02017cas a2200277 a 4500 AALejournalIMF007022 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455216741 1018-5941 BD-DhAAL BD-DhAAL Papageorgiou, Chris. Global Shocks and their Impacton Low-Income Countries : Lessons From theglobal Financial Crisis / Chris Papageorgiou, Hans Weisfeld, Catherine Pattillo, Martin Schindler. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (51 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined sharply because LICs were unusually synchronized. Second, the growth declines are on average well explained by the decline in export demand. Third, if the external environment facing LICs improves as forecast, their growth should rebound sharply. Finally, and contrary to received wisdom, there are few robust relationships between the cross-country growth variation and the policy and structural environment; the main exceptions are reserve coverage and labor-market flexibility. Mode of access: Internet Pattillo, Catherine. Schindler, Martin. Weisfeld, Hans. IMF Working Papers; Working Paper ; No. 2011/027 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/027/001.2011.issue-027-en.xml IMF e-Library