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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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The Global Financial and Economic Crisis and Its Impact on Development

The Global Financial and Economic Crisis and Its Impact on Development

(p.55) 3 The Global Financial and Economic Crisis and Its Impact on Development
Reforming the International Financial System for Development

Jomo Kwame Sundaram

Columbia University Press

This chapter analyzes the origins and impact of the worst world recession since the 1930s, caused by an unsustainable growth pattern, related global imbalances, and weaknesses in the global financial and economic system. It first reviews the causes and nature of the financial crisis before assessing its impact on development. In particular, it considers how developing countries have been adversely affected by reduced trade and commodity prices, declining remittance incomes, and strains on official development assistance. It then examines the implications of the crisis for growth and employment in developing countries and describes global responses to the crisis. It also proposes a number of measures, such as coordinating macroeconomic recovery efforts, minimizing protectionist responses and unfair trading practices, and supporting long-term investments in sustainable development. Finally, it suggests ways of reforming the international financial system and global economic governance by regulating financial markets, addressing tax evasion and fiscal space, and creating better international mechanisms for sovereign debt restructuring and relief.

Keywords:   recession, financial crisis, development, developing countries, trade, commodity prices, official development assistance, employment, economic governance, financial markets

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