The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009 … internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off …

, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the …

financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we …