Coping With The Crisis Policy Options For Emerging Market Countries
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Marcos Chamon,Jun Il Kim,Christopher W. Crowe,Atish R. Ghosh,Jonathan David Ostry
Author : Marcos Chamon,Jun Il Kim,Christopher W. Crowe,Atish R. Ghosh,Jonathan David Ostry Publisher : INTERNATIONAL MONETARY FUND Page : 29 pages File Size : 44,9 Mb Release : 2009-04-23 Category : Electronic ISBN : 1462323294
Coping with the Crisis: Policy Options for Emerging Market Countries by Marcos Chamon,Jun Il Kim,Christopher W. Crowe,Atish R. Ghosh,Jonathan David Ostry Pdf
The current financial turmoil is confronting emerging market economies (EMEs) with two shocks: a "sudden stop" of capital inflows driven by global deleveraging, and a collapse in export demand associated with the global slump. Although some EMEs were already ripe for a homegrown crisis following unsustainable credit booms or fiscal policies, and face large debt overhangs, the majority were just innocent bystanders. This note outlines policies to help solve the debt overhang and bring about recovery in both groups of countries.
Policy Responses to Capital Flows in Emerging Markets by Mahmood Pradhan,Mr.Ravi Balakrishnan,Reza Baqir,Mr.Geoffrey Heenan,Sylwia Nowak,Ceyda Oner,Mr.Sanjaya Panth Pdf
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Unexpected Outcomes by Carol Wise,Leslie Elliott Armijo,Saori N. Katada Pdf
This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.
United Nations,United Nations. Department of Economic and Social Affairs
Author : United Nations,United Nations. Department of Economic and Social Affairs Publisher : UN Page : 136 pages File Size : 52,5 Mb Release : 2011 Category : Business & Economics ISBN : MINN:31951D03404215Y
The Global Social Crisis by United Nations,United Nations. Department of Economic and Social Affairs Pdf
During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.
Emerging Market Economies and Financial Globalization by Leonardo E. Stanley Pdf
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
A Decade after the Global Recession by M. Ayhan Kose,Franziska Ohnsorge Pdf
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.
How Did Emerging Markets Cope in the Crisis? by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept. Pdf
The IMF Executive Board has been considering reforms to strengthen the Fund’s mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund’s surveillance mandate and modalities. This paper focuses on selected aspects of these reforms where further work was called for, including on a possible multilateral surveillance decision and proposals to enhance the traction and flexibility of bilateral surveillance.
Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf
The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
The Crisis Hits Home by Erwin R. Tiongson,Naotaka Sugawara,Victor Sulla,Ashley Taylor,Anna I. Gueorguieva,Victoria Levin,Kalanidhi Subbarao Pdf
The crisis threatens the welfare of about 160 million people in the Europe and Central Asia (ECA) region who are poor or are just above the poverty line. Using pre-crisis household data along with aggregate macroeconomic outturns to simulate the impact of the crisis on households transmitted via credit market shocks, price shocks, and income shocks this report finds that adverse effects are widespread and that poor and non-poor households alike are vulnerable. By 2010, for the region as a whole, some 11 million more people will likely be in poverty and over 23 million more people will find themselves just above the poverty line because of the crisis. The aggregate results mask the heterogeneity of impact within countries, including the concentration of the poverty impact in selected economic sectors. Meanwhile, stress tests on household indebtedness in selected countries suggest that ongoing macroeconomic shocks will expand the pool of households unable to service their debt, many of them from among the ranks of relatively richer households. In fact, already there are rising household loan delinquency rates. Finally, there is evidence that the food and fuel crisis is not over and a new round of price increases, via currency adjustments, will have substantial effects on net consumers. Lessons from last year s food crisis suggest that the poor are the worst hit, as many of the poor in Albania, Kyrgyz Republic, and Tajikistan, for example, are net food consumers, with limited access to agricultural assets and inputs. The resilience of households to macroeconomic shocks ultimately depends upon the economy's institutional readiness, the flexibility of the economic policy regime, and the ability of the population to adjust. However, compared with previous crises, the scope for households to engage in their traditional coping strategies may be more limited. Fiscal policy responses in the short-term are also constrained by rapidly falling revenues. Governments in ECA have to make difficult choices over what spending items to protect and what items to cut, social protection programs to reform and scale-up, and new interventions to mitigate the impact of the crisis.
