The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility

27 Pages Posted: 25 Apr 2011

See all articles by Eduardo Fernandez-Arias

Eduardo Fernandez-Arias

Inter-American Development Bank (IDB)

Andrew Powell

Universidad Torcuato Di Tella - School of Business; Inter-American Development Bank (IDB); Harvard University - Center for International Development (CID)

Alessandro Rebucci

Johns Hopkins University - Carey Business School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Date Written: June 2009

Abstract

The paper reviews the case for a strong multilateral response to the global crisis in emerging markets (EMs). It discusses modalities and feasibility of intervention and its associated risks, depending on country circumstances of fiscal space and liquidity needs. The specific role of Multilateral Development Banks (MDBs) in ensuring the development effectiveness of the fiscal response is also discussed. The paper concludes by highlighting the international financial architecture issues raised by the global crisis that cannot be addressed immediately but will need to be dealt with once the current crisis has been tamed.

Suggested Citation

Fernandez-Arias, Eduardo and Powell, Andrew P. and Rebucci, Alessandro, The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility (June 2009). IDB Working Paper No. 569. Available at SSRN: https://ssrn.com/abstract=1821920 or http://dx.doi.org/10.2139/ssrn.1821920

Eduardo Fernandez-Arias (Contact Author)

Inter-American Development Bank (IDB) ( email )

1300 New York Avenue, NW
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Andrew P. Powell

Universidad Torcuato Di Tella - School of Business ( email )

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Argentina
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Inter-American Development Bank (IDB) ( email )

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Harvard University - Center for International Development (CID) ( email )

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United States

Alessandro Rebucci

Johns Hopkins University - Carey Business School ( email )

100 International Drive
Baltimore, MD 21202
United States

HOME PAGE: http://carey.jhu.edu/faculty-research/faculty-directory/alessandro-rebucci-phd

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

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