Economic Policies in G-20 and African Countries during the Global Financial Crisis Who’s the Apprentice, Who’s the Master?

"This paper finds that G-20 countries have responded through fast and large bailouts, historically large fiscal stimuli and accommodative monetary policies. It seems that African countries could learn from this, and in part they should indeed do so in terms of the flexibility and responsiveness of policies and institutions common in G-20 countries. However, African countries have also put in place their own responses to the crisis – albeit with a time lag. Moreover, developed G-20 countries are currently not always regarded as the right master, and African countries may have outgrown apprentice status on some issues, so it may be inappropriate to think only in terms of lessons from G-20 countries for Africa."