The paper reviews the case for a strong multilateral response to the global crisis in emerging markets (EMs). It discusses modalities and feasibility of intervention and its associated risks, depending on country circumstances of fiscal space and liquidity needs. The specific role of Multilateral Development Banks (MDBs) in ensuring the development effectiveness of the fiscal response is also discussed. The paper concludes by highlighting the international financial architecture issues raised by the global crisis that cannot be addressed immediately but will need to be dealt with once the current crisis has been tamed.
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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number
4629.
Find related papers by JEL classification: F3 - International Economics - - International Finance F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions F53 - International Economics - - International Relations and International Political Economy - - - International Agreements and Observance; International Organizations
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