Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling

Yeyati, Eduardo Levy ; Williams, Tomas

关键词: ABSOLUTE VALUE;    ABSOLUTE VALUES;    ADVANCED COUNTRIES;    ADVANCED ECONOMIES;    ANNUAL GROWTH;   

DOI  :  10.1596/1813-9450-5961
RP-ID  :  WPS5961

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The paper documents an intriguingdevelopment in the emerging world in the 2000s: a decouplingfrom the business cycle of advanced countries, combined withthe strengthening of the co-movements in the main emergingmarket assets that predates the synchronized sell-off duringthe crisis. In addition, the paper tests the hypothesis thatfinancial globalization, to the extent that it creates acommon, global investor base for emerging markets, couldlead to a tighter asset correlation despite the weakereconomic ties. While an examination of the impact ofalternative financial globalization proxies does not yieldconclusive results, a closer look at global emerging marketequity and bond funds shows that the latter indeed fosterfinancial recoupling during downturns, reflecting the factthat they trade near their respective benchmarks and respondto withdrawals by liquidating holdings across the board.