Helping Low-income Countries Confront the Worst Economic Crisis in 60 Years

Posted on August 31, 2009 by iMFdirect

By Hugh Bredenkamp One of the great tragedies of the present crisis is that it nipped in the bud the longest and most broadly based economic expansion that low-income countries have seen in modern history. These countries were finally reaping the rewards of difficult reforms that go back to the 1980s and 1990s, helped by [...]

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Looking Beyond the Crisis

Posted on August 27, 2009 by iMFdirect

By John Lipsky in Jackson Hole In my first two Jackson Hole blogs, I addressed some of the key challenges to restoring growth. Yet whatever shape the recovery takes once the Great Recession ends, several significant long-term problems will have to be faced if a solid expansion is to be sustained. In particular, the principal [...]

Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Financial Crisis, International Monetary Fund, Multilateral Cooperation | Tagged: , , , | 2 Comments »

Fixing the Financial System

Posted on August 25, 2009 by iMFdirect

By John Lipsky in Jackson Hole Despite tentative signs that the global recession is ending, it’s clear that a full recovery will remain inhibited until financial markets are restored to health. While financial market conditions have improved—reflecting among other things massive public sector support—key credit channels remain strained, creating a drag on growth. One of [...]

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Jackson Hole conference: A Grand Teton Perspective. . .

Posted on August 24, 2009 by iMFdirect

By John Lipsky Every year at this time, senior Federal Reserve officials and central bank heads from around the world gather in Jackson Hole, Wyoming—together with leading economists from universities and the private sector—to hear presentations on key policy topics and to discuss the challenges facing the global economy. The spectacularly beautiful setting at the [...]

Filed under: Advanced Economies, Economic Crisis, Financial Crisis, Financial regulation, Fiscal Stimulus, Multilateral Cooperation | Tagged: , , , | Leave a Comment »

The Global Crisis and Emerging Europe: Why the Script Differs from the Asian Crisis

Posted on August 19, 2009 by iMFdirect

By Ajai Chopra When the global financial crisis spread to emerging Europe in the last quarter of 2008, memories of the Asian crisis of the late 1990s sprang back to life. Would emerging Europe face the same chaotic currency depreciations, mass defaults of banks and companies, double-digit output losses and social unrest that beset several [...]

Filed under: Economic Crisis, Emerging Markets, Financial Crisis, IMF | Tagged: , , , , | 2 Comments »

Regionally Coordinated Solutions to Foster Financial Stability in Emerging Europe

Posted on August 18, 2009 by iMFdirect

By Ajai Chopra Europe’s economic and financial integration has been a tremendous success, but the region is now under great stress. As the global economic crisis has shown, the flipside of Europe’s successful integration has been a synchronized economic downturn and complex financial spillovers between countries. For those of us involved in providing financing and [...]

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Potential Output: Worrying About What Cannot Be Observed

Posted on August 13, 2009 by iMFdirect

By Ajai Chopra Potential output seems to be on everybody’s mind these days, at least if you talk to economists. What would be merely a curiosity during better times—after all, potential output is a largely abstract concept measuring the level of output an economy can produce without undue strain on resources—has become a particular worry [...]

Filed under: Advanced Economies, Economic Crisis, Financial Crisis, Fiscal Stimulus, IMF | Tagged: , , | 1 Comment »

Sweden’s Approach to Bank Resolution: Have We Learned the Right Lessons?

Posted on August 11, 2009 by iMFdirect

By Ajai Chopra Resolving any financial crisis is no easy matter. Resolving the ongoing international crisis—with many institutions, countries, and regulators involved—is unusually challenging, both intellectually and in terms of practical policymaking. Progress has been made thanks to the slew of measures adopted by global policymakers. But a stabilized patient is not a cured patient, [...]

Filed under: Advanced Economies, Economic Crisis, Financial Crisis | Tagged: , | 1 Comment »

Monetary Policy in Europe—Boredom Suspended

Posted on August 10, 2009 by iMFdirect

By Ajai Chopra Mervyn King, the Bank of England governor, once quipped that central bankers aim to keep monetary policy “boring”—a dull exercise in maintaining low and stable inflation. Recent months have seen quite the opposite. Battling a sharp fall in inflation, central banks around the globe have slashed interest rates, often to close to [...]

Filed under: Advanced Economies, Economic Crisis, Financial Crisis, Fiscal Stimulus | Tagged: , , , , | 1 Comment »

Social Costs of Recession

Posted on August 7, 2009 by iMFdirect

By Caroline Atkinson As I noted earlier this week, the recession seems to be easing its grip. In fits and starts, recovery is likely to get under way in coming months in most major economies. That is good news—especially compared to the gloom and fear earlier this year. But the bad news is that the [...]

Filed under: Advanced Economies, Annual Meetings, Economic Crisis, Financial Crisis | Tagged: , , | Leave a Comment »

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