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EnglishThe aim of this paper is to assess the dynamic impact of banking crises on output for a panel of developing economies. Using an unbalanced panel of 159 countries from 1970 to 2006, the paper shows that banking crises produce significant output losses. Output losses are larger for relatively richer economies, characterized by a higher level of financial deepening and larger current account imbalances. Flexible exchange rates, fiscal and monetary policy, and liquidity support policies have been found to attenuate the effect of the crises. © 2012 Elsevier Ltd.
Furceri, D., & Zdzienicka, A. (2012). Banking Crises and Short and Medium Term Output Losses in Emerging and Developing Countries: The Role of Structural and Policy Variables. WORLD DEVELOPMENT, 40(12), 2369-2378.
| Data di pubblicazione: | 2012 |
| Titolo: | Banking Crises and Short and Medium Term Output Losses in Emerging and Developing Countries: The Role of Structural and Policy Variables |
| Autori: | |
| Citazione: | Furceri, D., & Zdzienicka, A. (2012). Banking Crises and Short and Medium Term Output Losses in Emerging and Developing Countries: The Role of Structural and Policy Variables. WORLD DEVELOPMENT, 40(12), 2369-2378. |
| Rivista: | |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1016/j.worlddev.2012.03.021 |
| Abstract: | The aim of this paper is to assess the dynamic impact of banking crises on output for a panel of developing economies. Using an unbalanced panel of 159 countries from 1970 to 2006, the paper shows that banking crises produce significant output losses. Output losses are larger for relatively richer economies, characterized by a higher level of financial deepening and larger current account imbalances. Flexible exchange rates, fiscal and monetary policy, and liquidity support policies have been found to attenuate the effect of the crises. © 2012 Elsevier Ltd. |
| Appare nelle tipologie: | 1.01 Articolo in rivista |
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