Unprecedented monetary policy accommodation in advanced economies and a large, coordinated fiscal stimulus by G20 countries helped to support a solid rebound in global output right after the 2009 Global Recession. However, global growth subsequently slowed to a sluggish pace by pre-recession standards, and many emerging market and developing economies (EMDEs) have been struggling to unwind their fiscal stimulus and contain a buildup of debt. The experience of the global recession in 2009 highlights the need for well-timed, appropriately calibrated domestic stabilization policies, but also the benefits of international cooperation and coordination in support of strong and sustained global growth and financial system stability. Sound policy frameworks can help create room for stabilization policies, such as fiscal rules to safeguard fiscal sustainability or macroprudential policies and capital flow management measures to better manage systemic risks.
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Автор
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Дата подготовки документа
2020/06/22
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Тип документа
Рабочий документ в рамках исследования вопросов политики
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Номер отчета
WPS9289
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Том
1
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Total Volume(s)
1
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Страна
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Регион
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Дата раскрытия информации
2020/06/22
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Disclosure Status
Disclosed
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Название документа
A Decade after the 2009 Global Recession : Macroeconomic and Financial Sector Policies
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Ключевые слова
global recession; advanced economy; monetary policy; The Basel Committee on Banking Supervision; capital flow; global financial crisis; Federal Deposit Insurance Corporation; Financial Stability; financial sector policy; Orphans and Vulnerable Children; Fiscal Stimulus; fiscal stimulus package; lender of last resort; flexible exchange rate regime; prudential regulation and supervision; macroprudential policy; financial system; oil-exporting country; central bank of iceland; liberalization of capital movement; multilateral debt relief initiative; global current account imbalance; floating exchange rate regime; local currency bond market; oversight of payment system; heavily indebted poor country; foreign exchange market; reserve requirement; current account deficit; asset purchase; use of capital; rapid credit growth; fiscal policy response; asian financial crisis; foreign currency loan; social protection program; real interest rate; macroeconomic policy framework; current account balance; swiss national bank; Foreign Exchange Reserve; commodity price boom; tax on interest; health care system
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