Date of Award

1-1-2016

Language

English

Document Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

College/School/Department

Department of Economics

Content Description

1 online resource (iii, 85 pages) : illustrations (some color)

Dissertation/Thesis Chair

Betty C Daniel

Committee Members

Yue Li, Byoung G Park

Keywords

financial crisis, fiscal multiplier, fiscal policy, fiscal stimulus, panel VAR, VAR, Financial crises, Global Financial Crisis, 2008-2009, Fiscal policy

Subject Categories

Economics

Abstract

In the first chapter, I show that external openness factors and valuation effects are significant to explain the diverse impact of the Global Financial Crisis across countries. Unlike previous crises in the late 20th century, most developing country groups performed better than advanced countries during the GFC. I find that countries with higher trade and financial openness are more seriously damaged from the external shock during the GFC. Moreover, significant differences in the composition of countries’ external portfolio contribute to the variety of the crisis impact. Emerging countries which have short position in equity and long position in bond are significantly less damaged. These results explain why open and integrated advanced economies were more susceptible to external shocks during the Global Financial Crisis.

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