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          Policy Responses to the Global Financial Crisis: Key Issues for Developing Countries (English)
          Working paper by Akyüz, Yilmaz / South Centre, 2009, 34 pages
          Categories: International Financial System, Macroeconomic Policy

          This working paper discusses the two types of challenges that developing and developed economies face, due to the current economic and financial crisis: First, the need for immediate policy responses, that aim at stabilizing financial markets and the economy as such, and second, the need for a fundamental reform of the international financial system. The paper discusses the constraints developing and emerging economies (DEEs) are facing in responding to deflationary and destabilizing impulses from the crisis. It proposes that the reform of the international financial architecture should concentrate on crisis prevention and crisis intervention and resolution. The discussion focuses on issues that are viewed as of particular importance for stability and growth in DEEs. This paper was produced by the South Centre to contribute to the better participation of developing countries in international negotiations.