This paper describes an analysis of number of emerging countries so as to identify the impact of the subprime crisis on their industrial sector. Using the analysis of multivariate time series, we will try to examine the real impact of the crisis on the industrial sector in five emerging countries through five channels: the interest rate channel, the wealth impact channel, the bank lending channel, the shock and uncertainty channel and the trade channel, over the period 2002-2011. According to the estimates of the SVAR model, our key results indicate that emerging countries are expected to take political and economic measures to alleviate the negative effects of the subprime crisis on their industrial sector. In fact, we can say that our results empirically demonstrate that the financial channel is the most important for the emerging countries.

sub-prime crisis, emerging countries, SVAR, transmission channels