Global Crises: Causes, Consequences and Policy Responses

Stijn Claessens interviewed by Viv Davies,

Date Published

Fri, 04/18/2014

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See Also

Stijn Claessens, M Ayhan Kose, Luc Laeven, Fabian Valencia (eds) Global Crises: Causes, Consequences and Policy Responses (IMF, February, 2014) 

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Topics

Macroeconomic policy
Tags
financial crises, banking crises, global crisis, fiscal deficit, debt, default, recovery

Related Article(s)

Derivatives and the Eurozone crisis Understanding contagious bank runs The PADRE plan: Politically Acceptable Debt Restructuring in the Eurozone
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Is the world recovery really strengthening?

Olivier Blanchard 27 January 2014

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The IMF’s January 2014 World Economic Outlook Update has three main messages:

  • First, the recovery is strengthening.

We forecast world growth to increase from 3% in 2013 to 3.7% in 2014. We forecast growth in advanced economies to increase from 1.3% in 2013 to 2.2% in 2014. And we forecast growth in emerging market and developing economies to increase from 4.7% in 2013 to 5.1% in 2014.

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Topics:  Macroeconomic policy

Tags:  recovery, world economy

From recession to normalcy: Recoveries as a third phase of the business cycle

Antonio Fatás, Ilian Mihov 14 August 2013

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According to the NBER business cycle dating committee, the last recession in the US ended in June 2009 (NBER 2013). Three years later US unemployment remains high and most estimates suggest that output remains below potential; a pattern also present in other advanced economies. As a result, central banks have made explicit commitments to keep interest rates at low levels until the recovery is firmly established, referring to a future date when the economy is close enough to ‘normal’.

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Topics:  Global crisis

Tags:  recession, recovery

A pro-growth economic plan

Richard Wood 11 May 2013

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There are similarities in the nature of the economic problems facing affected economies around the world:

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Topics:  Global crisis

Tags:  IMF, recovery, Eurozone crisis, austerity

We may have avoided the cliffs, but we still face high mountains

Olivier Blanchard 13 February 2013

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Optimism is in the air, particularly in financial markets. And some cautious optimism may indeed be justified.
Compared to where we were at the same time last year, acute risks have decreased. The US has avoided the fiscal cliff, and the euro explosion in Europe did not occur. And uncertainty is lower.

But we should be under no illusion. There remain considerable challenges ahead. And the recovery continues to be slow, indeed much too slow.

Put poetically: We may have avoided the cliffs. But we still face high mountains.

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Topics:  Global economy

Tags:  recovery, Eurozone crisis, fiscal cliff

This time is different, again? The US five years after the onset of subprime

Carmen M Reinhart, Kenneth Rogoff 22 October 2012

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Five years after the onset of the 2007 subprime financial crisis:

  • GDP per capita in the US remains below its initial level;
  • Unemployment, although down from its peak, is still hovering near 8%.

Rather than the V-shaped recovery that is typical of most postwar recessions, growth has been slow and halting.

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Topics:  Macroeconomic policy

Tags:  global crisis, recovery, is the US different

Have the US and European economies parted company? The signals are increasingly clear

Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli 02 May 2012

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According to the NBER (2012), the last recession ended in June of 2009. CEPR (2012) dates the end of the recession in the Eurozone in the same quarter. For the UK, there is no established chronology but a visual inspection of Figure 1 shows that the recession and the subsequent recovery in the three economies have been highly synchronised.

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Topics:  Global economy

Tags:  US, Europe, recession, UK, business cycle, recovery

Divergence of fortunes in recoveries

Prakash Loungani, M Ayhan Kose, Marco E Terrones 24 April 2012

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The last global recession was the deepest of the four recessions the world has experienced since World War II. Each recession led to fears of economic apocalypse but the global economy recovered in a year or two. Because of the depth of the last recession, some analysts worried that the world would relive the Great Depression of the 1930s. Luckily, and through significant policy actions, the global economy has been on a path of recovery over the past three years, but still suffering from the legacies of the crisis.

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Topics:  Global economy

Tags:  eurozone, emerging markets, recovery

A fragile and fickle recovery

Eswar Prasad, Karim Foda 23 April 2012

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The world economy remains on life support, largely provided by accommodative central banks.

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Topics:  Global economy

Tags:  recovery, forecast, TIGER

Inclusive crises and exclusive recoveries?

Ronald U Mendoza 09 June 2010

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It has now been about two years since the first international food price shocks erupted in 2008. Even as recent news reports have begun to celebrate the first tentative signs of global economic recovery, a growing number of analysts have begun to warn of its fragility.

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Topics:  Poverty and income inequality

Tags:  fiscal stimulus, recovery, economic aftershock

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