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Economic resilience: what role for policies?

Author

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  • Aida Caldera Sánchez

    (OECD)

  • Morten Rasmussen
  • Oliver Röhn

    (OECD)

Abstract

The global financial crisis highlighted the importance of strengthening the resilience of our economies to adverse shocks. In this paper, we take stock of studies carried out primarily within, but also outside the OECD, to better understand the role of macroeconomic and structural policies in spurring or mitigating the vulnerabilities that can lead to costly shocks, as well as the role of policies in mitigating the shock impact and speeding the recovery. Then we offer tentative insights on how policies can be geared to address vulnerabilities early on, mitigate the impact of shocks and speed recoveries, as well as highlight possible trade-offs that exist across policy areas. Résilience économique: Quel rôle pour les politiques ? La crise financière mondiale a mis en évidence l'importance de renforcer la résilience de nos économies face aux chocs défavorables. Cet article passe en revue les études réalisées principalement au sein, mais aussi en dehors de l'OCDE, afin de mieux comprendre les liens entre les politiques macroéconomiques et structurelles et les vulnérabilités pouvant entraîner de sévères récessions, ainsi que le rôle des politiques pour atténuer l'impact des chocs et accélérer la reprise. Ensuite, l’article propose quelques pistes de réflexion sur comment les politiques peuvent être adaptées pour répondre mieux aux vulnérabilités, atténuer l'impact des chocs et accélérer la reprise économique, toute en mettant en évidence les arbitrages possibles qui existent entre les domaines politiques.

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  • Aida Caldera Sánchez & Morten Rasmussen & Oliver Röhn, 2015. "Economic resilience: what role for policies?," OECD Economics Department Working Papers 1251, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1251-en
    DOI: 10.1787/5jrxhgf61q5j-en
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    More about this item

    Keywords

    crise; crisis; déséquilibres; resilience; résilience; vulnerability; vulnérabilité;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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