TY - BOOK ID - 11264310 TI - Riding global financial waves AU - Adler, Gustavo AU - Tovar Mora, Camilo Ernesto AU - International Monetary Fund. PY - 2012 VL - WP/12/188 SN - 1475566786 1475505361 1475570066 1475574002 9781475566789 9781475505368 9781475574005 9781475505368 9781475574005 9781475570069 PB - [Washington, D.C.] International Monetary Fund DB - UniCat KW - Management KW - Business & Economics KW - Management Styles & Communication KW - Financial risk. KW - Financial crises. KW - Crashes, Financial KW - Crises, Financial KW - Financial crashes KW - Financial panics KW - Panics (Finance) KW - Stock exchange crashes KW - Stock market panics KW - Business risk (Finance) KW - Money risk (Finance) KW - Crises KW - Risk KW - Financial crises KW - Capital movements KW - Foreign exchange administration KW - Econometric models KW - E-books KW - Foreign exchange KW - Capital flight KW - Capital flows KW - Capital inflow KW - Capital outflow KW - Flight of capital KW - Flow of capital KW - Movements of capital KW - Balance of payments KW - International finance KW - Exports and Imports KW - Finance: General KW - Foreign Exchange KW - Financial Markets and the Macroeconomy KW - Financial Aspects of Economic Integration KW - International Business Cycles KW - Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation KW - General Financial Markets: General (includes Measurement and Data) KW - International Investment KW - Long-term Capital Movements KW - International Lending and Debt Problems KW - Finance KW - Currency KW - International economics KW - Financial integration KW - Exchange rate flexibility KW - Emerging and frontier financial markets KW - Foreign assets KW - External debt KW - Financial markets KW - External position KW - Financial services industry KW - Investments, Foreign KW - Debts, External KW - Greece UR - https://www.unicat.be/uniCat?func=search&query=sysid:11264310 AB - Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. ER -