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Year: 2016 Publisher: Washington, D.C. : The World Bank,
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Greece, Ireland, Portugal, and Spain entered a period of severe economic and financial stress in the aftermath of the 2008 crisis. Their collective experience confirmed the primacy of total debt, private or public, in affecting the onset of, depth of, and recovery from economic crises. The year 2010 and the years following have demonstrated the ways in which policy responses to crisis-related downturns must be adapted when major international partners experience simultaneous growth slowdowns and markets exhibit increased risk aversion. This paper compares the recovery experience of these countries in light of recent policy debates and research on the impact of macroeconomic and structural reforms. It highlights that (a) the quality of the policies adopted to stabilize economies in the short run affects growth recovery in the long run; and (b) macroeconomic policies (fiscal and monetary) are most effective in supporting growth when they take into account structural differences between countries and when policies complement each other. The country experiences indicate that a holistic view of factors affecting investment, exports, and employment is needed to understand the impact of macroeconomic and structural reforms on output. In the absence of such a holistic view, policy may neglect to influence the binding constraints to growth.
Debt --- Financial Sector --- Jobs --- Structural Policies --- Trade
Book
ISBN: 1484355733 1484355741 Year: 2016 Publisher: Washington, D.C. : International Monetary Fund,
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This paper discusses the Malawi authorities, request for a short extension (June 30, 2016) to their arrangement under the Extended Credit Facility (ECF) that is currently due to expire on May 22, 2016. The extension is needed to provide time for the authorities to implement two prior actions for completing the seventh and eighth reviews. These comprise the reconciliation of government bank accounts for the first half of FY2015/16 and another on preparing a report on the flow and stock of domestic arrears at end-2015.
Accounting --- Banks and Banking --- Macroeconomics --- Public Finance --- Social Services and Welfare --- Institutions and the Macroeconomy --- Monetary Policy --- National Government Expenditures and Related Policies: General --- Government Policy --- Provision and Effects of Welfare Program --- Public Administration --- Public Sector Accounting and Audits --- Banking --- Public finance & taxation --- Social welfare & social services --- Financial reporting, financial statements --- International reserves --- Structural reforms --- Public financial management (PFM) --- Structural policies --- Poverty reduction --- Central banks --- Macrostructural analysis --- Poverty --- Foreign exchange reserves --- Finance, Public --- Malawi
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