A Decade after the Global Recession

A Decade after the Global Recession
Author: M. Ayhan Kose
Publisher: World Bank Publications
Total Pages: 475
Release: 2021-03-19
Genre: Business & Economics
ISBN: 1464815283

This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Fiscal Policy after the Financial Crisis

Fiscal Policy after the Financial Crisis
Author: Alberto Alesina
Publisher: University of Chicago Press
Total Pages: 596
Release: 2013-06-25
Genre: Business & Economics
ISBN: 022601844X

The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

The Global Economic Crisis

The Global Economic Crisis
Author: Larry Allen
Publisher: Reaktion Books
Total Pages: 274
Release: 2013-06-01
Genre: Business & Economics
ISBN: 1780231288

From Greece scrambling to meet Eurozone austerity measures to America’s sluggish job growth, there is every indication that the world has not recovered from the economic implosion of 2008. And for many of us, the details of what led to the recession—and why it has continued—remain murky. Economic historian Larry Allen clears up the subject in The Global Economic Crisis, offering an insightful and nonpartisan chronology of events and their consequences. Illuminating the interlocked economic processes that lay beneath the crisis, he analyzes the changing nature of the global financial system, central bank policies, housing bubbles, deregulation, sovereign debt crises, and more. Allen begins the timeline with the economic crisis in Japan in the late 1990s, asking whether Japan’s experience could be an indicator of the outcome of the recession and what it can teach us about managing a sluggish economy. He then takes a comparative look at the economies of Brazil, China, and India. Throughout, he argues that many elements have contributed to the ongoing crisis, including the introduction of the euro, the growth of new financial instruments such as securitization, collateralized debt obligations and credit default swaps, interest rate policies, and the housing boom and subprime mortgage fiasco. Lucid and informative, The Global Economic Crisis provides an impartial explanation to anyone seeking to understand the current state—and future—of the world’s economy.

Economic and Social Rights after the Global Financial Crisis

Economic and Social Rights after the Global Financial Crisis
Author: Aoife Nolan
Publisher: Cambridge University Press
Total Pages: 413
Release: 2014-10-09
Genre: Political Science
ISBN: 131606137X

The global financial and economic crises have had a devastating impact on economic and social rights. These rights were ignored by economic policy makers prior to the crises and continue to be disregarded in the current 'age of austerity'. This is the first book to focus squarely on the interrelationship between contemporary and historic economic and financial crises, the responses thereto, and the resulting impact upon economic and social rights. Chapters examine the obligations imposed by such rights in terms of domestic and supranational crisis-related policy and law, and argue for a response to the crises that integrates these human rights considerations. The expert international contributors, both academics and practitioners, are drawn from a range of disciplines including law, economics, development and political science. The collection is thus uniquely placed to address debates and developments from a range of disciplinary, geographical and professional perspectives.

The World Economy After the Global Crisis

The World Economy After the Global Crisis
Author: Barry J. Eichengreen
Publisher: World Scientific
Total Pages: 230
Release: 2012
Genre: Business & Economics
ISBN: 9814383031

The global credit crisis of 2008 2009 was the most serious shock to the world economy in fully 80 years. It was for the world as a whole what the Asian crisis of 1997 1998 was for emerging markets: a profoundly alarming wake-up call. By laying bare the fragility of global markets, it raised troubling questions about the operation of our deeply integrated world economy. It cast doubt on the efficacy of the dominant mode of light-touch financial regulation and more generally on the efficacy of the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of inherited institutions of global governance. And it augured a changing of the guard, pointing to the possibility that the economies that had been the leaders in the "global growth stakes" in the past might no longer be the leaders in the future. What the crisis means for reform, however, is still unclear. This book brings together leading scholars and policy analysts to describe and weigh the options. Successive chapters assess options for the global financial system, the global trading system, the international monetary system, and the Group of 20 and global governance. A final set of chapters contemplates the policy challenges for emerging markets and the advanced economies in the wake of the financial crisis.

From Financial Crisis to Global Recovery

From Financial Crisis to Global Recovery
Author: Padma Desai
Publisher: Columbia University Press
Total Pages: 274
Release: 2011
Genre: Business & Economics
ISBN: 023115786X

This book examines the factors leading to America's recent recession, describing the monetary policy, tax practices, subprime mortgages and lack of regulation that contributed to the crisis. The book also considers the the prospects for economic recovery in North America, Europe, Asia, and South America as well as the extent of U.S. and EU regulatory proposals.

How Latin America Weathered The Global Financial Crisis

How Latin America Weathered The Global Financial Crisis
Author: José De Gregorio
Publisher: Columbia University Press
Total Pages: 205
Release: 2013-10-05
Genre: Business & Economics
ISBN: 0881326798

Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of the Central Bank of Chile from 2007 to 2011, tells the story of how Latin America has responded to the crisis with a perspective that only an insider can have. De Gregorio focuses on the seven largest economies of the region, Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela (90 percent of the region's output). He argues that Latin America was resilient because of good macroeconomic policies, strong financial systems, and "a bit of luck."

Economic Policy and the Financial Crisis

Economic Policy and the Financial Crisis
Author: Łukasz Mamica
Publisher: Routledge
Total Pages: 321
Release: 2014-03-26
Genre: Business & Economics
ISBN: 1134591454

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth. This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets. This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.

The Global Economic Recovery 10 Years After the 2008 Financial Crisis

The Global Economic Recovery 10 Years After the 2008 Financial Crisis
Author: Ms.Wenjie Chen
Publisher: International Monetary Fund
Total Pages: 32
Release: 2019-04-26
Genre: Business & Economics
ISBN: 1498305423

This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.