Abstract:
In 2008, the world plunged into its biggest economic downturn since the Great Depression. Fortunately, international cooperation in macroeconomic policymaking ensured that the world experienced nothing more serious than the Great Recession; certainly nothing as serious as the Great Depression. But, six years later, the global recovery remains weak (International Monetary Fund 2014a, 2014c). This weakness is widespread in both advanced economies and emerging market economies. The world appears to face a “new normal” of low growth.
Citation:
Vines, D. (2016), 'On Concerted Unilateralism: When Macroeconomic Policy Coordination Is Helpful and When It Is Not', In Bayoumi, T., Pickford, S. & Subacchi, P. (Eds.), 'Managing Complexity: Economic Policy Cooperation after the Crisis', Brookings Institution Press, Washington DC.