in the advanced countries, its shocks spread through the emerging economies, reflecting the increasingly interconnected global financial system. This paper develops an empirical methodology to test the contagion effect at the country level using bilateral data on bank claims between countries. It measures the direct and indirect exposures of emerging economies to crisis countries and tests whether these matter for capital outflows from emerging economies. The paper measures these exposures to the crisis-affected countries by using bilateral foreign claims sourced from Bank for International Settlements (i) consolidated banking statistics foreign claims on immediate counterparty and ultimate risk bases and (ii) locational banking statistics cross-border total claims. Findings show that emerging market economies more exposed directly or indirectly to banks in the crisis-affected countries suffered more capital outflows during the global financial crisis.
    Citation
    Park, Cyn-Young; Shin, Kwanho. 2017. A Contagion through Exposure to Foreign Banks during the Global Financial Crisis. © Asian Development Bank. http://hdl.handle.net/11540/7388. License: CC BY 3.0 IGO.
    ISSN
    2313-6537 (Print)
    2313-6545 (e-ISSN)
    Keywords
    Crisis
    Unemployment
    Economic cooperation
    Gross domestic product
    Employment
    Economic forecast
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Economic Crisis
    Economic Efficiency
    Economic Policies
    Regional Economic Development
    Job Evaluation
    Evaluation
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Economic Welfare
    Economic Incentives
    Financial crisis
    Labor economics
    Regional economics
    Turnover
    Economic survey
    Job analysis
    Labor turnover
    International relief
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/7388
    Metadata
    Show full item record
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    ewp-516.pdf (853.7Kb)
    Author
    Park, Cyn-Young
    Shin, Kwanho
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise