The financial systems in emerging market economies during the 2008-09 global financial crisis performed much better than in previous crisis episodes, albeit with significant differences across regions. For example, real credit growth in Asia and Latin America was less affected than in Central...

The financial systems in emerging market economies (EMEs) during the 2008-09 global financial crisis performed much better than in previous crisis episodes, albeit with significant differences across regions. For example, real credit growth in Asia and Latin America was less affected than in...

We study the link between financial conditions and uncertainty in emerging markets using a Bayesian Threshold-VAR with stochastic volatility. In the model, uncertainty is measured as the time-varying volatility of the shocks. The macroeconomic effects of uncertainty shocks are contingent on...