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‘A Hard Rain's a-Gonna Fall’: The Global Financial Crisis and Developing Countries

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The global financial crisis of 2008–09 is the deepest downturn in the world economy since the Great Depression of 1929–33. Though its effects have been felt most noticeably in the developed countries, it has affected many developing countries. This article assesses what we know about the impact of the crisis on developing countries, and how the crisis may affect long-term development outcomes. It also examines the implications of the crisis for some key issues in development policy and thinking.
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Keywords: developing countries; financial crisis; transmission mechanisms

Document Type: Research Article

Affiliations: IDPM, School of Environment and Development,University of Manchester, PO Box 88ManchesterM60 1QD, UK

Publication date: July 1, 2011

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