Global shocks and their impact on low-income countries : lessons from the global financial crisis /
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Imprint: | [Washington, D.C.] : International Monetary Fund, ©2011. |
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Description: | 1 online resource (52 pages) : color illustrations |
Language: | English |
Series: | IMF working paper, 2227-8885 ; WP/11/27 IMF working paper ; WP/11/27. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/13510837 |
Summary: | This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined sharply because LICs were unusually synchronized. Second, the growth declines are on average well explained by the decline in export demand. Third, if the external environment facing LICs improves as forecast, their growth should rebound sharply. Finally, and contrary to received wisdom, there are few robust relationships between the cross-country growth variation and the policy and structural environment; the main exceptions are reserve coverage and labor-market flexibility. |
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Physical Description: | 1 online resource (52 pages) : color illustrations |
Bibliography: | Includes bibliographical references. |
ISBN: | 9781455278107 1455278106 145521681X 9781455216819 1283566311 9781283566315 1462300227 9781462300228 9786613878762 6613878766 |
ISSN: | 2227-8885 ; |