A Second Stage of the Crisis Characterized by Uncertainty

Jorge Carrera and Federico Grillo ()

Ensayos Económicos, 2010, vol. 1, issue 57-58, 189-227

Abstract: From the second quarter of 2009, global economic activity began to show signs of recovery after the recession caused by the subprime crisis. However, the optimism of late 2009 has given way to greater caution on the speed of the recovery, particularly in developed countries. This marks a second stage of the crisis characterized by uncertainty about the chances of a sustainable recovery of the global economy. In this context, emerging and developing countries are showing a better economic performance, although one wonders if a "decoupling" is possible in an environment of weak growth in advanced countries. Parallel to the developments of the global economy, negotiations to reform the international financial architecture in the area of G-20 continued. The objective of this reform is to make the global economy less prone to crisis. Despite the progress in negotiations, it is still unclear how the new international financial system will look after the reforms and, especially, how this will impact on the performance of the global economy in the short and long run. This represents another factor of uncertainty.

Keywords: fiscal policy; international coordination; international financial crisis; macroeconomics; monetary policy; reform of the international financial architecture (search for similar items in EconPapers)
JEL-codes: E52 E62 F01 F33 F42 G01 (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.bcra.gov.ar/pdfs/investigaciones/57-58_Carrera.pdf Spanish version (versión en Español) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcr:ensayo:v:1:y:2010:i:57-58:p:189-227

Access Statistics for this article

Ensayos Económicos is currently edited by Germán Feldman

More articles in Ensayos Económicos from Central Bank of Argentina, Economic Research Department Contact information at EDIRC.
Bibliographic data for series maintained by Federico Grillo ().