Crisis and Recovery by Mr.Charalambos G. Tsangarides Pdf
This paper examines the role of the exchange rate regime in explaining how emerging market economies fared in the recent global financial crisis, particularly in terms of output losses and growth resilience. After controlling for regime switches during the crisis, using alternative definitions for pegs, and taking account of other likely determinants, we find that the growth performance for pegs was not different from that of floats during the crisis. For the recovery period 2010-11, pegs appear to be faring worse, with growth recovering more slowly than floats. These results suggest an asymmetric effect of the regime during and recovering from the crisis. We also find that proxies of the trade and financial channels are important determinants of growth performance during the crisis, while only the trade channel appears important for the recovery thus far.
Microeconomics, Macroeconomics and Economic Policy by P. Arestis Pdf
Microeconomics, Macroeconomics and Economic Policy are at the core of research and study in economics. The essays in this volume have been specifically commissioned and brought together to celebrate the work of Malcolm Sawyer, who has made substantial contributions in these areas.
Leveraging Cultural Diversity in Emerging Markets by Marcus Goncalves,Finn Majlergaard Pdf
Leveraging cultural diversity is an important element for competing in the global market. Understanding the overall macroeconomic landscape of emerging and frontier markets enables corporations and international business professionals to fully realize the potential for strategic globalization. Most transnational and multinational corporations have made substantial progress in their globalization efforts by establishing operations in several countries and offshoring certain processes to countries with capabilities and growth potential. However, while these recent globalization efforts have their roots in cost arbitrage, successful companies must understand that globalization can be a means for shoring up competitive advantage to diversify intellectual capabilities and growth and improve quality enhancement opportunities. This book looks at how one can move forward from the current situation. Most people still see cultural differences as a barrier to success. The authors demonstrate how one can, instead, leverage from the cultural diversity and create better, more competitive companies, better leaders, and hopefully a safer and more sustainable world.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 184 pages File Size : 41,6 Mb Release : 2014-04-09 Category : Business & Economics ISBN : 9781475577662
Global Financial Stability Report, April 2014 by International Monetary Fund Pdf
The April 2014 Global Financial Stability Report finds that, despite much progress, the global financial system remains in a transitional period with stability conditions far from normal. Advanced and emerging market economies alike need to make a successful shift from liquidity- to growth-driven markets, which will require a number of elements, including a normalization of U.S. monetary policy; financial rebalancing in emerging markets; further progress in the euro area integration; and continued implementation of “Abenomics” in Japan. This report also examines how changes in the investor base and financial deepening affect emerging market economies as well as looks at the issue of banks considered too important to fail, providing new estimates of the implicit funding subsidy these banks receive.
Doing Business in Emerging Markets by Marcus Goncalves,Jose Alves,Rajabahadur Arcot Pdf
Like Advanced Economies and Emerging Markets, the 'flagship' book of the series, from which this book is derived Doing Business in Emerging Markets recognizes that there is intense competition among emerging markets to capture their share of the global economy. The series addresses questions that are germane to accomplishing this goal. Most important to this end is the study and practice of international business and foreign trade. Undertaking such a study raises many questions which the series will attempt to answer: Why are emerging markets and the firms doing business in them internationalizing so aggressively; and why in the past decade has the pace of internationalization accelerated so rapidly? What competitive advantages do these emerging economies enjoy in comparison to advanced economies, such as the G20, and what are the origins of those advantages? This volume is devoted to presenting the practical aspects and challenges of doing business in global emerging markets.
