INTERNATIONAL FINANCIAL CRISIS AND POLICY RESPONSES TO THIS NEW CHALLENGE IN THE EMERGING COUNTRIES
INTERNATIONAL FINANCIAL CRISIS AND POLICY RESPONSES TO THIS NEW CHALLENGE IN THE EMERGING COUNTRIES

Summary/Abstract: The rapid spread of the financial crisis from a small number of developed countries to the global economy provides tangible evidence that the international trade and financial system needs to be profoundly reformed. While it is important to introduce structural changes to adapt the international system, this cannot be achieved without significant immediate measures to promote recovery from the current crisis: protectionist trade policies must be unwound, better coordination of additional fiscal stimulus, restoration of credit flows to productive sectors, regulatory reforms, international financial support. This paper presents the causes of the present crisis, measures needed for the recovery of the emerging markets and the support of the international financial institutions, especially IMF, for the developing countries

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