Journal of Economic Literature - Book Review

Emerging Markets: Resilience and Growth amid Global Turmoil by M. Ayhan Kose and Eswar S. Prasad

Published By: Washington, D.C.: Brookings Institution Press
ISBN: 978-0-8157-0564-2
Date of Publication: 2010

Jing Zhang of University of Michigan reviews "Emerging Markets: Resilience and Growth amid Global Turmoil" by M. Ayhan Kose and Eswar S. Prasad. The EconLit abstract of the reviewed work begins, "Examines changes in the nature of cyclical linkages between advanced economies and emerging market economies in order to analyze the resilience of the latter group to global economic and financial developments. Discusses changes in the world economic order—a roadmap; rising global linkages and international business cycles—what we know; setting the stage; shifting dynamics of global gross domestic product and growth; global trade linkages; global financial linkages; business cycle volatility; comovement of business cycles and financial markets; exploring the sources of business cycle comovement; macroeconomics of recessions and financial crises; emerging markets during the global financial crisis; the good and the ugly—emerging Asia and emerging Europe; and what explains the resilience of emerging markets. Kose is Assistant to the Director in the International Monetary Fund's Research Department. Prasad is Tolani Senior Professor of Trade Policy at Cornell University and New Century Chair in International Economics at the Brookings Institution. Index."

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Jing Zhang of University of Michigan

E32: Business Fluctuations; Cycles
F02: International Economic Order; Economic Integration; Globalization: General
F44: International Business Cycles
G01: Financial Crises
O10: Economic Development: General