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.
Most emerging market and developing economies weathered the 2009 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.
"This excellent book extracts a comprehensive and compelling set of lessons from the experiences of emerging market and developing economies over an eventful decade. The book is ambitious in scope, rich in analytical content, and lucid in its content and structure. It seamlessly weaves together a vast amount of rigorously researched analytical material and valuable policy insights. It will serve as a very useful reference for academics, policy makers, and investors alike."
- ESWAR PRASAD, Nandlal P. Tolani Senior Professor of Trade Policy and Professor of Economics Cornell University
"The Great Recession was the most significant macroeconomic event since the Great Depression. Like the Great Depression, it had a deep effect on macroeconomic modeling and thinking. Recent efforts have, however, concentrated on advanced economies, and there is a risk that ideas that have been developed for the United States, Japan, or the euro area may end up being applied to countries with completely different macroeconomic environments. This important book focuses on emerging market and developing economies. It starts from the observation that these countries weathered the Great Recession relatively well and now have stronger policy frameworks. However, the book also shows that emerging and developing countries are now more exposed to the downside risks facing the global economy and highlights what policy makers can do to cope with adverse shocks. A must-read for all policy makers and researchers interested in emerging market and developing economies."
- UGO PANIZZA, Pictet Chair in Finance and Development, The Graduate Institute Geneva Vice President, Centre for Economic Policy Research (CEPR)