Differential impact: why some countries were hit harder than others during the crisis.

Abstract

The author began with a brief description on how the global financial crisis spread into many advanced, emerging and developing economies through various channels. They slressed that the crisis spread to advanced and emerging economies mainly through financial linkages and to developing economies through trade linkages. Consequently, most economies were flung into recession with its attendant effect of job losses. However, the world economies felt the impact in varying degree.