great recession and oecd (selected policy issues) karel dyba

GREAT RECESSION AND OECD(SELECTED POLICY ISSUES)

Karel Dyba

CONTENT

1. FINANCIAL AND ECONOMIC CRISES AND OECD POLICY RECOMENDATIONS

2. OECD ENLARGEMENT AND ENHANCED ENGAGEMENT PROGRAMME

3. CONCLUDING REMARKS

1/1 - GREAT RECESSION AND OECD POLICY GREAT RECESSION AND OECD POLICY

RECOMENDATIONSRECOMENDATIONS OECD PRODUCTS, THEIR BROAD CONTENT AND OECD PRODUCTS, THEIR BROAD CONTENT AND

AIMAIM- OECD SOECD STRATEGIC RESPONSE TO THE FINANCIAL TRATEGIC RESPONSE TO THE FINANCIAL

AND ECONOMIC CRISIS, END 2008AND ECONOMIC CRISIS, END 2008- UPDATED IN MARCH 2009 AS UPDATED IN MARCH 2009 AS "T"THE HE RROAD TO OAD TO

RECOVERYRECOVERY””  -  HOW TO MITIGATE THE IMPACT OF THE -  HOW TO MITIGATE THE IMPACT OF THE

RECESSIONRECESSION (FISCAL STIMULUS)(FISCAL STIMULUS)

- -  POLICIES TO CHART THE ROAD TO A POLICIES TO CHART THE ROAD TO A STRUCTURALLY BETTER UNDERPINNED STRUCTURALLY BETTER UNDERPINNED RECOVERY AND GROWTHRECOVERY AND GROWTH

1/2 - GREAT RECESSION AND OECD POLICY RECOMENDATIONS (CONTINUED)

WHAT IS A SMART FISCAL STIMULUS

 - TIMELY, TEMPORARY AND TARGETED

 - FOCUS ON SHORT TERM EFFICIENCY AND LONG TERM GROWTH (INFRASTRUCTURE, TAX CUTS ON LOW INCOME LABOUR, TRAINING, R AND D, INOVATION)

 -  MINIMAL SUBSIDIES PROTECTION OF NON-FINANCIAL FIRMS AND SECTORS

-   SIZE OF THE STIMULUS DIFFERS

1/3 - GREAT RECESSION AND OECD POLICY RECOMENDATIONS (CONTINUED)

- NO TO TRADE AND INVESTMENT PROTECTIONISM (DOHA)

-   ADOPTING COUNTRY SPECIFIC STRUCTURAL REFORMS

-   (OECD COUNTRY ECONOMIC SURVEYS) -   BETTER INTERNATIONAL COORDINATION-   COMMITMENT TO MEDIUM TERM FISCAL

ADJUSTMENT AND RETURN TO A SUSTAINABLE FISCAL BALANCE

2 - OECD ENLARGEMENT AND ENHANCED

ENGAGEMENT PROGRAM

-  ENLARGEMENT: INITIAL MEMORANDA ENLARGEMENT: INITIAL MEMORANDA PRESENTED BY SLOVENIA,PRESENTED BY SLOVENIA, ESTONIA, ESTONIA, CHILE, ISRAELCHILE, ISRAEL

-   AND RUSSIA?-   AND RUSSIA?

-   ENHANCED ENGAGEMENT: CHINA, INDIA, -   ENHANCED ENGAGEMENT: CHINA, INDIA, BRAZIL, SOUTHBRAZIL, SOUTH AFRICA, INDONESIA AFRICA, INDONESIA

- - WHY AND HOWWHY AND HOW

3 - CONCLUDING REMARKS

-   LARGE STIMULUS: EXCEPTIONAL MEASURE REQUIRED BY EXCEPTIONAL TIMES

-   UNUSUAL MONETARY POLICIES AND DANGER OF INFLATION

-   REMOVAL OF TOXIC ASSETS FROM THE BALANCE SHEETS OF BANKS AND PRIVATE SECTOR LEAD RECOVERY (GEITHNER PLAN)

- OECD ENLARGEMENT AND ENAHANCED ENGAGEMENT, CURRENT INICIATIVES