FACTBOX: Rough guide to world economic stimulus

(Reuters) - An economic downturn that has spread from the United States is forcing many governments and central banks across the globe to make difficult strategic decisions, and at times costly commitments, as the risk of recession mounts.

Here is a rundown of some of the key measures being deployed in the hope of restoring confidence, beyond emergency operations central banks began on August 9, 2007 to avert potential paralysis of capital markets.

UNITED STATES

Monetary: * The Federal Reserve reduced rates from 5.25 percent at the start of 2007 to 2.0 percent in April 2008, its most recent change, which followed two of the biggest cuts in just one month in January, by 75 and 50 basis points respectively.

Fiscal: * $168-billion stimulus package approved by Congress in February 2008. Tax rebates total $117 billion, of which $107 billion were earmarked for 2008, to be paid out over May, June and July.

Kellogg School of Management says its research suggests that the direct impact is to raise personal consumption expenditure by 2.4 percent in the second quarter and 4.1 percent in the third quarter. * Sep. 7/8 announcements that government is taking over mortgage giants Fannie Mae/Freddie Mac involves theoretical commitment by U.S. Treasury to spend up to $200 billion buying their stock. U.S. treasury says taxpayers protected by plan. U.S. Congressional Budget Office said in July a Fannie-Freddie rescue could end up costing taxpayers $25 billion in 2009 and 2010.

JAPAN

Monetary: * Bank of Japan rates unchanged since July 2006, when it hiked for the first time in six years, to 0.50 percent from 0.25 percent.

Fiscal: * 11.7-trillion-yen ($107.2 billion) stimulus package announced by government on August 29, comprising existing spending measures, loan guarantees and new spending commitments of 1.8 trillion for between now and the end of the fiscal year next March.

Morgan Stanley economist Takehiro Sato says the key strand is 9.1 trillion yen for small and medium sized firms, some of it in direct subsidies but much of it in state-backed guarantees to help such firms obtain access to credit.

Resignation of Prime Minister Yasuo Fukuda on Sep. 1 raises questions about follow-up. September 22 contest for leadership of ruling LDP party may dictate who becomes next prime minister and how much government is ready to spend.

EUROPE Monetary: *European Central Bank raised euro zone rates in July to 4.25 percent, its first move in a year following two similar small hikes them in the first half of 2007. *Central banks in Sweden, Norway or Denmark have all been raising this year, and did likewise last year. *Bank of England has cut rates this year to 5.0 percent from 5.5 percent, in two steps in February and April that overturned rises of the same size in 2007.

Fiscal: *Nothing so far on a pan-European scale. Euro zone stability pact limits on public deficits restrict the room for maneuver for many countries although others including Spain went into the slowdown with low deficits or a budget surplus.

*Spain: Nearly 40 billion euros in total; 10 billion in tax rebates and credits announced in April, 7.8 billion euros in VAT tax rebates and eliminated inheritance taxation, plus 20 billion approved by an August 14 cabinet meeting in low-cost loans for small business and public housing, between 2009 and 2010 *Britain: housing tax waivers and aid worth up to 1.6 billion pounds announced on Sep. 2 plus tax break for low-income earners announced in May that is to cost government 2.7 billion pounds in extra borrowing.

CHINA *Speculation has been intensifying since mid-August that China will hatch a stimulus package to keep growth rates high. *State media and a U.S. advisory service have reported that China's leaders are studying a stimulus package of tax cuts and increased spending worth up to 400 billion yuan ($58.5 billion), or up to 1.5 percent of GDP, more than the U.S. package.