This external dependence increases their vulnerability to external economic threats and shocks.

This makes economies significantly less vulnerable to external shocks.

China is thus far more vulnerable to external shocks.

Debt sustainability is also affected by vulnerability to external shocks.

External shocks brought about by climate change will directly affect advanced economies.

The most immediate challenge is to safeguard the financial system s stability against external shocks.

Moreover, external shocks, policy mistakes, and political instability could disrupt even the best laid plans.

Globalization has increased the vulnerability of the developing and transition economies to adverse external shocks.

The bad news is that Asia seems to be learning little from repeated external demand shocks.

In these circumstances, immunity from external shocks or decoupling, as it is often called seems fanciful.

Since then, many of China s inherent strengths have been sapped by all too frequent external shocks.

Successful coordination in fiscal and monetary affairs would enable the region to manage external shocks successfully.

However, economic growth and expectations are constantly threatened by inappropriate macroeconomic policies, poor economic management and external shocks.

These countries all had strong external balance sheets and ample room for fiscal maneuver before the crisis, which allowed them to apply countercyclical policies to combat external shocks.

Abroad, he has moved to mitigate the blowback to Russia from a series of external political and economic shocks.

Two external shocks first from the US, and now from Europe have transformed the Four Uns into an action plan.

Nevertheless, they still face substantial difficulties in participating in services trade, and their exports are particularly vulnerable to external shocks.

They are better at adjusting to external economic shocks (such as terms of trade declines or sudden stops in capital inflows).

Growth must become more stable, with a consistently counter cyclical macroeconomic policy stance, prudent capital account management, and greater resilience to external shocks.

It funded the investment imperatives of economic development and boosted the cushion of foreign exchange reserves that has shielded China from external shocks.

Many countries therefore view the development of local currency bond markets to be an important policy priority that reduces vulnerability to external shocks.

H. Implications of macroeconomic policy, external shocks and social protection systems for poverty, inequality and social vulnerability in Latin America and the Caribbean

That Committee rightly considered lack of economic diversification as an indicator of the exposure to shocks and recognized that small countries tended to be more vulnerable to external shocks than large ones (E 2005 33, paras. 26 and 27).

In fact, they amassed far more than they needed 6.5 trillion, at last count effectively becoming over insured against external balance of payments shocks.

Now, in a low inflation environment, flexibility is properly regarded as an important tool to avoid misalignments and to shield economies from external shocks.

But nowhere are bubbles modeled the economy is assumed to do nothing more than respond in a completely rational way to these external shocks.

When one considers the evidence about external economic shocks over the past year or two, what emerges are stories whose precise significance is unknowable.

In 2015, no less than in 1989, European nation states need more insurance against external pressures and strategic shocks than the nation state can provide.

Two kinds of institutions in particular need shoring up conflict management institutions to enhance economies resilience to external shocks, and institutions that promote productive diversification.

Another, more plausible theory is that over the past fifteen years there have been various external challenges or shocks that have hit the country simultaneously.

The build up of official reserves in East Asia and other developing countries will provide them with extra means to deal with possible external shocks.

This, together with external shocks and severe recessions, made fixed exchange rate regimes untenable, first in Mexico, later in Brazil, and then, spectacularly, in Argentina.

Latin America has achieved substantial progress in its macroeconomic policy framework, giving its authorities increased room for maneuver in softening the impact of external shocks.

The combination of external shocks and internal pressure from rising wages can serve as a powerful incentive for governments and businesses to pursue structural reforms.

Moreover, the franc zone countries that are small and produce no oil prefer to pool their reserves in order to reduce their vulnerability to external shocks.

Most such countries were dependent on only a few commodities, which exposed them to external shocks produced by international price fluctuations and a decline in terms of trade.

The reasons for the increase in post HIPC initiative debt burdens in the majority of countries are well known and include both external shocks and poor macroeconomic management.

Germany s Five Shocks

NEW YORK In recent years, emerging market countries, including those in Asia, have made impressive strides in strengthening their fundamentals, accelerating their economic growth and cushioning themselves against external shocks.

Such regimes rarely perish from external shocks or оррosition pressure. As a rule, they die unexpectedly from some internal disease from irresistible existential disgust at themselves, from their own exhaustion.

While economic contractions or expansions may be triggered by external shocks, the magnitude and duration of either is determined by the soundness of economic policy and the efficacy of institutions.

So expect big shocks.

The most immediate challenge is to safeguard the financial system s stability against external shocks. Policy reform should aim to promote market transparency, improve risk management, and strengthen effective supervision and regulations.

The bulk of China s 2.3 trillion in foreign reserves are held not for the purpose of protection against negative external shocks, but as savings in the form of US Treasury notes.

In the aftermath of the Asian financial crisis of the late 1990 s, China amassed some 3.2 trillion in foreign exchange reserves in order to insulate its system from external shocks.