Emerging Markets and the Global Financial Crisis
Thu, 03 Dec 2015 09:09:00 GMT
The Business School’s Emerging Markets Research Group (EMERGE) heard Professor Gulcin Ozkan from University of York, speaking about her research titled 'It is not your fault but it is your problem: emerging markets after the global financial crisis'.
Gulcin Ozkan is Professor of Economics at University of York, Department of Economics and Related Studies. The research areas which are of her particular interest are finance and the crisis, macroeconomics, and emerging markets. Emerging markets and development economics are her day-to-day focus as she is the Director of MSc in Development Economics and Emerging Markets.
In her presentation, Professor Ozkan reviewed the issues that have emerged from the already existing models of dealing with crises and emphasized that these models are usually good for explaining crisis triggered in the affected economies. However Professor Ozkan said that the 2007-8 financial crisis required a new model since it was the first which had been financially driven. She pointed out that emerging markets had performed relatively better than their developed market counterparts in the five years following the crisis. Gulcin has presented a model she and Filiz Unsal – now at the IMF – have developed which indicates the drivers for the effects of the 2007 crisis on emerging economies – and for some of the consequences of it.
Professor John Anchor, Director of the Emerging Markets Research Group, says “it was fascinating to hear such an erudite discussion of the macroeconomic pressures facing emerging markets as well as subsequent developments during the post crisis period. This provides a helpful backdrop to the predominantly firm level research which is conducted within our research group.”
