The World in Crisis
Reshaping the Global Economy
Jean
Pisani-Ferry and Indhira Santos
The crisis and the national
responses to it have started to
reshape the global economy and
shift the balance between the
political and economic forces at
play in the process of
globalization. The drivers of
the recent globalization wave
are being undermined, and the
spirit of protectionism has
reemerged.
Deep Impact
David
Hofman, Roberto Guimaraes,
Alessandro Zanello, Isabell
Adenauer, Norbert Funke, Charles
Amo Yartey, and Siobhán McPhee
As world trade slumps, steel
producer Ukraine and consumer
electronics manufacturer
Singapore face shriveling demand
and drooping prices for their
output. At the same time, cotton
exporter Burkina Faso's
production reforms encounter
fading textile buyers, and
hi-tech nursery Ireland fails to
keep its migrant labor employed.
Changing Fortunes
Gian
Maria Milesi-Ferretti
The ongoing financial crisis has
caused dramatic changes in asset
prices and exchange rates across
the globe. These changes have
significantly affected the
external assets and liabilities
of the main creditor and debtor
countries.
More on the Global Crisis
See more coverage of the financial crisis, including:
- the December 2008 issue of F&D, which looks at the impact of the economic crisis,
- the June 2008 issue of F&D, which examines the origins of the crisis, and
- a podcast with the IMF's Charles Collyns and Laura Kodres on the global economic crisis and the prospects for recovery.
Viewpoints
Redrawing the Boundaries
Departments
People in Economics
Seeing Crises Clearly
Prakash Loungani
Profile of economist Nouriel Roubini,
best known for predicting the current
global economic crisis.
IMF Research
The Domestic Solution
Leslie Lipschitz,
Céline Rochon, and Geneviève Verdier
China is achieving comparatively strong
growth even during the current global
economic crisis, but a massive drop in
employment is prompting a profound
reconsideration of policy options.
Small Steps
Mark Stone and
Seiichi Shimizu
Financial markets in smaller economies
have the potential to provide important
benefits. But market development
policies should be realistic and
tailored to the unique circumstances of
smaller economies.
Back to Basics
What Is a Recession?
Stijn Claessens
and M. Ayhan Kose
The ongoing global financial crisis has
been accompanied by recessions in many
countries. What exactly is a recession
and why do they happen?
Book Reviews
When Markets Collide: Investment Strategies for the Age of Global Economic Change, Mohamed El-Erian