Leipziger, Danny M.Canuto, Otaviano2012-08-132012-08-132012-02https://hdl.handle.net/10986/10055This note examines one of the most fundamental questions to emerge from the Great Recession of 2007-9: how to regrow global economic growth going forward? Although all are painfully aware that it may be 2013 or 2014 before the global economy returns to normalcy, no one is sanguine about medium- to long-term growth prospects. For this reason, the challenging task of 'regrowing growth' will take center stage for politicians and policy makers alike. One point is clear: without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is diminished. How various elements will affect growth prospects is less clear, but vitally important. In the terminology of Hausmann and Rodrik (2003), this is a process of discovery and we are in somewhat uncharted territory.CC BY 3.0 IGOADVANCED COUNTRIESADVANCED ECONOMIESAGGREGATE DEMANDANTI-INFLATION POLICIESASSET PRICESBAILOUTBAILOUT COSTSBALANCE SHEETSBANK CREDITBANK DEBTBANK GOVERNORSBANKSBARRIERS TO ENTRYBUSINESS CYCLECAPITAL ACCUMULATIONCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL SHORTAGECAPITAL SURPLUSCENTRAL BANKCENTRAL BANK POLICYCOLLATERALCOMMUNICATION TECHNOLOGYCOMPETITION POLICIESCOMPETITIVE EXCHANGECOMPETITIVE EXCHANGE RATECONSOLIDATIONCONSUMER DURABLESCREDIT GROWTHCURRENCYCURRENT ACCOUNTCURRENT ACCOUNT DEFICITSCURRENT ACCOUNT IMBALANCESCURRENT ACCOUNT SURPLUSESDEBT LEVELSDEBT RESTRUCTURINGDEBT SERVICEDEPRESSIONDEREGULATIONDEVALUATIONDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING ECONOMIESDEVELOPING WORLDDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDEVELOPMENT REPORTDOMESTIC DEBTDOMESTIC DEMANDDOMESTIC REAL INTEREST RATESECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC DOWNTURNECONOMIC ENVIRONMENTECONOMIC GROWTHECONOMIC IMPACTECONOMIC POWERSECONOMIES OF SCALEEMERGENCY FINANCINGEMERGING ECONOMIESEMERGING MARKETSEMERGING-MARKETEMPIRICAL STUDIESEMPLOYMENTEUROPEAN CENTRAL BANKEXCESS CAPACITYEXCHANGE RATEEXPORT MARKETSEXPORT PERFORMANCEEXPOSUREEXTERNALITIESFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL REGULATIONFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL SHOCKSFINANCIAL SYSTEMFISCAL CONSOLIDATIONFISCAL IMBALANCESFISCAL POLICYFOREIGN RESERVESGLOBAL DEMANDGLOBAL ECONOMIC PROSPECTSGLOBAL ECONOMIESGLOBAL ECONOMYGLOBAL IMBALANCESGLOBAL MARKETSGLOBALIZATIONGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT POLICYGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGROWTH PERFORMANCEGROWTH POLICIESGROWTH PROSPECTSGROWTH RATESHARMONIZATIONHIGH GROWTHHOLDINGHOUSINGHUMAN CAPITALIMPORTIMPORTSINCOMEINCOME INEQUALITYINDEBTEDNESSINDIVIDUAL COUNTRIESINDUSTRIAL POLICYINFLATIONINFORMATION TECHNOLOGYINFRASTRUCTURE PROJECTSINTEREST RATESINTERNATIONAL BUSINESSINTERNATIONAL FINANCIAL ARCHITECTUREINVENTORIESINVESTMENT MANAGEMENTJOB CREATIONLABOR COSTSLABOR MARKETSLACK OF CONFIDENCELEVERAGELIBERALIZATIONLIBERALIZATION OF TRADELIQUIDITYLONG RUNLONG-RUN GROWTHLONG-TERM GROWTHMACROECONOMIC POLICYMACROECONOMIC STABILIZATIONMARKET ECONOMIESMEDIUM TERMMONETARY FUNDMONETARY POLICIESMONETARY POLICYMONETARY POLICY DECISIONSMORAL HAZARDNATURAL RESOURCESNEW PRODUCTOPEN MARKETSOUTPUTOUTPUT GAPSOUTPUT GROWTHPOLICY CHANGEPOLICY MAKERSPOLICY OPTIONSPOLICY RESPONSESPOLITICAL ECONOMYPOVERTY REDUCTIONPRODUCTIVITYPROTECTIONIST MEASURESPRUDENTIAL REGULATIONSPUBLIC DEBTPUBLIC EXPENDITURESPUBLIC FINANCESPUBLIC INFRASTRUCTUREREAL EFFECTIVE EXCHANGE RATESREAL ESTATEREAL INTERESTRECESSIONREGULATORY REFORMRESERVERESOURCE MOBILIZATIONRETURNRETURNSRISK CAPITALSLACKSOLVENCYSOVEREIGN DEBTSOVEREIGN DEBT PROBLEMSTEADY STATESURPLUSSURPLUS COUNTRIESSWAPTECHNOLOGICAL INNOVATIONTRADE DEFICITSTRADE OPENNESSTRADINGTRADING SYSTEMUNCERTAINTYVOLATILITYWARRANTSWorld Bank10.1596/10055