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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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The Crises and the Global Economy

The Crises and the Global Economy

Chapter:
(p.79) Chapter 5 The Crises and the Global Economy
Source:
Financial and Fiscal Policies
Author(s):

Y.V. Reddy

Narayan Valluri

Partha Ray

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199452651.003.0005

In the backdrop of economic trends during 2000–6, this chapter gives a synoptic account of the global economic developments during 2007–13. This seven-year period 2007–13 witnessed various crises—the sub-prime crisis in the US, leading to global financial crisis, finally culminating in the great recession of 2009. Countries all across the world undertook simultaneously coordinated monetary and fiscal stimulus, and growth resurfaced in 2010 led by a number of countries in developing Asia (primarily China). But this resurgence of growth was transitory, uneven, and fragile and the recovery was punctured subsequently in 2011–12 with the emergence of euro area debt crisis. A number of reasons may be identified behind the emergence of the euro area crisis, such as unsustainable fiscal position and high current account deficit in some of these economies. There are indications that 2014 will witness some improvements in the euro area.

Keywords:   great recession, emerging market economies, G-20 economies, advanced economies, international coordination of fiscal policies, fiscal policy, fiscal balance, current account balance

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