TY  - JOUR
AU  - Dooley,Michael P.
AU  - Hutchison,Michael M.
TI  - Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15120
PY  - 2009
Y2  - June 2009
UR  - http://www.nber.org/papers/w15120
L1  - http://www.nber.org/papers/w15120.pdf
N1  - Author contact info:
Michael P. Dooley
Department of Economics
Engineering II
University of California, Santa Cruz
Santa Cruz, CA 95064
Tel: 831/459 3662
Fax: 831/459-5077
E-Mail: MPD@UCSC.EDU

Michael M. Hutchison
Department of Economics
E2
University of California
Santa Cruz, CA  95064
Tel: 831-459-2600; hutch@.ucsc.edu
E-Mail: hutch@ucsc.edu
AB  - We find that emerging markets appeared to be somewhat insulated from developments in U.S. financial markets from early 2007 to summer 2008. From that point on, however, emerging markets responded very strongly to the deteriorating situation in the U.S. financial system and real economy. Policy measures taken in emerging markets to insulate themselves from global financial developments proved inadequate in the face of the credit crunch and decline in international trade that followed the Lehman bankruptcy in September 2008.
ER  -