THE IMPACT OF THE GLOBAL CRISIS AND THE SHORT-TERM POLICY RESPONSE

摘要

The world economy is experiencing its first contraction since the Second World War. Even before the problems in financial markets turned into a fullblown crisis in September 2008, the growth of gross domestic product (GDP) had ground to a halt in most developed countries. The bursting of the housing bubble in a number of countries, the subprime financial crisis in the United States, rising commodity prices, and in several countries, restrictive monetary policies led the global economy to the "brink of recession" in the first half of 2008 (TDR 2008: 1).