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.
详细
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作者
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文件日期
2020/06/22
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文件类型
政策研究报告
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报告号
WPS9290
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卷号
1
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Total Volume(s)
1
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国家
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地区
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发布日期
2020/06/22
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Disclosure Status
Disclosed
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文件名称
A Decade after the 2009 Global Recession : Macroeconomic Developments
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关键词
global recession; board of governors of the federal reserve system; oil-exporting country; advanced economy; global trade; global financial crisis; commodity price; income elasticity of demand; flexible exchange rate regime; export-led growth; global demand for food; total factor productivity growth; current account surplus; asian financial crisis; Foreign Exchange Reserve; current account balance; current account deficit
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