Macroeconomic and financial stability in emerging-market countries : a symposium created by Enrique G. Mendoza and Tack Yun

During the recent global financial crisis, both advanced and emerging-market economies experienced sharp recessions, that were accompanied in many cases by periods of deep financial instability. Hence, one of the most important questions that emerged in the aftermath of the crisis is how to achieve the reconciliation between macroeconomic stability and financial stability. This question was the main theme of the annual conference of International Economic Journal 2012. The attainment of macroeconomic stability and financial stability in emerging market economies requires a deep understanding of the sources of their business cycles and models that are capable of accounting for key characteristics of their aggregate fluctuations, in particular, the excessive consumption volatilities (relative to output volatilities) and the countercyclical movements of net exports. Moreover, another salient feature of aggregate fluctuations in emerging-market