Finance & Development, June 2009.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. External Relations Department.

Contributor:

International Monetary Fund, Contributor.

Series:

Finance & Development; Finance & Development ; No. 0046/002

Finance & Development

Language:

English

Subjects (All):

Business.

Finance.

International finance.

Local Subjects:

Business.

Finance.

International finance.

Physical Description:

1 online resource (60 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

'Crisis Shakes Europe: Stark Choices Ahead' looks at the harsh toll of the crisis on both Europe's advanced and emerging economies because of the global nature of the shocks that have hit both the financial sector and the real economy, and because of Europe's strong regional and global trade links. Marek Belka, Director of the IMF's European Department, writes in our lead article that beyond the immediate need for crisis management, Europe must revisit the frameworks on which the European Union is based because many have been revealed to be flawed or missing. But in many respects, one key European institution has proved its mettle—the euro. Both Charles Wyplosz and Barry Eichengreen discuss the future of the common currency. Also in this issue, IMF economists rank the current recession as the most severe in the postwar period; John Lipsky, the Fund's First Deputy Managing Director, examines the IMF's role in a postcrisis world; and Giovanni Dell'Ariccia assesses what we have learned about how to manage asset price booms to prevent the bust that has caused such havoc. In addition, we talk to Oxford economist Paul Collier about how to help low-income countries during the current crisis, while Donald Kaberuka, President of the African Development Bank, writes about how African policymakers can prepare to take advantage of a global economic recovery. 'Picture This' looks at what happens when aggressive monetary policy combats a crisis; 'Back to Basics' gives a primer on fiscal policy; and 'Data Spotlight' takes a look at the recent large swings in commodity prices.

Contents:

Cover; FEATURES; DEPARTMENTS; In Brief; Private schooling; IMF helps protect most vulnerable; Do the math; IMF overhauls lending practices; At the beach; Bridges to growth; People in Economics; Still the Bottom Billion: Glenn Gottselig interviews Paul Collier; CRISIS SHAKES EUROPE; Europe Under Stress; The global economic crisis is testing the cohesion of the European Union; Losing Their Halo; Many countries in central and eastern Europe are finding it hard to adjust to the new economic reality; A Tale of Two Crises

Russia is still a resource-dependent economy that must diversify in a marketfriendly wayViewpoint: Stress Test for the Euro; Countries tempted to abandon the European currency face formidable barriers; Viewpoint: The Euro's Finest Hour?; The euro has proved a safe haven for countries lucky enough to have made it into this exclusive club in time; ALSO IN THIS ISSUE; Out of the Ballpark; By any measure, the ongoing global recession is the deepest and the most synchronized of the postwar period; Preparing for a Postcrisis World

Assessing the IMF's role in the future international financial architecturePicture This; Uncharted Territory: When aggressive monetary policy combats a crisis; Asset Price Booms: How Can They Best Be Managed?; Not all booms are alike-making the right call on which policies to deploy depends on how assets are held and who is exposed to a possible bust; The Perfect Storm; Olivier Blanchard's view of the underlying causes of the crisis; Playing with Fire; Firms across the spectrum of emerging markets entered into exotic derivative contracts that caused massive losses; New Paths to Funding

When financing is scarce, developing countries may try innovative approaches to raise capitalA Hedge, Not a Bet; Latin American companies used new techniques to protect against currency swings. But a few used them to gamble-and lost big; Latin America: When Is Fiscal Stimulus Right?; For some countries stimulus is appropriate during the global economic crisis. But for others the answer is less clear; Viewpoint: Regulatory Philosophy Matters; Risk-based supervision sought to spur innovation and reward good behavior but helped bring about the global financial crisis; Back to Basics

What Is Fiscal Policy?Straight Talk; Start This Engine: Africa's policymakers should prepare for global recovery by priming their private sectors; Data Spotlight; Roller Coaster: The latest sharp rise and fall in commodity prices is not the first nor the last

Notes:

Description based upon print version of record.

Description based on publisher supplied metadata and other sources.

ISBN:

9786612845123

9781455297313

1455297313

9781455222315

1455222313

9781282845121

1282845128

9781455209231

1455209236

9781451953718

1451953712

OCLC:

870245458