March 21, 2018
Economic recessions are typically described as short-term periods of negative economic growth. According to the traditional business cycle view, output moves up and down around its long-term upward trend and after a recession, it […]
September 27, 2017
In the wake of the global financial crisis, fiscal stimulus was advocated widely to help mitigate the recession. The thinking at the […]
By Vivek Arora
IMF lending increased to unprecedented levels in the aftermath of the global financial crisis. As difficulties emerged, we extended financial support to countries across the world—in the euro area, Africa, Asia, the Middle East, and emerging economies in Europe.
The IMF tried to draw lessons in real time as the crisis evolved in order to adapt our operations. We reviewed individual programs and, from time to time, paused and took stock of our experience across countries.
Those who cannot remember the past are condemned to repeat it.
The world has been littered with many financial crises over the centuries, yet many a time these lessons are ignored, and crises recur. Indeed, there are many clear lessons on the causes of past crises, the severity of their consequences, and how future crises can be prevented or better managed when they occur.
This applies to the 2007-09 global financial crisis that […]