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The same stimulus that rich countries lean on could worsen poor economies
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The kinds of monetary and fiscal stimulus measures that the rich world is deploying could perversely make things worse. A massive exodus of capital from emerging economies has left many in a Catch-22 position: the kinds of monetary and fiscal stimulus measures that the rich world is deploying could perversely make things worse.
Interest-rate cuts can help households and companies, but in an increasing number of countries they’re driving rates so low that they don’t even compensate for inflation -- adding an incentive for foreign funds to pull out.
And fiscal expansion can raise the kind of funding concerns that still afflict emerging nations, raising the prospect of credit rating downgrades and calls for international rescues. “We should
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