[图书][B] Coping with the crisis: policy options for emerging market countries
The current financial turmoil is confronting emerging market economies (EMEs) with two
shocks: a “sudden stop” of capital inflows driven by global deleveraging, and a collapse in
export demand associated with the global slump. Although some EMEs were already ripe for
a homegrown crisis following unsustainable credit booms or fiscal policies, and face large
debt overhangs, the majority were just innocent bystanders. This note outlines policies to
help solve the debt overhang and bring about recovery in both groups of countries.
shocks: a “sudden stop” of capital inflows driven by global deleveraging, and a collapse in
export demand associated with the global slump. Although some EMEs were already ripe for
a homegrown crisis following unsustainable credit booms or fiscal policies, and face large
debt overhangs, the majority were just innocent bystanders. This note outlines policies to
help solve the debt overhang and bring about recovery in both groups of countries.
Executive Summary
The current financial turmoil is confronting emerging market economies (EMEs) with two shocks: a “sudden stop” of capital inflows driven by global deleveraging, and a collapse in export demand associated with the global slump. Although some EMEs were already ripe for a homegrown crisis following unsustainable credit booms or fiscal policies, and face large debt overhangs, the majority were just innocent bystanders. This note outlines policies to help solve the debt overhang and bring about recovery in both groups of countries.
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