Global Meltdown : Regional Impacts

Contents: Foreword. Part. I: Global Meltdown. 1. World Economic Outlook, April 2009: Crises and Recovery. 2. The General Economic Background to the Crisis/Jorgen Elmeskov. 3. The Global Financial Crisis: Causes, consequences and Countermeasures/Luci Ellis. 4. The impact of the financial crisis on emerging market economies: The Transmission Mechanism, policy Response and Lessons/Jack Boorman. 5. The Multilateral Response to the global Crisis: Rationale, Modalities and Feasibility/Eduardo Fernandez-Arias, Andrew Powell and Alessandro Rebucci. 6. Learning from the Financial Crisis/Sir John Gieve.  Part. II: Regional Impacts. 7. The Global Crisis and Latin America: Financial Impact and policy Responses/Alejandro Jara, Ramon Moreno and Camilo E. Tovar. 8. Crisis Management in the European Union/Sylvester C.W. Eijffinger. 9. UK Poverty and the Economic Downturn/Moussa Haddad and Antonia Bance. 10. The Current Crisis: A challenge as well as a chance to Implement Needed Reforms?/Amir Hadziomeragic. 11. Spillovers of the Crisis: How different is Croatia?Ljubinko Jankov. 12. Central Asia and the Global economic Crisis/Richard Pomfret. 13. Measuring the pulse of Africa in Times of Crisis/OECD. 14. The Global Financial Crisis and its impact on the Asia-Pacific Region/Anwar Nasution. 15. The Global Financial Crisis, Developing Countries and India/Jayati Ghosh. 16. Risk Management in the Midst of the Global Financial Crisis/D. Subbarao. Index.

“The financial turmoil which surfaced in August 2007 in the US financial system as a result of defaults of sub-prime mortgage loans has blown into an unprecedented financial crisis engulfing international money, credit, equity and foreign exchange markets. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, global financial crisis and now a global recession.

Though emerging market economies, including India, do not have direct or significant exposure to stressed financial instruments or troubled financial institutions, they are not immune to the adverse effects of the financial crisis.

Most of the crises over the past few decades have had their roots in developing and emerging countries, often resulting from abrupt reversals in capital flows, and from loose domestic monetary and fiscal policies. In contrast, the current ongoing global financial crisis has had its roots in the US.

Given the experience of the post-crisis period, the decoupling hypothesis stands invalidated.  Reinforcing the notion that in a globalised world no country can be an island, growth prospects of emerging economies have been undermined by the cascading financial crisis with, of course, considerable variation across countries.

This book contains 16 analytical contributions gathered from various sources which give – with regional dimensions – deep insights into the origin, causes, consequences and remedial measures related to the crisis.”(Jacket).