The Great Recession: Divide between Integrated and Less Integrated Countries Guillermo Hausmann-Guil University of Virginia Eric van Wincoop University of Virginia Gang Zhang University of Virginia Paper presented at the 15th Jacques Polak Annual Research Conference Hosted by the International Monetary Fund Washington, DC─November 13–14, 2014 The views expressed in this paper are those of the author(s) only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the paper. 15 TH J ACQUES P OLAK A NNUAL R ESEARCH C ONFERENCE N OVEMBER 13–14,2014