02257cas a2200277 a 4500 AALejournalIMF006173 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451874259 1018-5941 BD-DhAAL BD-DhAAL Gelos, R. The Global Financial Crisis : Explaining Cross-Country Differences in the Output Impact / R. Gelos, Robert Rennhack, James Walsh, Pelin Berkmen. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (19 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Berkmen, Pelin. Rennhack, Robert. Walsh, James. IMF Working Papers; Working Paper ; No. 2009/280 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/280/001.2009.issue-280-en.xml IMF e-Library