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The Financial Crisis and Its Impact on Developing Countries

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  • Stephany Griffith-Jones

    ()
    (Columbia University)

  • José Antonio Ocampo

    ()
    (Columbia University)

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    Abstract

    This working paper has been commissioned by the Poverty Group, Bureau for Development Policy at UNDP, to identify the transmission mechanisms of the financial crisis from developed to developing countries and to provide broad policy recommendations at the national, global and regional level. The paper identifies three mechanisms that play a key role in spreading the consequences of the financial crisis to the developing world: remittances, capital flows and trade. The policy responses take MDG achievement and poverty reduction as the central policy concern. The paper indicates that a fair number of countries have policy space to protect vulnerable groups in the short run as well as to undertake investments to build resilience and reach these goals in the longer term. Other countries will need additional development assistance to protect development achievements. The authors point to a number of factors that need to be taken into account in determining what mix of policies to deploy including the macroeconomic, fiscal and policy stance of countries and their dynamics. The paper also proposes far-reaching reforms to address the global financial crisis, which would help to put the global macroeconomic, fiscal and financial coordination mechanisms on a firmer footing.

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    File URL: http://www.ipc-undp.org/pub/IPCWorkingPaper53.pdf
    File Function: First version, 2009
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    Bibliographic Info

    Paper provided by International Policy Centre for Inclusive Growth in its series Working Papers with number 53.

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    Length: 17
    Date of creation: Apr 2009
    Date of revision:
    Publication status: Published by UNDP - International Policy Centre for Inclusive Growth , April 2009, pages 1-17
    Handle: RePEc:ipc:wpaper:53

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    Web page: http://www.ipc-undp.org
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    Keywords: The Financial Crisis and Its Impact on Developing Countries;

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    Cited by:
    1. Eichengreen, Barry, 2009. "Lessons of the Crisis for Emerging Markets," ADBI Working Papers 179, Asian Development Bank Institute.
    2. Aldean, Cory, 2010. "Financial crisis response plan," MPRA Paper 28166, University Library of Munich, Germany, revised 27 Jan 2011.

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