UID:
edocfu_9958089622202883
Format:
1 online resource (72 p.)
ISBN:
1-4552-8317-7
,
1-4527-2410-5
,
1-283-53417-7
,
1-4519-6189-8
,
9786613846624
Series Statement:
World economic and financial surveys
Content:
Europe is in a deep recession. Adverse feedback between the financial and real sectors and across borders is likely to delay the recovery and create downside risks. Unprecedented policies have been undertaken to address the crisis-but are they likely to be successful and sufficiently coordinated for a tightly integrated region? To restore trust and confidence in financial markets, additional and forceful action will be essential. Maintaining fiscal support should help soften the downturn, in particular if sustainability is supported by solid medium-term strategies and fiscal frameworks. To be effective, these policies require coordination across advanced and emerging economies. The report's analytical work underpins the link between fiscal sustainability, coordination, and effectiveness, and stresses that emerging markets have been affected differently by the crisis, with the quality of policies and external vulnerabilities being key factors.
Note:
"Addressing the crisis."
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Cover; Contents; Executive Summary; 1. Outlook: Galvanizing Recovery; Synchronized Recession; Figures; 1. Euro Area: Contribution to Growth, 2006-08; Tables; 1. European Countries: Real GDP Growth and CPI Inflation, 2006-10; 2. Selected European Countries: Headline and Core Inflation, January 2006-February 2009; 3. iTraxx Credit Default Swap Europe Financials' Index, March 2007-April 2009; 4. Generalized Impulse Response Functions: Rate of Growth of Real GDP in Response to Negative Standard Error Shock to U.S. Equity Price Growth Rate
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5. Estimating Shifts in the Global Price of Risk, 2007-March 20096. Selected European Countries: Growth of Real Credit to Private Sector, 2006-January 2009; 7. Europe, Asia, and United States: Value of Trade, 1995-2007; 8. Trade and Financial Integration Within Europe; Impromptu Policy Reaction; 9. Euro Area and United Kingdom: Liquidity Premium, 2007-April 2009; 2. European Countries: External and Fiscal Balances, 2006-10; Boxes; 1. Has the Financial Crisis Impaired Monetary Transmission in the Euro Area?; 10. Government Support, Including Guarantees, to Banks, 2008-09; Uncertain Outlook
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11. New Member States: Country-Specific Components of Sovereign Spreads, September 2008-January 20093. IMF Support for European Countries Affected by the Global Crisis; 12. Key Short-Term Indicators; 2. Growth Prospects in Emerging Europe After the Global Crisis; Calling for a Well-Articulated and Effectively Coordinated Policy Response; 13. Selected Advanced Economies: Break-Even Inflation, 2007-Apnl 2009; 14. Germany, France, and Italy: Trade and GDP, 1991-2008; 3. A Case Study in Coordination: Deposit Guarantee; 4. Redesigning Financial Supervision in the European Union
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2. Fiscal Policy in Advanced Countries: Effectiveness, Coordination, and Solvency IssuesOverview; Fiscal Costs of the Crisis; 4. Headline Support for the Financial Sector and Up-Front Financing Need; Making the Most Out of Fiscal Interventions; 15. Advanced European Economies: Estimated Impact of Automatic Stabilizers on Fiscal Balances, 2008-09; 5. Advanced European Economies: Estimated Cost of Discretionary Measures, 2008-10; 16. Advanced European Economies: Fiscal Revenues During Episodes of House and Equity Price Busts; 6. Ranges of Fiscal Multipliers Used by IMF Country Teams
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7. The Case for Fiscal Stimulus: Effects of Fiscal Stimulus Under Distressed Financial MarketsTreasuring Fiscal Solvency; 8. Coordination Gains: Cumulated Effects of Fiscal Stimulus on a Large Euro Area Country; 17. Projected Changes in Public Debt; 18. Selected Euro Area Countries: Sovereign Spreads and Financial Institutions' Expected Defaut Probabilities, 2008-January 2009; 5. Sovereign Financing Needs of Advanced Economies and the Rollover Risk; 9. Sovereign Spreads: Estimated Panel Regression; 19. Estimated Common Component in Sovereign Spreads, 2001-January 2009
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20. Contributions to the Change in Spreads
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English
Additional Edition:
ISBN 1-58906-841-6
Language:
English
