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The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility

  • Eduardo Fernandez-Arias
  • Andrew Powell
  • Alessandro Rebucci

    ()

The paper reviews the case for a strong multilateral response to the global crisis in emerging markets (EMs). It discusses modalities and feasibility of intervention and its associated risks, depending on country circumstances of fiscal space and liquidity needs. The specific role of Multilateral Development Banks (MDBs) in ensuring the development effectiveness of the fiscal response is also discussed. The paper concludes by highlighting the international financial architecture issues raised by the global crisis that cannot be addressed immediately but will need to be dealt with once the current crisis has been tamed.

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File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-683&pub_file_name=pubWP-683.pdf
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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4629.

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Date of creation: Jun 2009
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Handle: RePEc:idb:wpaper:4629
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  1. A. R. Pagan & Douglas Laxton & Luis Catão, 2008. "Monetary Transmission in an Emerging Targeter; The Case of Brazil," IMF Working Papers 08/191, International Monetary Fund.
  2. Eduardo Fernández-Arias & Peter J. Montiel, 2009. "Crisis Response in Latin America: Is the "Rainy Day" at Hand?," IDB Publications (Working Papers) 6769, Inter-American Development Bank.
  3. Emine Boz, 2009. "Sovereign Default, Private Sector Creditors and the IFIs," IMF Working Papers 09/46, International Monetary Fund.
  4. Powell, Andrew & Arozamena, Leandro, 2003. "Liquidity protection versus moral hazard: the role of the IMF," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 1041-1063, December.
  5. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective During Financial Crises?," NBER Working Papers 14678, National Bureau of Economic Research, Inc.
  6. Braggion, Fabio & Christiano, Lawrence J. & Roldos, Jorge, 2009. "Optimal monetary policy in a [`]sudden stop'," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 582-595, May.
  7. Ortiz, Alberto & Pablo, Ottonello & Sturzenegger, Federico & Talvi, Ernesto, 2007. "Monetary and Fiscal Policies in a Sudden Stop: Is Tighter Brighter?," Working Paper Series rwp07-057, Harvard University, John F. Kennedy School of Government.
  8. Jeanne, Olivier & Ostry, Jonathan D & Zettelmeyer, Jeromin, 2008. "A Theory of International Crisis Lending and IMF Conditionality," CEPR Discussion Papers 7022, C.E.P.R. Discussion Papers.
  9. Corsetti, Giancarlo & Guimaraes, Bernardo & Roubini, Nouriel, 2006. "International lending of last resort and moral hazard: A model of IMF's catalytic finance," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 441-471, April.
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