Publication

The World Bank Group's Response to the Global Economic Crisis : Phase 1

Independent Evaluation Group

2011

Overview

The global economic crisis that began in 2008 threatened to erase years of progress in developing countries. In response, the World Bank Group increased lending to unprecedented levels. The World Bank posted a large increase in middle income countries (MICs), and a much smaller one in low income countries (LICs). The International Finance Corporation (IFC) focused on trade finance, mainly in LICs. Its new business initially fell in MICs, rebounding only in late fiscal 2010. The Multilateral Investment Guarantee Agency (MIGA) concentrated on guarantees in Eastern Europe. Analytic and advisory work helped inform government and private sector responses to the crisis. This report presents an initial real-time evaluation of the readiness, relevance, quality-at-entry, short-term results, and likely sustainability of the Bank Group response from the start of the crisis through fiscal 2010. This evaluation builds on a 2008 Independent Evaluation Group (IEG) assessment of Bank Group interventions during past crises and draws extensively on 11 country case studies and field visits. Given the short time since the crisis response started, the evaluation is geared more to raising flags than to presenting definitive conclusions.

• Publisher: Washington, DC: World Bank
• Subject: ACCESS TO FINANCE / ACCOUNTABILITY / ACCOUNTING / ADB / ADVANCED ECONOMIES / ADVISORY SERVICES / ADVISORY WORK / ASSET MANAGEMENT / BALANCE SHEET / BANK ASSET / BANK CAPITALIZATION / BANK FINANCING / BANK LENDING / BANK LENDING COMMITMENTS / BANKING SECTOR / BASIC NEEDS / BINDING CONSTRAINT / BORROWING / BORROWING COSTS / BUDGET CONSTRAINTS / BUSINESS DEVELOPMENT / BUSINESS VOLUME / CAPACITY BUILDING / CAPACITY CONSTRAINTS / CAPITAL ADEQUACY / CAPITAL FLOWS / CASH TRANSFER / COMMERCIAL FINANCE / CONFLICT OF INTEREST / CONFLICTS OF INTEREST / CONSOLIDATION / CONVERSIONS / COPYRIGHT CLEARANCE / COPYRIGHT CLEARANCE CENTER / CORPORATE GOVERNANCE / COUNTRY DEBT / COUNTRY RISK / CREDIBILITY / DEBT / DEBTS / DEVELOPING COUNTRIES / DEVELOPING COUNTRY / DEVELOPMENT ASSISTANCE / DEVELOPMENT FINANCE / DEVELOPMENT FINANCE COMPANY / DEVELOPMENT FINANCE INSTITUTIONS / DISBURSEMENT / DISBURSEMENTS / ECONOMIC ACTIVITY / ECONOMIC CRISIS / ECONOMIC GROWTH / ECONOMIC POLICY / ECONOMIES OF SCALE / EIB / EMERGING MARKETS / EMPLOYMENT / EQUITY CAPITAL / EQUITY FUND / EQUITY PRODUCTS / EXPENDITURE / EXPLOITATION / EXTREME POVERTY / FACTORING / FAMILIES / FIDUCIARY RESPONSIBILITY / FINANCE COMPANY / FINANCE CORPORATION / FINANCIAL ACCOUNTS / FINANCIAL ASSISTANCE / FINANCIAL CAPACITY / FINANCIAL CRISIS / FINANCIAL FLOWS / FINANCIAL INSTITUTION / FINANCIAL INSTITUTIONS / FINANCIAL INTERMEDIARIES / FINANCIAL MANAGEMENT / FINANCIAL MARKETS / FINANCIAL RESOURCES / FINANCIAL SECTOR / FINANCIAL SECTOR ASSESSMENT / FINANCIAL SECTOR DEVELOPMENT / FINANCIAL SECTOR REFORM / FINANCIAL STRESS / FINANCIAL SUPPORT / FINANCIAL SUSTAINABILITY / FINANCIAL SYSTEMS / FINANCING FACILITY / FINANCING NEEDS / FISCAL DEFICITS / FOREIGN CAPITAL / FOREIGN EXCHANGE / FOREIGN EXCHANGE EXPOSURE / FOREIGN INVESTMENTS / FUND MANAGEMENT / FUND MANAGER / GENDER / GLOBAL BUSINESS / GLOBAL ECONOMY / GLOBAL TRADE / GLOBALIZATION / GOVERNMENT CAPACITIES / GROSS DEBT / GROSS DOMESTIC PRODUCT / GROUP LENDING / GUARANTEE AGENCY / HUMAN DEVELOPMENT / INCOME / INCOME GROUP / INFRASTRUCTURE FINANCING / INFRASTRUCTURE INVESTMENT / INSTITUTIONAL CAPACITY / INSTRUMENT / INSURANCE / INTERNATIONAL BANK / INTERNATIONAL COOPERATION / INTERNATIONAL DEVELOPMENT / INTERNATIONAL FINANCE / INTERNATIONAL FINANCIAL INSTITUTION / INTERNATIONAL FINANCIAL INSTITUTIONS / INVESTING / INVESTMENT BANK / INVESTMENT DECISION / INVESTMENT DECISIONS / INVESTMENT LOANS / INVESTMENT OPPORTUNITIES / INVESTMENT OPPORTUNITY / INVESTMENT PROJECTS / INVESTMENT RISKS / INVESTMENT VOLUMES / ISLAMIC DEVELOPMENT BANK / ISSUANCE / LABOR MARKET / LABOR MARKETS / LEGAL OBLIGATIONS / LEGAL RIGHT / LIABILITY / LIQUIDITY / LOAN / LOCAL CURRENCY / LONG-TERM CAPITAL / LONG-TERM INVESTOR / LOW-INCOME COUNTRIES / LOW-INCOME COUNTRY / MACROECONOMIC CONDITIONS / MACROECONOMIC STABILITY / MARKET CONFIDENCE / MARKET DEVELOPMENTS / MATURITIES / MATURITY / MDB / MFI / MICROFINANCE / MICROFINANCE INSTITUTION / MIDDLE-INCOME COUNTRIES / MIDDLE-INCOME COUNTRY / MONETARY FUND / MULTILATERAL DEVELOPMENT / MULTILATERAL DEVELOPMENT BANKS / NEGATIVE SHOCKS / NEW BUSINESS / NONPERFORMING LOAN / NONPERFORMING LOANS / OUTREACH / PENSION / POLITICAL ECONOMY / POLITICAL RISK / PORTFOLIO / PORTFOLIO MANAGEMENT / PRIVATE CAPITAL / PRIVATE CAPITAL FLOWS / PRIVATE EQUITY / PRIVATE FINANCIAL INSTITUTION / PRIVATE INVESTMENT / PRIVATE INVESTMENTS / PRIVATE SECTOR DEVELOPMENT / PRODUCTIVITY / PROFITABILITY / PUBLIC EXPENDITURES / PUBLIC INVESTMENT / REAL SECTOR / RECAPITALIZATION / REGIONAL BANKS / REORGANIZATION / RESOURCE ALLOCATION / RISK AVERSION / RISK PERCEPTIONS / RISK PREMIUMS / SAFETY NET / SETTLEMENT / SHARE OF EQUITY / SHORT-TERM FINANCING / SHORT-TERM LIQUIDITY / SHORT-TERM TRADE FINANCE / SMALL ENTERPRISES / SOCIAL DEVELOPMENT / SOCIAL SAFETY NETS / SOCIAL SECURITY / SUBSIDIARIES / SUBSIDIARY / SUPPLEMENTAL FINANCING / SUPPLY CHAIN / SUSTAINABLE GROWTH / SWAPS / TRANSPORT / TRUST FUND / TRUST FUNDS / UNEMPLOYMENT / UNION / VULNERABLE GROUPS
• ISBN: 0821386654, 9780821386651