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How to Deal with Credit Booms
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country e...
Supporting the European Recovery: Supporting the European Recovery
Five years after the onset of the global financial crisis, Europe’s economy is still fragile. Notwithstanding recent positive signs amid calmer fina...
In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previo...
The Role of Corporate Balance Sheet Repair and Dual Labor Markets
This paper argues that the large differences among EU countries in post-crisis employment performance are to a large extent driven by the need to adju...
In the last few decades there has been little convergence of income levels in Latin America with those in the United States, in sharp contrast with bo...
An Account by the Staff of the IMF's European Department
Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community...
In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand...
Since 1980, income levels in Latin America and the Caribbean (LAC) have shown no convergence with those in the US, in stark contrast to emerging Asia ...
In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation ...
This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbal...
The Role of Real Wages
This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the resu...
Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre...