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The Impact of the Global Crisis on South Asia
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1. INTRODUCTION
What is the Global Crisis
The first global financial crisis of the 21st century
began with problems in the sub-prime mortgage market in the US
spread around the world in September 2008
Firms and households reduce spending, resulting in a sharp economic slowdown
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CONTENTS
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2. Conventional Wisdom And The Crisis
IMF (2008) pointed to the importance of policy measures to increase demand and restore economic confidence.
The optimal fiscal package
Timely, large, lasting, diversified, contingent, collective, and sustainable.
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2. Conventional Wisdom And The Crisis
Why it is that Fiscal policy is back in fashion.
1. One argument suggests that as Monetary and credit policy reached its limit…(생략)
3. The Impact of the Crisis on South Asia
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2. high dependence on external financing
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2. Conventional Wisdom And The Crisis
According to IMF (2009b), policy makers face two challenges
What is the appropriate balance between providing support to these economies
2. How do policy makers sustain recovery
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2. Conventional Wisdom And The Crisis
Given the relative importance of the first challenge
downside risks to the fiscal outlook will have to be carefully managed, which will involve formulating a strategy that ensures medium-term fiscal solvency`
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3. The Impact of the Crisis on South Asia
History of back-to-back shocks
The global crisis in 2008 affected South Asia, following closely on the commodity price shock and record high food and oil prices that began in 2007
Global Crisis Commodity Price ↑ Food Crisis
Poverty-Reduction Ratio ↓ & Higher Inflation
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Population Living on less than $1.25/day
3. The Impact of the Crisis on
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