A Decade after the 2009 Global Recession : Macroeconomic Developments

Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchang...

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Main Authors:	Koh, Wee Chian, Yu, Shu
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID
Online Access:	http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments http://hdl.handle.net/10986/33985

id	okr-10986-33985
recordtype	oai_dc
spelling	okr-10986-339852022-09-20T00:13:39Z A Decade after the 2009 Global Recession : Macroeconomic Developments Koh, Wee Chian Yu, Shu GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchange reserves, sound fiscal positions, and low inflation -- suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows -- such as portfolio investment and cross -- border bank lending—fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns. 2020-06-25T14:52:29Z 2020-06-25T14:52:29Z 2020-06 Working Paper http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments http://hdl.handle.net/10986/33985 English Policy Research Working Paper;No. 9290 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID
spellingShingle	GLOBAL RECESSION MACROECONOMIC POLICY GLOBAL FINANCIAL CRISIS EMERGING MARKET ECONOMIES COMMODITY PRICES FISCAL POLICY REMITTANCES FOREIGN AID Koh, Wee Chian Yu, Shu A Decade after the 2009 Global Recession : Macroeconomic Developments
relation	Policy Research Working Paper;No. 9290
description	Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchange reserves, sound fiscal positions, and low inflation -- suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows -- such as portfolio investment and cross -- border bank lending—fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.
format	Working Paper
author	Koh, Wee Chian Yu, Shu
author_facet	Koh, Wee Chian Yu, Shu
author_sort	Koh, Wee Chian
title	A Decade after the 2009 Global Recession : Macroeconomic Developments
title_short	A Decade after the 2009 Global Recession : Macroeconomic Developments
title_full	A Decade after the 2009 Global Recession : Macroeconomic Developments
title_fullStr	A Decade after the 2009 Global Recession : Macroeconomic Developments
title_full_unstemmed	A Decade after the 2009 Global Recession : Macroeconomic Developments
title_sort	decade after the 2009 global recession : macroeconomic developments
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments http://hdl.handle.net/10986/33985
_version_	1764479939058335744

A Decade after the 2009 Global Recession : Macroeconomic Developments

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