TY - BOOK ID - 11277829 TI - The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact AU - Gelos, Gaston. AU - Rennhack, Robert. AU - Walsh, James. AU - Berkmen, Pelin. AU - International Monetary Fund. PY - 2009 SN - 1451918410 1282844679 9786612844676 1451874251 1452773262 1462377955 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Business & Economics KW - Economic Theory KW - Financial crises. KW - Global Financial Crisis, 2008-2009. KW - Global Economic Crisis, 2008-2009 KW - Subprime Mortgage Crisis, 2008-2009 KW - Crashes, Financial KW - Crises, Financial KW - Financial crashes KW - Financial panics KW - Panics (Finance) KW - Stock exchange crashes KW - Stock market panics KW - Financial crises KW - Crises KW - Exports and Imports KW - Finance: General KW - Foreign Exchange KW - Money and Monetary Policy KW - General Financial Markets: General (includes Measurement and Data) KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Trade: General KW - Currency KW - Foreign exchange KW - Finance KW - Monetary economics KW - International economics KW - Emerging and frontier financial markets KW - Exchange rate flexibility KW - Credit KW - Exchange rates KW - Exports KW - Financial services industry UR - https://www.unicat.be/uniCat?func=search&query=sysid:11277829 AB - We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of variables explain a large share of the variation in growth revisions. Countries with more leveraged domestic financial systems and more rapid credit growth tended to suffer larger downward revisions to their growth outlooks. For emerging markets, this financial channel trumps the trade channel. For a broader set of developing countries, however, the trade channel seems to have mattered, with countries exporting more advanced manufacturing goods more affected than those exporting food. Exchange-rate flexibility clearly helped in buffering the impact of the shock. There is also some -weaker-evidence that countries with a stronger fiscal position prior to the crisis were hit less severely. We find little evidence for the importance of other policy variables. ER -