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T20 resilience and inclusive growth

Author

Listed:
  • Iwata, Kazumasa
  • Jean, Sébastien
  • Kastrop, Christian
  • Loewald, Chris
  • Véron, Nicolas

Abstract

Severe recessions and financial crises are frequent. Their effect on the economy is persistent and often exceeds initial projections. They can also be a strong driver of widening inequality. Therefore it is important that measures be taken to minimise the risk of such events while strengthening the potential for economies to innovate and prosper (Phelps, Mass Flourishings: How Grassroots Innovation Created Jobs, Challenge and Change, 2013). An economy's resilience to crises and recessions can also be strengthened. Minimising risks requires the accurate monitoring of home-grown vulnerabilities in realtime; coping with the consequences means identifying and putting in place policy settings and mechanisms that can help absorb the impact of a severe downturn and facilitate a swift rebound of economic activity. Strengthening resilience will also provide a key contribution to solving the global problems of rising populism, nationalism and protectionism.

Suggested Citation

  • Iwata, Kazumasa & Jean, Sébastien & Kastrop, Christian & Loewald, Chris & Véron, Nicolas, 2017. "T20 resilience and inclusive growth," Economics Discussion Papers 2017-94, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201794
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    References listed on IDEAS

    as
    1. Rémi Bazillier & Jérôme Hericourt, 2017. "The Circular Relationship Between Inequality, Leverage, And Financial Crises," Journal of Economic Surveys, Wiley Blackwell, vol. 31(2), pages 463-496, April.
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    3. Edmund Phelps, 2015. "Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change (an excerpt)," Journal of Economic Sociology, National Research University Higher School of Economics, vol. 16(1), pages 22-37.
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    5. Oliver Denk & Boris Cournède, 2015. "Finance and income inequality in OECD countries," OECD Economics Department Working Papers 1224, OECD Publishing.
    6. Edmund Phelps, 2015. "Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change," Economics Books, Princeton University Press, edition 1, number 10058-2.
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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Jeyacheya, Julia & Hampton, Mark P., 2020. "Wishful thinking or wise policy? Theorising tourism-led inclusive growth: Supply chains and host communities," World Development, Elsevier, vol. 131(C).
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    More about this item

    Keywords

    resilience; growth; equity; income equality; social inclusion; financial crisis; debt;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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