Denmark: 2008 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Denmark

International Monetary Fund

No 2008/379, IMF Staff Country Reports from International Monetary Fund

Abstract: The key findings of Denmark’s 2008 Article IV Consultation are examined. The global liquidity crisis put the financial sector under severe stress, but most banks have weathered the crisis well owing to strong initial positions and supportive policies. The crisis accelerated a downturn that had begun in 2007 and tilted the balance of macroeconomic risk toward recession. The macroeconomic policy mix is appropriate, including higher interest rates to support the exchange rate peg and an expansionary budget to add a countercyclical thrust to the strong stabilizing effect of Denmark’s automatic stabilizers.

Keywords: ISCR; CR; IMF staff estimate; growth; growth prospect; maturing mortgage bond; staff appraisal; baseline scenario; Income; Fiscal stance; Labor markets; Wages; Global (search for similar items in EconPapers)
Pages: 42
Date: 2008-12-29
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