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A Second Stage of the Crisis Characterized by Uncertainty


Author Info

  • Jorge Carrera

    (Central Bank of Argentina)

  • Federico Grillo

    (Central Bank of Argentina)


From the second quarter of 2009, global economic activity began to show signs of recovery after the recession caused by the subprime crisis. However, the optimism of late 2009 has given way to greater caution on the speed of the recovery, particularly in developed countries. This marks a second stage of the crisis characterized by uncertainty about the chances of a sustainable recovery of the global economy. In this context, emerging and developing countries are showing a better economic performance, although one wonders if a "decoupling" is possible in an environment of weak growth in advanced countries. Parallel to the developments of the global economy, negotiations to reform the international financial architecture in the area of G-20 continued. The objective of this reform is to make the global economy less prone to crisis. Despite the progress in negotiations, it is still unclear how the new international financial system will look after the reforms and, especially, how this will impact on the performance of the global economy in the short and long run. This represents another factor of uncertainty.

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Bibliographic Info

Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

Volume (Year): 1 (2010)
Issue (Month): 57-58 (January - June)
Pages: 189-227

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Handle: RePEc:bcr:ensayo:v:1:y:2010:i:57-58:p:189-227

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Related research

Keywords: fiscal policy; international coordination; international financial crisis; macroeconomics; monetary policy; reform of the international financial architecture;

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  1. Olivier J. Blanchard & Mitali Das & Hamid Faruqee, 2010. "The Initial Impact of the Crisis on Emerging Market Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 263-323.
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Cited by:
  1. José Manuel Duarte Inchausti, 2011. "The Euro Zone Debt Crisis and the Situation of the European Banks," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(61-62), pages 141-188, January -.


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