A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)

The aim of this article is to track the impact of the COVID-19 pandemic crisis on EMDEs focusing on the performance of their Balance of Payments (BOPs). EMDEs are facing simultaneous hits in their BOPs as they try to cope with the domestic impact of the COVID-19 pandemic. Those impacts call for a re...

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Autores: Bortz, Pablo Gabriel, Michelena, Leandro Gabriel Ceferino, Toledo, Fernando Cesar
Formato: artículo
Estado:Versión publicada
Fecha de publicación:2021
País:Argentina
Recursos:Consejo Nacional de Investigaciones Científicas y Técnicas
Repositorio:CONICET Digital (CONICET)
Idioma:inglés
OAI Identifier:oai:ri.conicet.gov.ar:11336/135206
Acesso em linha:http://hdl.handle.net/11336/135206
Access Level:acceso abierto
Palavra-chave:Balance of payments transmission channels
EMDEs
Keynesian analysis
COVID-19
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
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spelling A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)Bortz, Pablo GabrielMichelena, Leandro Gabriel CeferinoToledo, Fernando CesarBalance of payments transmission channelsEMDEsKeynesian analysisCOVID-19https://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5The aim of this article is to track the impact of the COVID-19 pandemic crisis on EMDEs focusing on the performance of their Balance of Payments (BOPs). EMDEs are facing simultaneous hits in their BOPs as they try to cope with the domestic impact of the COVID-19 pandemic. Those impacts call for a rethinking of some aspects of the Keynesian Approach to BOPs while strengthening the view of international financial markets as hierarchical and volatile institutions. The external impacts can be summarized in four channels: (i) The unprecedented capital flight which has led to depreciation, scarcity of hard currency, debt problems and rising spreads in domestic currency; (ii) the fall in commodity prices, a major component of the export basket in most EMDEs; (iii) the contraction in global aggregate demand and supply, which together with lower commodity prices lead to reduced export earnings; and (iv) the decrease in remittances, a major supply of hard currency in several EMDEs and Low-Income Countries (LICs). The concomitant impact of these “storms” has limited the capabilities and efficiency of governments to adopt fiscal and monetary stimulus packages and to respond to the sanitary requirements. Government reactions are also clogged by the large weight of the informal sector in EMDEs.Fil: Bortz, Pablo Gabriel. Universidad Nacional de San Martín. Instituto de Altos Estudios Sociales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Michelena, Leandro Gabriel Ceferino. Universidad de Buenos Aires. Facultad de Ciencias Económicas; ArgentinaFil: Toledo, Fernando Cesar. Universidad Nacional de La Plata. Facultad de Ciencias Económicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaTaylor & Francis2021-01-21info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/135206Bortz, Pablo Gabriel; Michelena, Leandro Gabriel Ceferino; Toledo, Fernando Cesar; A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs); Taylor & Francis; International Journal of Political Economy; 49; 4; 21-1-2021; 318-3351558-0970CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://www.tandfonline.com/doi/full/10.1080/08911916.2020.1857586info:eu-repo/semantics/altIdentifier/doi/10.1080/08911916.2020.1857586info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2024-05-08T14:29:14Zoai:ri.conicet.gov.ar:11336/135206instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982024-05-08 14:29:15.179CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
title A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
spellingShingle A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
Bortz, Pablo Gabriel
Balance of payments transmission channels
EMDEs
Keynesian analysis
COVID-19
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
title_short A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
title_full A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
title_fullStr A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
title_full_unstemmed A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
title_sort A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs)
dc.creator.none.fl_str_mv Bortz, Pablo Gabriel
Michelena, Leandro Gabriel Ceferino
Toledo, Fernando Cesar
author Bortz, Pablo Gabriel
author_facet Bortz, Pablo Gabriel
Michelena, Leandro Gabriel Ceferino
Toledo, Fernando Cesar
author_role author
author2 Michelena, Leandro Gabriel Ceferino
Toledo, Fernando Cesar
author2_role author
author
dc.subject.none.fl_str_mv Balance of payments transmission channels
EMDEs
Keynesian analysis
COVID-19
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
topic Balance of payments transmission channels
EMDEs
Keynesian analysis
COVID-19
https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
description The aim of this article is to track the impact of the COVID-19 pandemic crisis on EMDEs focusing on the performance of their Balance of Payments (BOPs). EMDEs are facing simultaneous hits in their BOPs as they try to cope with the domestic impact of the COVID-19 pandemic. Those impacts call for a rethinking of some aspects of the Keynesian Approach to BOPs while strengthening the view of international financial markets as hierarchical and volatile institutions. The external impacts can be summarized in four channels: (i) The unprecedented capital flight which has led to depreciation, scarcity of hard currency, debt problems and rising spreads in domestic currency; (ii) the fall in commodity prices, a major component of the export basket in most EMDEs; (iii) the contraction in global aggregate demand and supply, which together with lower commodity prices lead to reduced export earnings; and (iv) the decrease in remittances, a major supply of hard currency in several EMDEs and Low-Income Countries (LICs). The concomitant impact of these “storms” has limited the capabilities and efficiency of governments to adopt fiscal and monetary stimulus packages and to respond to the sanitary requirements. Government reactions are also clogged by the large weight of the informal sector in EMDEs.
publishDate 2021
dc.date.none.fl_str_mv 2021-01-21
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/135206
Bortz, Pablo Gabriel; Michelena, Leandro Gabriel Ceferino; Toledo, Fernando Cesar; A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs); Taylor & Francis; International Journal of Political Economy; 49; 4; 21-1-2021; 318-335
1558-0970
CONICET Digital
CONICET
url http://hdl.handle.net/11336/135206
identifier_str_mv Bortz, Pablo Gabriel; Michelena, Leandro Gabriel Ceferino; Toledo, Fernando Cesar; A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs); Taylor & Francis; International Journal of Political Economy; 49; 4; 21-1-2021; 318-335
1558-0970
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://www.tandfonline.com/doi/full/10.1080/08911916.2020.1857586
info:eu-repo/semantics/altIdentifier/doi/10.1080/08911916.2020.1857586
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
application/pdf
dc.publisher.none.fl_str_mv Taylor & Francis
publisher.none.fl_str_mv Taylor & Francis
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
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score 15,812429

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