Arbeitspapier
Systemic Crisis and Growth Revisited: Has the Global Financial Crisis Marked a New Era?
Occasional crises have been shown to be part of growth enhancing mechanism (see Rancière, Tornell and Westermann, 2008). In this paper, we document that neither the stereotypical case study of India vs. Thailand, nor the benchmark growth-regression in this earlier research support this result anymore when updating the sample by one decade that includes the Global Financial Crisis, 2007/8. We analyze the time-varying nature of this relationship in rolling regressions and an historical dataset. In the subset of countries with enforceability problems, we find that the link between occasional crisis, measured by the negative skewness of credit growth, and per-capita output growth still remains intact.
- Language
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Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 7094
- Classification
-
Wirtschaft
International Lending and Debt Problems
Institutions and Growth
Financial Crises
- Subject
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long-term growth
systemic crisis
financial liberalization
- Event
-
Geistige Schöpfung
- (who)
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Steinkamp, Sven
Westermann, Frank
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2018
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Steinkamp, Sven
- Westermann, Frank
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2018
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