A special focus examines the policies required for a sustained recovery. Strategies for aligning stimulus measures with long-term growth How effective are the stimulus packages introduced by OECD countries?
This report examines up-to-date data on the stimulus packages introduced by OECD countries and major emerging economies. It includes recommendations on how packages could help achieve both short and long-term economic, social and environmental benefits, including low-carbon growth.
It calls on countries to remain vigilant and monitor the risk of discriminatory policies and new forms of protectionism which may emerge as a result of the crisis. Keeping markets open in times of crisis The risks of trade and investment protectionism rise in times of crisis, yet countries must resist pressures to close off trade and investment flows that are badly needed to bolster activity. There was no economic reason whatsoever for distinguishing between discretionary fiscal stimulus of expenditure increases and tax cuts on the one hand and unemployment compensation and systemic social expenditures triggered by economic downturns, on the other.
Both add to aggregate demand. And both did, which is the fundamental reason why the London Summit can already be seen to be such a success even though it was not seen to be so in its immediate aftermath.
This myopia over definitional detail and focusing on coordination at a given event rather than concertation over time was fallacious and in terms of the economics of it, wrong on both counts. Two culprits seem to stand out for this misperception of reality. First, leaders and finance ministers should not have indulged themselves in a public quarrel over definitions when any sensible person would realize that, systemic differences aside, expenditure injections are expansionary whether they are automatic or discretionary.
Second, the financial press had a field day with the debate, featuring it on the front pages as a cock fight in a farm yard rather than calling it out as a false debate. However, the agreements reached on reform of the international financial architecture are worthy of note: This goes in particular for the projected new oversight and regulation architecture, which is to be based on a Financial Stability Board enlarged to include the G20 countries and the IMF as its two pillars and rooted in the principle that no financial institutions, instruments, or markets will be exempt from scrutiny.
The struggle to put an end to tax avoidance and illegal capital transfers out of developing countries is, in other words, far from over. The agreements reached on the role and mandate of the international financial institutions, IMF, World Bank, and regional development banks, are at once important and new in character.
Prior to the summit, it was not at all clear whether the emerging economies would consent to measures to strengthen these institutions. They have consented, though, and at the same time succeeded in negotiating a paradigm shift concerning the governance and mandate of — first and foremost — the IMF:. The OECD countries have agreed to accept IMF oversight of their own economic policies and financial sectors and the impacts they have on the global economy.
Overview This paper provides a brief history of feminist contributions to the analysis of gender, poverty, and inequality in the field of international development. It draws out the continuous threads running through these contributions over the years, as the focus has moved from micro-level analysis to a concern with macro-level forces. It concludes with a brief […] View resource. Briefing paper. Overview European austerity programmes have dismantled the mechanisms that reduce inequality and enable equitable growth.
With inequality and poverty on the rise, Europe is facing a lost decade. An additional 15 to 25 million people across Europe could face the prospect of living in poverty by if austerity measures continue. Oxfam knows this because it […] View resource.
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