02200cas a2200253 a 4500 AALejournalIMF012025 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505368 1018-5941 BD-DhAAL BD-DhAAL Adler, Gustavo. Riding Global Financial Waves : The Economic Impact of Global Financial Shocks on Emerging Market Economies / Gustavo Adler, Camilo Tovar Mora. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (26 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 Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping to increase their resiliency to these shocks. Against a backdrop of these opposing forces, are these economies more vulnerable to global financial shocks today than in the past? Have better fundamentals offset increasing financial integration? If so, what fundamentals matter most? We address these questions by examining the role of these two forces over the past two decades in amplifying or buffering the economic impact of these shocks. Our findings show that EMEs, with the exception of Emerging Europe, have become less vulnerable. Exchange rate flexibility and external sustainability are key determinants of the impact of these shocks, while the extent to which deeper financial integration is a source of vulnerability depends on the exchange rate regime. Mode of access: Internet Tovar Mora, Camilo. IMF Working Papers; Working Paper ; No. 2012/188 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/188/001.2012.issue-188-en.xml IMF e-Library