Analyzing the Crisis and its Aftermath

The latest issue of the IMF's quarterly magazine Finance & Development (F&D) examines why some countries-mostly in eastern Europe and central Asia-were hit harder than others by the global crisis, and how foreign bank lending practices may have protected Latin America. Even though the overall impact varied across countries and regions, the global slowdown was notable for its synchronization.

F&D explains how the spillover effects of the U.S. and U.K. financial markets played a role in this "coordinated" downturn.

While most of the economy suffers, bankers are getting bonuses: Steven Kaplan defends this while Simon Johnson argues we need to stop financial players from taking reckless risks. And some of the effects of the crisis are still to come: although the world has resisted protectionism so far, it might become tougher to do so.

Differential Impact

Pelin Berkmen, Gaston Gelos, Robert Rennhack, and James P. Walsh

Why some countries, mostly in eastern Europe and central Asia, were hit harder than others by the global crisis.

A Tale of Two Regions

Jorge Ivan Canales-Kriljenko, Brahima Coulibaly, and Herman Kamil

Foreign-bank lending to emerging markets during the global crisis differed from continent to continent. This might explain why Latin...