Arbeitspapier
A contagion through exposure to foreign banks during the global financial crisis
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: ADB Economics Working Paper Series ; No. 516
- Classification
-
Wirtschaft
Financial Markets and the Macroeconomy
Economic Integration
International Investment; Long-term Capital Movements
International Lending and Debt Problems
International Financial Policy: Financial Transactions Tax; Capital Controls
International Policy Coordination and Transmission
Economic Impacts of Globalization: Macroeconomic Impacts
- Subject
-
capital outflows
contagion
direct/indirect exposures
global financial crisis
interconnectedness
- Event
-
Geistige Schöpfung
- (who)
-
Park, Cyn-young
Shin, Kwanho
- Event
-
Veröffentlichung
- (who)
-
Asian Development Bank (ADB)
- (where)
-
Manila
- (when)
-
2017
- DOI
-
doi:10.22617/WPS178929-2
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Park, Cyn-young
- Shin, Kwanho
- Asian Development Bank (ADB)
Time of origin
- 2017
Other Objects (12)
Exposure to international crises: trade vs. financial contagion
Financial contagion and the European debt crisis
Financial market contagion in the Asian crisis
Preventing Crisis and Contagion: Fiscal and Financial Dimensions
Contagion effect of financial crisis on OECD stock markets
Contagion effect of financial crisis on OECD stock markets
Globalization and Financial Market Contagion: Evidence from Financial Crisis and Natural Disasters
Globalization, financial crisis and contagion: time-dynamic evidence from financial markets of developing countries
Foreign currency exposure and the financial channel of exchange rates
Contagion pattern identification through minimum spanning trees during the Asian financial crisis
Mandatory disclosure and financial contagion
Credit contagion between financial systems
Exposure to international crises: trade vs. financial contagion
Financial contagion and the European debt crisis
Financial market contagion in the Asian crisis
Preventing Crisis and Contagion: Fiscal and Financial Dimensions
Contagion effect of financial crisis on OECD stock markets
Contagion effect of financial crisis on OECD stock markets
Globalization and Financial Market Contagion: Evidence from Financial Crisis and Natural Disasters
Globalization, financial crisis and contagion: time-dynamic evidence from financial markets of developing countries
Foreign currency exposure and the financial channel of exchange rates
Contagion pattern identification through minimum spanning trees during the Asian financial crisis
Mandatory disclosure and financial contagion
Credit contagion between financial systems
Exposure to international crises: trade vs. financial contagion
Financial contagion and the European debt crisis
Financial market contagion in the Asian crisis
Preventing Crisis and Contagion: Fiscal and Financial Dimensions
Contagion effect of financial crisis on OECD stock markets
Contagion effect of financial crisis on OECD stock markets
Globalization and Financial Market Contagion: Evidence from Financial Crisis and Natural Disasters
Globalization, financial crisis and contagion: time-dynamic evidence from financial markets of developing countries
Foreign currency exposure and the financial channel of exchange rates
Contagion pattern identification through minimum spanning trees during the Asian financial crisis
Mandatory disclosure and financial contagion