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Seminar on How to Survive the Economic Crisis (comming soon)

n       Background

Having gone through so much turmoil and turbulence in the financial market in 2008, the global economy is now spiraling deeper into recession and uncertainty looms large as to where the world economy will be heading. It is a common challenge for the policymakers worldwide to stimulate their economy out of the crisis by more effective policies. The current crisis calls for two main sets of policy measures. First, measures to repair the financial system. Second, measures to increase demand and restore confidence. Since the onset of the crisis, all nations have been adopting mostly monetary policies such as cutting interest rates, providing liquidity into the financial system, and nationalizing big banks to help repair the financial system. However, as the global economic meltdown gradually deepens, the fiscal measures to stimulate demand and rebuild confidence have emerged as the focus of attention of the governments worldwide.

Now proactive fiscal policies have been adopted and economic stimulus packages have been announced by the US, EU, Japan and many developing economies including China. These measures will undoubtedly contribute to economic recovery and development, but various challenges are awaiting them as well. For instance, they are faced with the constraints to maintain the balance between the short-term and long-term equilibrium. Fiscal policy may bring negative fallout that is not conducive to sustained economic development, such as increased fiscal deficit and the crowding out effect in private investment. Proactive fiscal policy may also result in increased bad bank debts in the current uncertain environment, hence stunting the healthy development of financial systems. Therefore, all the governments, both developed and developing economies, should take account of the constraints and actual effectiveness of implementing a proactive fiscal policy to avoid its adverse effects and to spur the economy out of crisis and back onto a stable and healthy development track.

n       Objectives

To help countries to understand and address these challenges, AFDC is organizing a GDLN seminar which will:

l         Discuss fiscal policy measures for tackling the financial crisis, including the potential constraints, effectiveness and impacts on economic development in the long run, with the objective of providing policymakers with constructive policy recommendations to cope with the crisis.

l         Summarize and compare the experiences from past crises and share fiscal policy approaches currently taken by selected economies to boost demand.