Title

The world's poorest nations and the global financial crisis

Document Type

Journal article

Source Publication

World Economics

Publication Date

10-1-2009

Volume

10

Issue

4

First Page

25

Last Page

44

Keywords

Development, Global financial crisis, Great recession, Growth, Inequality, Poverty, Subprime

Abstract

Unlike many earlier financial crises, the current sub-prime-induced crisis originated in advanced economies (in the US housing sector) in the summer of 2007, and rapidly mushroomed into a global financial crisis by September 2008. Developing nations, especially the 'least developed countries' (LDCs), have been hit particularly hard with a sharp drop in export demand and in net capital inflows. The current turmoil threatens to undo the impressive gains in economic growth and convergence many developing nations have achieved over the past decade -- a reversal of fortune that includes casting millions back into poverty. What explains the vulnerability of the LDCs, and how have the G8, the G20, the IMF and the World Bank responded to help mitigate the economic and social costs of the crisis? How can developing nations, especially the poorest, better insulate their economies from the vagaries of the global financial markets? This paper addresses these issues.

Print ISSN

14681838

E-ISSN

14743884

Publisher Statement

Copyright © NTC Publications Ltd. 2009

Recommended Citation

Imparato, N., & Sharma, S. D. (2009). The world's poorest nations and the global financial crisis. World Economics, 10(4), 25-44.

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