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Responding to Economic Crises: Policy Alternatives for Equitable Recovery and Development

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Author Info
Stiglitz, Joseph E

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Abstract

While economic crises are becoming more frequent and severe, our experience in East Asia has demonstrated how the international response to these crises remains inadequate. Appropriate policy responses to economic crises entail three essential dimensions: first, the maintenance of full employment and economic stability through macroeconomic policy; second, complementary structural policy aimed at restoring confidence; and finally, a robust social safety net to mitigate the adverse and potentially long-term effects of economic downturns. A suitable crisis response requires that policy-makers recognize the critical role of financial markets and the existence of time lags. Suitable policy responses should consider not only an individual economy's ability to absorb shocks, but also the asymmetries and nonlinearities of alternative policies. As we thus seek to improve our macroeconomic and structural policies for the future prevention and mitigation of crises, it is critical that we bear in mind the protection of the most vulnerable segments of society from the crises that will inevitably occur. Copyright 1999 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 67 (1999)
Issue (Month): 5 (Special Issue)
Pages: 409-27
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Handle: RePEc:bla:manchs:v:67:y:1999:i:5:p:409-27

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  1. Fabrice Capoen & Jerome Creel & Pascal Cussy & Hélène Lenoble-Liaud, 2000. "How to manage speculative shocks: intra-European vs. International monetary coordination," Documents de Travail de l'OFCE 2000-01, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  2. J. Barkley Rosser, Jr., 2003. "A Nobel Prize for Asymmetric Information: the economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor and Francis Journals, vol. 15(1), pages 3-21, January. [Downloadable!] (restricted)
  3. Jonathan M. Harris, . "01-09 "Macroeconomic Policy and Sustainability"," GDAE Working Papers 01-09, GDAE, Tufts University. [Downloadable!]
  4. Roger Kelly & George Mavrotas, 2002. "Savings and Financial Sector Development: Panel Cointegration Evidence from Africa," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 A4-2, International Conferences on Panel Data. [Downloadable!]
  5. Kelly, Roger & Mavrotas, George, 2003. "Savings and Financial Sector Development: Panel Cointegration Evidence from Africa," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  6. Sonia Bhalotra, 2007. "Fatal Fluctuations? - Cyclicality in Infant Mortality in India," The Centre for Market and Public Organisation 07/181, Department of Economics, University of Bristol, UK. [Downloadable!]
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  7. Michael M. Hutchison & Ilan Noy & Lidan Wang, 2007. "Fiscal and Monetary Policies and the Cost of Sudden Stops," Working Papers 200724, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  8. Bernd Hayo, 2005. "Mass Attidudes Toward Financial Crisis and Economic Reform in Korea," Marburg Working Papers on Economics 200504, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung). [Downloadable!]
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  9. Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics. [Downloadable!]
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