Detail práce

Financial Stress Transmission from Developed to Emerging Countries

Autor: Mgr. Nicolae Gavrilenco
Rok: 2013 - zimní
Vedoucí: prof. Roman Horváth Ph.D.
Typ práce: Diplomová
Jazyk: Anglicky
Stránky: 65
Abstrakt: In this research we have analyzed the financial system as it is today, describing the implications
financial innovation had and the impact of the recent financial crisis. We tried to understand the
nature of the financial stress and its measures. In the context of world financial integration it was
also necessary to have a review upon the financial stress transmission channels from developed to
emerging countries, determining the linkages and their measures. We employed a structural VAR
model to determine whether there is empirical proof of financial Stress transmission from developed
to emerging countries and see if financial integration represents the decisive factor in financial stress
transmission. Our results suggest that there is a significant impact of financial stress in developed
countries on the output of emerging ones. However we can observe an increasing influence of
country-specific factors in explaining the variation in the rest of the variable of our model. The
results also indicate the level of international financial integration being an important condition for
the financial stress transmission.
Ke stažení: DP Gavrilenco


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