{
  "title": "Denmark: 2008 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Denmark",
  "publication": "IMF Staff Country Reports, December 29, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/denmark-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22563",
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  "summary": "The key findings of Denmark’s 2008 Article IV Consultation are examined. The global liquidity crisis put the financial sector under severe stress, but most banks have weathered the crisis well owing to strong initial positions and supportive policies.",
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    {
      "heading": "Executive summary and key findings",
      "content": "- The global liquidity crisis put the financial sector under severe stress.\n- Most banks have weathered the crisis well owing to strong initial positions and supportive policies.\n- The crisis accelerated a downturn that had begun in 2007 and tilted the balance of macroeconomic risk toward recession.\n- The macroeconomic policy mix is appropriate:\n  - Higher interest rates to support the exchange rate peg.\n  - An expansionary budget to add a countercyclical thrust to the strong stabilizing effect of Denmark’s automatic stabilizers."
    },
    {
      "heading": "Detailed findings and thematic points",
      "content": "- Financial sector:\n  - Severe stress from the global liquidity crisis.\n  - Most banks remained resilient due to strong initial positions and supportive policies.\n- Macroeconomic outlook:\n  - Downturn accelerated by the crisis; original downturn began in 2007.\n  - Balance of macroeconomic risk tilted toward recession.\n- Policy assessment:\n  - Monetary policy: higher interest rates to defend the exchange rate peg.\n  - Fiscal policy: expansionary budget recommended to provide countercyclical support alongside automatic stabilizers."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Fiscal policy, Fiscal stance, Income, Labor, Labor markets, National accounts, Wages\n- Keywords: baseline scenario, CR, Fiscal stance, Global, growth, growth prospect, IMF staff estimate, Income, ISCR, Labor markets, maturing mortgage bond, staff appraisal, Wages\n\n---\n\n Content in this bundle\n\n- cr08379\n  - cr08379 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr08379 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 29, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451811230.002",
    "The global liquidity crisis put the financial sector under severe stress.",
    "Most banks have weathered the crisis well owing to strong initial positions and supportive policies.",
    "The crisis accelerated a downturn that had begun in 2007 and tilted the balance of macroeconomic risk toward recession.",
    "The macroeconomic policy mix is appropriate:",
    "Financial sector:",
    "Macroeconomic outlook:",
    "Policy assessment:",
    "Subjects: Fiscal policy, Fiscal stance, Income, Labor, Labor markets, National accounts, Wages",
    "Keywords: baseline scenario, CR, Fiscal stance, Global, growth, growth prospect, IMF staff estimate, Income, ISCR, Labor markets, maturing mortgage bond, staff appraisal, Wages",
    "**_cr08379**"
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