Review of Recent Crisis Programs

Policy Papers, September 14, 2009

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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.
Programs have internalized lessons from the past, 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.

Fund-supported programs in emerging market countries are providing needed policy response and financing.
Severe disruptions common in prior crises—specifically "currency overshooting and bank runs"—have largely been avoided in this episode.
Program design has been adapted to country conditions and deteriorating circumstances to reduce contractionary pressures.
Emerging signs of stabilization are observed in program countries, but challenges to achieving sustained recovery persist.

Continue tailoring program responses to country-specific vulnerabilities and evolving economic conditions.
Maintain financing and policy support aimed at cushioning output and employment losses in emerging market program countries.
Preserve and reinforce measures that prevent severe disruptions such as currency overshooting and bank runs.

Publication type: Policy Papers (web landing page)
Date: September 14, 2009
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Review of Recent Crisis Programs, (USA: International Monetary Fund, 0) accessed 9/18/2026

Review of Recent Crisis Programs; IMF Policy Paper; September 14, 2009
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