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Like with a leasing company, the capital for loans in a CFC is raised through a combination of debt and equity. USAID’s DCA program for commercial finance companies would face the same concerns as it might with leasing since the DCA does not provide capital for lending only guarantees. Where DCA might be helpful is in the conversion of a bank to a commercial finance corporation. DCA could be considered to issue a guarantee to private sector investors (local or international) who capitalize the CFC or use guarantees for loans as discussed under bank interventions. . | THE ECONOMIC RECOVERY PLANS The economic recovery plans D. Dury G. Langenus K. Van Cauter L. Van Meensel Introduction The financial crisis which began in 2007 worsened dramatically in the autumn of 2008 culminating in the most serious global economic recession of the post-war period. Moreover the consequences of that recession are in turn threatening to aggravate the financial crisis. It is therefore vital to ward off that threat and ensure that this crisis does not turn into a protracted global depression. The seriousness of the financial crisis and the economic recession and the scale of the accompanying risks prompted the economic policy makers to take swift and resolute action. Thus governments and central banks took various measures to support the financial sector which was in danger of collapse. Efforts were made to protect deposits and avert a looming credit crunch. In parallel with these measures monetary policy was eased significantly throughout the world a move made possible by the sharp decline in inflation expectations and risks. On the fiscal policy front numerous countries devised measures in the form of economic recovery plans which together with the automatic stabilisers were intended to counteract falling demand. This article looks at the economic recovery plans. The attempt to use fiscal measures to kick-start economic growth is laudable but the question is whether that goal is actually being achieved. The first chapter aims to define a fiscal policy which could offer an appropriate response to the crisis on the basis of the theoretical framework of fiscal activism and the findings of empirical studies on the subject. The second chapter describes the recent economic recovery plans of the United States and those of the European Union and its Member States including Belgium. The third chapter comments on these various plans. The article ends by drawing a number of conclusions. 1. Effectiveness and limits of an anticyclical fiscal policy 1.1 .
