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The Global Financial Crisis And Countercyclical Fiscal Policy

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Executive Summary

What began as a financial crisis concentrated in the United States of America spread through major developed countries and into the middle income countries of Latin America, Asia and North Africa. Initially there was hope that low income countries, because of their underdeveloped financial sectors, might be spared from the crisis. However, emerging evidence suggests that by the end of 2008 the effects had reached the countries of the sub-Saharan region. Evidence from almost fifty years indicates a close correlation between the growth of the developed countries and the sub-Saharan countries.

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