The Global South after the Crisis

The Global South after the Crisis

Growth, Inequality and Development in the Aftermath of the Great Recession

Edited by Hasan Cömert and Rex A. McKenzie

This volume is split into two accessible sections. The first part concentrates on the impact of the crisis on growth, inequality, policy responses and policy shifts in key areas such as central banking. The second part comprises individual country case studies and includes an exploration of the vulnerabilities related to the integration of developing economies into the world economy. The effect of the crisis on trade, and the ways in which some developing countries have entered into a prolonged period of stagnant growth following the global crisis are all considered.

Chapter 3: Central banking in developing countries after the crisis: what has changed?

Ahmet Benlialper and Hasan Cömert

Subjects: economics and finance, development economics, post-keynesian economics


The aim of this chapter is to assess how the theory and practices of central banking have evolved in developing countries in response to the crisis of 2008_9. Our findings suggest that the recent experiences of both advanced countries and developing countries during and after the global economic crisis have exposed the problems within mainstream monetary theory. In response to the crisis, mainstream thinking has been revised considerably. In line with this, there is also a shift in central banking practices in developing world. As a result, central banks now have multiple goals and multiple tools in developing countries as well. Yet this shift is insufficient to trigger a major change in understanding and implementing monetary policy.

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