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