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The World in Crisis
Jean Pisani-Ferry and Indhira Santos
The crisis and the national responses to it have started to reshape the global economy and shift the balance between the political and economic forces at play in the process of globalization. The drivers of the recent globalization wave are being undermined, and the spirit of protectionism has reemerged.
David Hofman, Roberto Guimaraes, Alessandro Zanello, Isabell Adenauer, Norbert Funke, Charles Amo Yartey, and Siobhán McPhee
As world trade slumps, steel producer Ukraine and consumer electronics manufacturer Singapore face shriveling demand and drooping prices for their output. At the same time, cotton exporter Burkina Faso's production reforms encounter fading textile buyers, and hi-tech nursery Ireland fails to keep its migrant labor employed.
The cost of trade finance has risen rapidly, while in some cases its availability has fallen, especially in emerging markets. According to a recent survey, banks anticipate these trends to continue in 2009.
Gian Maria Milesi-Ferretti
The ongoing financial crisis has caused dramatic changes in asset prices and exchange rates across the globe. These changes have significantly affected the external assets and liabilities of the main creditor and debtor countries.
Laura Kodres and Aditya Narain
One key contributor to the global financial crisis was inadequate regulation. Regulatory structures must therefore be revamped to prevent another buildup of systemic risks and the provision of liquidity must also be improved. The IMF has been examining several areas that will require attention to prevent systemic crises.
More on the Global Crisis
See more coverage of the financial crisis, including:
- the December 2008 issue of F&D, which looks at the impact of the economic crisis,
- the June 2008 issue of F&D, which examines the origins of the crisis, and
- a podcast with the IMF's Charles Collyns and Laura Kodres on the global economic crisis and the prospects for recovery.
This article examines what has been achieved in recent years to strengthen the international collection and distribution of statistical information, and makes suggestions for what should be done to further improve international cooperation and plug gaps highlighted by the crisis.
James M. Boughton
History shows that reforming the international financial systems requires three ingredients: effective leadership combined with inclusive participation; clearly stated and broadly shared goals; and a realistic roadmap for reaching those goals.
Podcast | PDF version
People in Economics
Leslie Lipschitz, Céline Rochon, and Geneviève Verdier
China is achieving comparatively strong growth even during the current global economic crisis, but a massive drop in employment is prompting a profound reconsideration of policy options.
Mark Stone and Seiichi Shimizu
Financial markets in smaller economies have the potential to provide important benefits. But market development policies should be realistic and tailored to the unique circumstances of smaller economies.