A Decade after the 2009 Global Recession : Macroeconomic and Financial Sector Policies
Unprecedented monetary policy accommodation in advanced economies and a large, coordinated fiscal stimulus by G20 countries helped to support a solid rebound in global output right after the 2009 Global Recession. However, global growth subsequentl...
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| Language: | English |
| Published: |
World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/446541592856902883/A-Decade-after-the-2009-Global-Recession-Macroeconomic-and-Financial-Sector-Policies http://hdl.handle.net/10986/33984 |
| Summary: | Unprecedented monetary policy
accommodation in advanced economies and a large, coordinated
fiscal stimulus by G20 countries helped to support a solid
rebound in global output right after the 2009 Global
Recession. However, global growth subsequently slowed to a
sluggish pace by pre-recession standards, and many emerging
market and developing economies (EMDEs) have been struggling
to unwind their fiscal stimulus and contain a buildup of
debt. The experience of the global recession in 2009
highlights the need for well-timed, appropriately calibrated
domestic stabilization policies, but also the benefits of
international cooperation and coordination in support of
strong and sustained global growth and financial system
stability. Sound policy frameworks can help create room for
stabilization policies, such as fiscal rules to safeguard
fiscal sustainability or macroprudential policies and
capital flow management measures to better manage systemic risks. |
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