<p><br/></p><p>IMF 5月9日出版的刊物，目录如下：</p><p>Contents<br/>Executive Summary vii<br/>1. Outlook: Galvanizing Recovery 1<br/>Synchronized Recession 1<br/>Impromptu Policy Reaction 6<br/>Uncertain Outlook 13<br/>Calling for a Well-Articulated and Effectively Coordinated Policy Response 20<br/>2. Fiscal Policy in Advanced Countries: Effectiveness, Coordination, and Solvency Issues 27<br/>Overview 27<br/>Fiscal Costs of the Crisis 28<br/>Making the Most Out of Fiscal Interventions 29<br/>Treasuring Fiscal Solvency 34<br/>Ensuring Fiscal Sustainability: Policy Options 41<br/>Conclusions and Policy Implications 44<br/>3. European Emerging Economies in the Crisis: Impact and Recovery 45<br/>Who Got Hurt More? Stylized Facts 45<br/>What Explains the Widened Spreads: Known Vulnerabilities or the Convergence<br/>Criteria Checklist? 47<br/>Banking Sector Holds a Key to the Recovery from the Crisis 51<br/>Policy Implications 57<br/>References 59<br/>Boxes<br/>1. Has the Financial Crisis Impaired Monetary Transmission in the Euro Area? 9<br/>2. Growth Prospects in Emerging Europe After the Global Crisis 18<br/>3. A Case Study in Coordination: Deposit Guarantee 22<br/>4. Redesigning Financial Supervision in the European Union 24<br/>5. Sovereign Financing Needs of Advanced Economies and the Rollover Risk 38<br/>6. Is the Stability and Growth Pact an Obstacle to Adequate Fiscal Stabilization? 43<br/>7. Crisis Duration Across Emerging Market 52<br/>Tables<br/>1. European Countries: Real GDP Growth and CPI Inflation, 2006–10 2<br/>2. European Countries: External and Fiscal Balances, 2006–10 8<br/>3. IMF Support for European Countries Affected by the Global Crisis 14<br/>4. Headline Support for the Financial Sector and Up-Front Financing Need 28<br/>5. Advanced European Economies: Estimated Cost of Discretionary Measures, 2008–10 30<br/>6. Ranges of Fiscal Multipliers Used by IMF Country Teams 31<br/>7. The Case for Fiscal Stimulus: Effects of Fiscal Stimulus Under Distressed Financial<br/>Markets 33<br/>CONTENTS<br/>iv<br/>8. Coordination Gains: Cumulated Effects of Fiscal Stimulus on a Large Euro Area Country 34<br/>9. Sovereign Spreads: Estimated Panel Regression 40<br/>10. Solvency Concerns Increases Risk Premiums Thereby Reducing the Effectiveness of<br/>Fiscal Stimulus 41<br/>11. A Snapshot of Emerging Markets 46<br/>12. Did the Convergence Criteria Matter? 50<br/>13. Correlation with Loan Loss Provisions 54<br/>14. Banks in Emerging Europe Were Imprudent in the Past 54<br/>15. Consumption Growth Is Correlated with Credit Growth 56<br/>16. Consumption Growth Depends upon Credit Growth 56<br/>Figures<br/>1. Euro Area: Contribution to Growth, 2006–08 1<br/>2. Selected European Countries: Headline and Core Inflation, January 2006–February 2009 3<br/>3. iTraxx Credit Default Swap Europe Financials’ Index, March 2007–April 2009 3<br/>4. Generalized Impulse Response Functions: Rate of Growth of Real GDP in Response to<br/>Negative Standard Error Shock to U.S. Equity Price Growth Rate 4<br/>5. Estimating Shifts in the Global Price of Risk, 2007–March 2009 4<br/>6. Selected European Countries: Growth of Real Credit to Private Sector, 2006–January<br/>2009 4<br/>7. Europe, Asia, and United States: Value of Trade, 1995–2007 5<br/>8. Trade and Financial Integration Within Europe 5<br/>9. Euro Area and United Kingdom: Liquidity Premium, 2007–April 2009 6<br/>10. Government Support, Including Guarantees, to Banks, 2008–09 12<br/>11. New Member States: Country-Specific Components of Sovereign Spreads, September<br/>2008–January 2009 13<br/>12. Key Short-Term Indicators 16<br/>13. Selected Advanced Economies: Break-Even Inflation, 2007–April 2009 20<br/>14. Germany, France, and Italy: Trade and GDP, 1991–2008 20<br/>15. Advanced European Economies: Estimated Impact of Automatic Stabilizers on Fiscal<br/>Balances, 2008–09 29<br/>16. Advanced European Economies: Fiscal Revenues During Episodes of House and Equity<br/>Price Busts 30<br/>17. Projected Changes in Public Debt 34<br/>18. Selected Euro Area Countries: Sovereign Spreads and Financial Institutions’ Expected<br/>Defaut Probabilities, 2008–January 2009 36<br/>19. Estimated Common Component in Sovereign Spreads, 2001–January 2009 40<br/>20. Contributions to the Change in Spreads 40<br/>21. EMBIG Spreads, 2005–November 2008 47<br/>22. Spreads and Banking System Characteristics 48<br/>23. Residuals from the Fixed Effects Regression for Sovereign Spreads, January 2001–<br/>October 2008 48</p>