Growing Out of Crisis
A global financial and economic convulsion of the magnitude we have just experienced should offer valuable lessons.
Development Outreach is a flagship magazine in the field of global knowledge for development which reflects the learning programs of the World Bank and presents a range of viewpoints by renowned authors and specialists worldwide.
This issue of Development Outreach, “Growing Out of Crisis,” offers a multifaceted picture that sheds new light on the impact of the crisis from different perspectives and in different parts of the world, and discusses changes at national and international levels that would better protect us from the next crisis.
The main questions it addresses are:
- what were the prevailing economic conditions when the crisis struck;
- what was the impact during the first year of the global crisis;
- what policies have the developing countries taken in response; and
- what effects will those policies have on output, employment, poverty, and public finances.
About This Issue: Letter from the Editor Christopher Neal
After the Crisis Robert B. Zoellick - In 2009, we are living through an upheaval that is changing our world. What will be the implications for the future?
GUEST EDITORIAL: Growing Out of Crisis
Raj Nallari - Is the financial crisis over and could it happen again? We asked experts with diverse perspectives to address the key questions that concern the developing countries.
The Economic and Fiscal Consequences of Financial Crises: North and South
Carmen M. Reinhart
The Ds: Sharp economic downturns follow banking crises; with government revenues falling, fiscal deficits worsen; deficits lead to debt; as debts pile up rating downgrades follow. For the most fortunate countries it does not end in default.
Shock Producers and Shock Absorbers in the Crisis
Hans-Werner Sinn
It is not surprising that the
The Crisis and the World’s Poorest
Martin Ravallion
The crisis in the developed world has spilled over into the lives of the world’s poorest, who are particularly vulnerable even to the smallest income shocks.
Growth is Disappearing and May Not Recover in the Medium Run
Vladimir Gligorov
Countries in Central, Eastern and
South Africa’s Policy May Offset the Financial Downturn
Brian Kahn
Small States Face Big Challenges
K. Dwight Venner
Which conclusions can be drawn from the experience of small states, such as the Eastern Caribbean Currency Union (ECCU), to prepare and mitigate the impact of financial and economic crises?
Policy Responses to the Global Economic Crisis
Justin Yifu Lin
While we are observing some “green shoots,” it is too soon to speak of a recovery. We can, however, identify some key forces that are likely to shape any future growth path.
Coming out of Recession: The role of business in alleviating poverty
V. Kasturi Rangan and Djordjija Petkoski
The financial crisis creates unique opportunities for companies to reassess their strategies and identify innovative solutions, including creative partnerships that meet the needs of the poor.
Trade Openness Is Now More Important than Ever
Anne O. Krueger
Protectionism constitutes a double threat. It can make recovery from the recession slower and reduce the growth potential of the international economy once recovery has taken hold.
The Imperative for Improved Global Economic Coordination
Joseph E. Stiglitz
While global coordination is absolutely essential, success in achieving it may prove difficult because economic globalization has outpaced political globalization. If we are to succeed, we will have to manage coordination better than we have in the past.
Lenders of Last Resort and Global Liquidity: Rethinking the system
Maurice Obstfeld
One important lesson of the crisis is the need to take a systemic view of measures aimed at financial stability. Measures that enhance the stability of a single institution could be inimical to the stability of the financial system as a whole.
The Dollar Dilemma
Barry Eichengreen
Notwithstanding concerns that the dollar’s prospects as a reserve currency have been dimmed by the crisis, there has been no actual diminution of the dollar’s international role. The dollar will remain the principal form of international reserves for the foreseeable future.
Government Actions and Interventions: More harm than good?
John B. Taylor
There is empirical evidence that government actions and interventions prolonged and worsened the financial crisis, because they were based on faulty diagnosis of the problem and did not follow clear predictable principles.
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