Abstract:OVERVIEWSpillover reports explore the external effects of policies in five systemic economies based on the issues identified by partners. Without reprising all the results (Box 1) and nuances, this paper draws some overarching lessons from the exercise for the global policy debate: Short-term policy spillovers hinge on their effects on financial markets. When the financial system is stressed and there is fiscal space, as in 2008-09, macroeconomic stimulus makes sense and yields significant positive spillovers… Show more
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