Küresel finansal krizin etkisine yeniden bakış: Finansal ve ticari bağlantılar

We investigate the main determinants of growth performance of emerging market and developing economies during the global financial crisis of 2008-2009. We consider financial and trade channels with a focus on the former. Our results suggest that pre-crisis levels of reserves, short-term debt, credit growth, financial depth, current account deficits, de jure and de facto financial openness, trade openness and the shares of manufacturing and services in GDP are all significant with theory-consistent expected signs in explaining the growth collapse. We further find that the impacts of the financial channel variables vary with the prevailing de facto exchange rate regimes.