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We now discuss the behaviour of individual countries and try to analyse how their behaviour after the crisis is related to their behaviour before the crisis. We calculate the average pre-crisis and post-crisis values for the individual countries and see whether the means are significantly the same before and after the crisis (Table 3).

The countries present a mixed picture (Table 4). But by and large, the countries have a higher investment ratio. Only one country, Guatemala, has a significantly lower investment rate; all the other countries who have a significantly different mean have a higher mean. The only African country which has a significantly different export share has a higher share of exports in GDP and an improved CAB. Most of the other countries which show a significantly different export share after the crisis show an increase except for Guatemala and Pakistan. Only three countries have significantly different growth rates: Bolivia has a higher growth rate and Pakistan and South Africa have a lower one. It seems that these large countries have weathered the crisis without a significantly lower growth. Since the overall growth rates of developing countries have fallen, this suggests that the brunt of the adjustment burden has fallen on smaller countries. Also, there is a good relation between export performance and growth rate. Bolivia’s export share increased and its growth rate increased. The two countries in which the growth rate fell also saw a decrease in export share.

Table 3. Preand Post-crisis Behaviour of Indicators

Note: Change is with respect to pre-crisis figures. *indicates significance.

Post crisis only Indonesia has a significantly lower money supply; in the other countries where there was a significant change, the money supply is higher. The interest rate behaves accordingly. While the change in M1 is usually in the same direction as the change in reserves for Asian and African countries, this is not the same in Latin American countries, suggesting significant central bank intervention.

Table 4. Preand Post-crisis Performance

Note: *indicates significance.