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IMF policies deepened financial crisis, says CEPR

Kathryn Hopkins, The Guardian, 5 October 2009

In a paper analysing the IMF's agreements with 41 borrowing countries during the crisis, the Washington-based Centre for Economic and Policy Research (CEPR) found that 31 of the agreements contained so-called "pro-cyclical" macroeconomic policies, which – in the face of a significant slowdown in growth or in a recession – would be expected to exacerbate the downturn.

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