Il Ciclo Finanziario Globale e il Ciclo Economico nei Paesi in Via di Sviluppo.

The aim of the thesis is to disentangle the effect of the international financial vari ables establishing the movements of the global financial markets (or ”Global Financial Cyle”) on the real economy fluctuations in emerging countries (in particular, Latin Amer ica countries). Moreover, the thesis studies the role played by the country spread in transmitting the effect mentioned before. I find the results by using a VAR model with identification of its structural shocks through Cholesky decomposition. As a conclusion, I document the fact that an increase in the global financial risk has an evident negative effect on the real economy in emerging countries, as well as the country spread shock. The country spread transmits the shock of the US interest rate and the VIX to the real economy.