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The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility

Eduardo Fernandez-Arias, Andrew Powell and Alessandro Rebucci ()
Authors registered in the RePEc Author Service: Eduardo Alfredo Cavallo ()

No 4629, Research Department Publications from Inter-American Development Bank, Research Department

Abstract: The paper reviews the case for a strong multilateral response to the global crisis in emerging markets (EMs). It discusses modalities and feasibility of intervention and its associated risks, depending on country circumstances of fiscal space and liquidity needs. The specific role of Multilateral Development Banks (MDBs) in ensuring the development effectiveness of the fiscal response is also discussed. The paper concludes by highlighting the international financial architecture issues raised by the global crisis that cannot be addressed immediately but will need to be dealt with once the current crisis has been tamed.

Keywords: Global Crisis; Latin America and Caribbean; Multilateral Development Banks; Policy Responses. (search for similar items in EconPapers)
JEL-codes: F3 F33 F53 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba
Date: 2009-06
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Working Paper: The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility (2011) Downloads
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