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The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global gross domestic product contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies, as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recessions.

Business Cycle --- Business Cycles and Stabilization Policies --- Economic Growth --- Financial Economics --- Financial Markets --- Global Economic Crisis --- Global Recession --- Global Recovery --- Macroeconomics and Economic Growth --- Synchronization

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Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals - such as large foreign exchange reserves, sound fiscal positions, and low inflation - suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows - such as portfolio investment and cross - border bank lending-fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.

Business Cycles and Stabilization Policies --- Commodities --- Commodity Prices --- Economic Stabilization --- Emerging Market Economies --- Fiscal and Monetary Policy --- Fiscal Policy --- Foreign Aid --- Global Financial Crisis --- Global Recession --- Macroeconomic Management --- Macroeconomic Policy --- Macroeconomics and Economic Growth --- Remittances

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This paper presents a comprehensive analysis of the impact of COVID-19 on debt, puts recent debt developments and prospects in historical context, and analyzes new policy challenges associated with debt resolution. The paper reports three main results. First, even before the pandemic, a rapid buildup of debt in emerging market and developing economies-dubbed the "fourth wave" of debt-had been underway. Because of the sharp increase in debt during the pandemic-induced global recession of 2020, the fourth wave of debt has turned into a tsunami and become even more dangerous. Second, five years after past global recessions, global government debt continued to increase. In light of this historical record, and given large financing gaps and significant investment needs in many countries, debt levels will likely continue to rise in the near future. Third, debt resolution has become more complicated because of a highly fragmented creditor base, a lack of transparency in debt reporting, and a legacy stock of government debt without collective action clauses. National policy makers and the global community need to act rapidly and forcefully ensure that the fourth wave does not end with a string of debt crises in emerging market and developing economies as earlier debt waves did.

Business Cycle --- Business Cycles and Stabilization Policies --- Coronavirus --- COVID-19 --- Debt Markets --- Disease Control and Prevention --- External Debt --- Finance and Financial Sector Development --- Fiscal Trends --- Global Recession --- Health, Nutrition and Population --- International Economics and Trade --- Macroeconomic Management --- Pandemic Impact --- Private Debt --- Public Debt

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Once held up as a 'poster child' for the benefits of untrammeled capitalist globalisation, the Irish Republic has more recently come to represent a cautionary tale for those tempted to tread the same neoliberal path. The crash in the world economy had especially grave repercussions for Ireland, as it only narrowly escaped bankruptcy by negotiating emergency loans at punitive rates from the IMF, EU and ECB. A series of austerity measures introduced by successive Irish governments and overseen by the institutions of global finance has seen the country endure what some consider the most substantial 'adjustment' ever experienced in a developed society during peacetime. In this collection of essays, a range of academics, economists and political commentators delineate the reactionary course that Ireland has followed since the ignominious demise of the Celtic Tiger. A central thread that runs through the book is that the forces of neoliberalism have employed the economic crisis they caused to advance policies that are in their own very narrow interests. The host of regressive measures imposed since the onset of global recession has fundamentally restructured Irish society and will continue to do so long after public anger recedes and the national humiliation of the 'bailout' fades from memory. Ireland Under Austerity provides a critical and engaging account of what has happened to a society that in recent years has, more than most, mapped out the pernicious cycle of boom and bust that remains an essential hallmark of contemporary capitalism.

Debts, Public --- Neoliberalism --- Financial crises --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Neo-liberalism --- Liberalism --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- History --- Ireland --- Irish Free State --- Economic conditions --- Economic policy --- Celtic Tiger. --- Community Development Project. --- Department of Community. --- Irish Republic. --- Irish economic crash. --- Rural and Gaeltacht Affairs. --- US investment. --- austerity measures. --- capitalist globalisation. --- global recession. --- neoliberalism. --- peacetime. --- violence. --- world economy.