Review of Recent Crisis Programs

September 14, 2009

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Review of Recent Crisis Programs, (USA: International Monetary Fund, 0) accessed September 19, 2024

Summary

This study concludes that recent Fund-supported programs in emerging market countries are delivering the kind of policy response and financing needed to cushion the blow from the worst global crisis since the 1930s. While the crisis has had a profound effect on output and employment, especially in those countries starting with large external vulnerabilities, many of the severe disruptions attending previous crises—currency overshooting and bank runs—have so far been avoided. Internalizing lessons from the past, programs have responded to country conditions and adapted to worsening economic circumstances to attenuate contractionary forces. As a result, signs of stabilization are emerging in program countries, though there remain challenges to secure sustained recovery in a number of countries.

Subject: Access to Fund general resources, Burden sharing, Economic recovery, Emerging markets, Exchange rate policy, Financial crisis, Financial sector, Fund arrangements, Global Financial Crisis 2008-2009, Monetary policy

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