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The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges In Malaysia, Indonesia, The Philippines, And Singapore

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Executive Summary

Several countries have employed countercyclical fiscal policy to ameliorate the impact of the global financial crisis. This paper identifies some of the issues and policy implications associated with this policy response in developing countries. Included are case studies of four developing countries in the Asian region - Malaysia, Indonesia, the Philippines, and Singapore. The findings point to a rich diversity in both the size and composition of fiscal stimulus and the challenges which are confronted. This paper suggests several steps that countries might take to improve the impact of expansionary fiscal policy in response to future downturns.

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