Hidden Bibliographic Details
| Other authors / contributors: | Elekdag, Selim, author.
Lall, Subir, author.
International Monetary Fund. Asia and Pacific Department.
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| ISBN: | 1282541641
9781282541641
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| Notes: | Includes bibliographical references (pages 55-58).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper examines why some financial stress episodes lead to economic downturns. The paper identifies episodes of financial turmoil using a financial stress index (FSI), and proposes an analytical framework to assess the impact of financial stress - in particular banking distress - on the real economy. It concludes that financial turmoil characterized by banking distress is more likely to be associated with severe and protracted downturns than stress mainly in securities or foreign exchange markets. Economies with more arms-length financial systems appear to be particularly vulnerable to sharp contractions, due to the greater procyclicality of leverage in their banking systems.
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| Other form: | Print version: Cardarelli, R. (Roberto). Financial stress, downturns, and recoveries. Washington, D.C. : International Monetary Fund, Asia and Pacific Dept., 2009
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