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A Decade after the 2009 Global Recession: Macroeconomic and Financial Sector Policies

Wee Chian Koh () and Shu Yu ()

No 9289, Policy Research Working Paper Series from The World Bank

Abstract: 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.

Keywords: Macroeconomic Management; Economic Adjustment and Lending; Public Sector Economics; Public Finance Decentralization and Poverty Reduction; Macroeconomics and Economic Growth; Economic Policy; Institutions and Governance; Macro-Fiscal Policy; Fiscal&Monetary Policy; Economic Growth; Financial Structures (search for similar items in EconPapers)
Date: 2020-06-22
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