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Do Middle-Income Countries Continue to Have the Ability to Deal with the Global Financial Crisis?

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dc.contributor.authorvan Doorn, Ralph
dc.contributor.authorSuri, Vivek
dc.contributor.authorGooptu, Sudarshan
dc.date.accessioned2012-03-19T18:41:11Z
dc.date.available2012-03-19T18:41:11Z
dc.date.issued2010-07-01
dc.description.abstractThis paper introduces an "index of macroeconomic space" -- demonstrating the ability of a country to run a countercyclical fiscal policy or a fiscal stimulus at any point in time -- to show how a sample of 20 mostly middle-income countries had entered the 2008 global financial crisis with different initial conditions that, in turn, determined their ability to respond to this crisis. Since 2008, many have implemented expansionary fiscal policies and have used up available macroeconomic space. Most have had to resort to increased borrowing by the public sector, both externally and domestically. Can the middle-income countries restore their pre-2008 macroeconomic space (to the level given by historical averages of key macroeconomic variables) or contain it from further deterioration in the medium term? In an endeavor to address this question, this paper shows, through illustrative scenarios, that the room to maneuver for some countries is somewhat limited unless they embark on severe, unprecedented fiscal adjustments or they may need more time to do so than current projections seem to suggest.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100726102850
dc.identifier.doi10.1596/1813-9450-5381
dc.identifier.urihttps://hdl.handle.net/10986/3865
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5381
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectAGGREGATE DEMAND
dc.subjectASSETS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBASIS POINTS
dc.subjectBILATERAL CREDITORS
dc.subjectBOND INDEX
dc.subjectBOND ISSUANCES
dc.subjectBONDS
dc.subjectBORROWING COSTS
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICE
dc.subjectCOMMODITY PRICES
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCREDIBILITY
dc.subjectCREDIT EXPANSION
dc.subjectCREDIT GROWTH
dc.subjectCREDIT LINE
dc.subjectCREDIT MARKETS
dc.subjectCREDITORS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT ACCUMULATION
dc.subjectDEBT BURDENS
dc.subjectDEBT CRISIS
dc.subjectDEBT DYNAMICS
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT LEVEL
dc.subjectDEBT LEVELS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MANAGEMENT CAPACITY
dc.subjectDEBT PORTFOLIOS
dc.subjectDEBT RATIO
dc.subjectDEBT REDUCTION
dc.subjectDEBT RELIEF
dc.subjectDEBT SOURCE
dc.subjectDEBT STOCKS
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBT SUSTAINABILITY ANALYSES
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC INTEREST RATE
dc.subjectECONOMIC DOWNTURN
dc.subjectECONOMIC OUTLOOK
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET BOND
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXCHANGE RATES
dc.subjectEXPANSIONARY FISCAL POLICIES
dc.subjectEXPANSIONARY POLICIES
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORTER
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEBT BURDENS
dc.subjectEXTERNAL DEBT SUSTAINABILITY
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL PUBLIC DEBT
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL POSITION
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STRUCTURE
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL EXPENDITURE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED EXCHANGE RATE
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN EXCHANGE RISK
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL ECONOMIC PROSPECTS
dc.subjectGOVERNMENT REVENUE
dc.subjectGROSS DEBT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH DEBT
dc.subjectINCOME
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFLATION TARGETING
dc.subjectINFLATIONARY PRESSURE
dc.subjectINFLATIONARY PRESSURES
dc.subjectINSTRUMENT
dc.subjectINTEREST EXPENDITURE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL CREDIT
dc.subjectINTERNATIONAL INTEREST
dc.subjectINTERNATIONAL INTEREST RATES
dc.subjectINTERNATIONAL MARKET
dc.subjectINVENTORY
dc.subjectLEVELS OF DEBT
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY SUPPORT
dc.subjectLOCAL CURRENCY
dc.subjectLOW DEBT
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMARKET ACCESS
dc.subjectMARKET CONDITIONS
dc.subjectMARKET PARTICIPANTS
dc.subjectMATURITIES
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMIDDLE-INCOME COUNTRY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectNATIONAL INCOME
dc.subjectNET DEBT
dc.subjectNET EXTERNAL DEBT
dc.subjectNOMINAL INTEREST RATE
dc.subjectNUMERICAL VALUE
dc.subjectOUTPUT
dc.subjectOUTSTANDING CLAIMS
dc.subjectPOLICY RESPONSE
dc.subjectPOLITICAL CYCLE
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO CAPITAL
dc.subjectPORTFOLIO EQUITY
dc.subjectPORTFOLIOS
dc.subjectPOTENTIAL OUTPUT
dc.subjectPRICE RISKS
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE EXTERNAL DEBT
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT STOCK
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC SPENDING
dc.subjectREAL GDP
dc.subjectREMITTANCES
dc.subjectRETURNS
dc.subjectRISK ASSESSMENTS
dc.subjectSAFETY NET
dc.subjectSHARE OF INCOME
dc.subjectSHORT-TERM DEBT
dc.subjectSOCIAL SAFETY NET
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN ENTITIES
dc.subjectSTOCK OF DEBT
dc.subjectSUB-NATIONAL ENTITIES
dc.subjectSUSTAINABILITY ANALYSES
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTOTAL DEBT
dc.subjectTOTAL EXTERNAL DEBT
dc.subjectTREASURIES
dc.subjectTROUGH
dc.subjectUNEMPLOYMENT
dc.subjectWARRANTS
dc.titleDo Middle-Income Countries Continue to Have the Ability to Deal with the Global Financial Crisis?en
dspace.entity.typePublication
okr.crossref.titleDo Middle-Income Countries Continue To Have The Ability To Deal With The Global Financial Crisis ?
okr.date.disclosure2010-07-26
okr.date.doiregistration2025-04-10T11:44:32.915539Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100726102850
okr.guid725691468150881913
okr.identifier.doi10.1596/1813-9450-5381
okr.identifier.externaldocumentum000158349_20100726102850
okr.identifier.internaldocumentum12583783
okr.identifier.reportWPS5381
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/07/26/000158349_20100726102850/Rendered/PDF/WPS5381.pdfen
okr.region.administrativeWorld
okr.region.administrativeWorld
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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