The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the largest global slowdown since the 1930s. We estimate spillover effects across major advanced country regions in a structural VAR (SVAR) using pre-crisis data. Our new method...

This paper focuses on the private nonfinancial sectors of the affected economies, financial liberalization provided households and businesses with greater access to credit markets. This contributed to the long period of expansion during the 1980s. Partly as a result of major changes to the...

The economic and financial crisis that erupted in southeast Asia in July 1997 had continued to deepen and broaden as of December, and spillover effects from investor' deteriorating confidence in emerging market economies were being felt throughout the global financial system. This special...

These studies, prepared by the staff of the International Monetary Fund, comprise supporting material for the analyses and scenarios in the World Economic Outlook and provide a more detailed examination of the theory and evidence on some major issues affecting the global economy, commodity...

This paper reviews recent analytical and empirical research on the determination of employment, to provide a framework for evaluating the merits of alternative policies to cope with unemployment. Particular emphasis is placed on the mechanisms of employment and wage determination described in...

To better respond to the unprecedented demand from the membership for financing and crisis support in response to the covid-19 pandemic, there is a temporary postponement of staff's work on Article IV consultations and mandatory Financial Stability Assessments. To ensure the postponement has no...