A Decade after the 2009 Global Recession
Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchange reserves, sound fiscal positions, and low inflation -- suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows -- such as portfolio investment and cross -- border bank lending—fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.
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Format: | Working Paper biblioteca |
Language: | English |
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World Bank, Washington, DC
2020-06
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Subjects: | GLOBAL RECESSION, MACROECONOMIC POLICY, GLOBAL FINANCIAL CRISIS, EMERGING MARKET ECONOMIES, COMMODITY PRICES, FISCAL POLICY, REMITTANCES, FOREIGN AID, |
Online Access: | http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments https://hdl.handle.net/10986/33985 |
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dig-okr-10986339852024-08-30T06:38:26Z A Decade after the 2009 Global Recession Macroeconomic Developments Koh, Wee Chian Yu, Shu GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchange reserves, sound fiscal positions, and low inflation -- suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows -- such as portfolio investment and cross -- border bank lending—fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns. 2020-06-25T14:52:29Z 2020-06-25T14:52:29Z 2020-06 Working Paper Document de travail Documento de trabajo http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments https://hdl.handle.net/10986/33985 English Policy Research Working Paper;No. 9290 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain World Bank, Washington, DC |
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GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID |
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GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID Koh, Wee Chian Yu, Shu A Decade after the 2009 Global Recession |
description |
Emerging markets and developing
economies (EMDEs) weathered the 2009 global recession
relatively well. However, the impact of the global recession
varied across economies. EMDEs with stronger pre-crisis
fundamentals -- such as large foreign exchange reserves,
sound fiscal positions, and low inflation -- suffered milder
growth slowdowns, in part due to their greater capacity to
engage in monetary and fiscal stimulus. Low-income countries
were also resilient, as foreign aid and inflows of
remittances remained relatively stable. In contrast, EMDEs
that were heavily dependent on short-term capital flows --
such as portfolio investment and cross -- border bank
lending—fared less well, especially those in Europe and
Central Asia. A key lesson for EMDEs is the need to
strengthen macroeconomic frameworks and create policy space
to prepare for future global downturns. |
format |
Working Paper |
topic_facet |
GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID |
author |
Koh, Wee Chian Yu, Shu |
author_facet |
Koh, Wee Chian Yu, Shu |
author_sort |
Koh, Wee Chian |
title |
A Decade after the 2009 Global Recession |
title_short |
A Decade after the 2009 Global Recession |
title_full |
A Decade after the 2009 Global Recession |
title_fullStr |
A Decade after the 2009 Global Recession |
title_full_unstemmed |
A Decade after the 2009 Global Recession |
title_sort |
decade after the 2009 global recession |
publisher |
World Bank, Washington, DC |
publishDate |
2020-06 |
url |
http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments https://hdl.handle.net/10986/33985 |
work_keys_str_mv |
AT kohweechian adecadeafterthe2009globalrecession AT yushu adecadeafterthe2009globalrecession AT kohweechian macroeconomicdevelopments AT yushu macroeconomicdevelopments AT kohweechian decadeafterthe2009globalrecession AT yushu decadeafterthe2009globalrecession |
_version_ |
1809105477806587904 |