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Playing with FireDeepened Financial Integration and Changing Vulnerabilities of the Global South$
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Yilmaz Akyüz

Print publication date: 2017

Print ISBN-13: 9780198797173

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/oso/9780198797173.001.0001

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Spillovers to the Global South

Spillovers to the Global South

(p.59) 2 Spillovers to the Global South
Playing with Fire

Yilmaz Akyüz

Oxford University Press

The crisis demolished the myth that EDEs were decoupled from advanced economies and BRICS were becoming new engines of global growth. From 2011 onwards, with the end of the twin booms in commodity prices and capital inflows, growth in EDEs has converged downward towards the depressed levels of advanced economies from the very high levels achieved in the run-up to the global crisis and the immediate aftermath. Loss of momentum is particularly visible in economies that failed to manage the earlier booms prudently. In examining the spillovers from policies in major advanced economies and China to EDEs, the chapter introduces the notion of commodity-finance nexus wherein these markets reinforce each other during both expansions and contractions. The chapter concludes with a brief discussion of policies needed to put the world economy into decent shape and to avoid liquidity and debt crises in EDEs.

Keywords:   decoupling, convergence, commodity prices, financial spillovers, commodity-finance nexus

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