02138cas a2200253 a 4500 AALejournalIMF014706 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498335836 1018-5941 BD-DhAAL BD-DhAAL Fayad, Ghada. Growth Surprises and Synchronized Slowdowns in Emerging Markets : An Empirical Investigation / Ghada Fayad, Roberto Perrelli. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (24 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 Output growth has slowed in several emerging markets since 2011-a remarkable feature for a non-crisis period in EMs. Such synchronized slowdowns were largely unanticipated by scholars and forecasters alike. In this paper we attempt to shed light on the main drivers of growth surprises and synchronized slowdowns in emerging markets post-global financial crisis. We find that lower trading partner demand was a key external factor in explaining these events during 2011-13, and that changes in external financing conditions have yet to play a role in EMs' growth. On the domestic front, the withdrawal of the fiscal stimulus put in place right after the Lehman collapse is a relevant aspect in these episodes, compounding the effect of the weaker external demand. Idiosyncratic factors, such as structural bottlenecks with the potential to impair growth in a more lasting fashion, also seem to partly explain these events, as reflected in the larger residuals found in regression-based estimates for certain countries. Mode of access: Internet Perrelli, Roberto. IMF Working Papers; Working Paper ; No. 2014/173 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/173/001.2014.issue-173-en.xml IMF e-Library