Facing the Global Financial Crisis - Policy Lessons and Recovery from Small Mauritius

Tandrayen-Ragoobur, Verena
May 2011
International Research Journal of Finance & Economics;2011, Issue 66, p29
Academic Journal
Most of the attention around the global financial crisis has focused on its causes and effects in the banking and broader finance sector, particularly among developed and leading emerging economies. However, in a globalised world economy, the crisis has serious implications for developing countries, which are highly dependent on trade, foreign investment, and remittances to meet economic growth and social needs. Though without doubt, there are particular countries that were adversely affected, but there were also countries where the effects of the crisis have been minimal or successfully mitigated. This paper analyses the case of a small island economy of Mauritius which has not been spared by the crisis. However, the impact has been in general moderate with an appropriate policy mix adopted by the government and the private sector. Our study firstly examines the various transmission channels via which the crisis has operated on the Mauritian economy by analysing macroeconomic indicators from 2007 to 2010. Second, we undertake a survey of 150 firms within the private sector to discuss their performance and also the mitigating actions taken to counter the effects of the crisis. Third, we discuss the appropriate policy mix implemented by the government to increase the resilience and optimism of the country.


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