International evidence on recovery from recessions /

International evidence on recovery from recessions /

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Bibliographic Details
Author / Creator:Cerra, Valerie, author.
Imprint:Washington, D.C. : International Monetary Fund, IMF Institute, ©2009.
Description:1 online resource (30 pages)
Language:English
Series:IMF working paper, 2227-8885 ; WP/09/183
IMF working paper ; WP/09/183.
Subject:
Financial crises.
Recessions.
Business cycles.
Foreign exchange administration.
Foreign exchange market.
Commercial policy.
Business cycles.
Commercial policy.
Financial crises.
Foreign exchange administration.
Foreign exchange market.
Recessions.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12495505
Hidden Bibliographic Details
Other authors / contributors:Panizza, Ugo, author.
Saxena, Sweta Chaman, author.
International Monetary Fund. Research Department.
ISBN:1451917554
9781451917550
1462352731
9781462352739
1452799504
9781452799506
9786612843938
6612843934
1282843931
9781282843936
9781451873306
1451873301
Digital file characteristics:text file
Notes:"August 2009."
Includes bibliographical references (pages 28-30).
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
English.
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
Summary:Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a rebound, with impacts that are asymmetrically stronger than in nonrecovery years. Real depreciation and the exchange rate regime also have asymmetric growth effects in a recovery year relative to other years of expansion. Recoveries are more sluggish in open economies, partly because fiscal policy is less effective than in closed economies.
Other form:Print version: Cerra, Valerie. International evidence on recovery from recessions. Washington, D.C. : International Monetary Fund, IMF Institute, 2009
Standard no.:10.5089/9781451917550.001
Table of Contents:
  • I. Introduction; II. Methodology and Data; III. Results; IV. The Aftermath of Banking Crises; V. Conclusions; Tables; 1: Speed of Recovery after Recessions (FE regressions); 2: Countries with population less than 1 million are excluded from the sample; 3: Country Size; 4: Monetary Policy; 5: Fiscal Policy; 6: Fiscal Policy (alternative definition); 7: Foreign Aid; 8: Exchange Rate Regime (Floating); 9: Exchange Rate Regime (Fixed and Intermediate); 10: Exchange Rate Regime and Currency Crises (Floating); 11: Exchange Rate Regime and Currency Crises (Fixed and Intermediate)
  • 12: The Real Exchange Rate13: The Real Exchange Rate and Currency Crises; 14: Labor Market Rigidities; 15: Effective Labor Market Rigidities; 16: Trade Openness; 17: Trade Openness and Country Size; 18: Trade Openness and Real External Shocks; 19: Trade Openness and Depth of Recession; 20: Trade Openness and Fiscal Policy (alternative definition); 21: Capital Account Openness; 22: Capital Account Openness and Trade Openness; 23: Controlling for Depth of Recession; 24: Normal Recessions and Banking Crises; 25: Normal Recessions and Banking Crises. The Effect of Fiscal Policy
  • 26: Normal Recessions and Banking Crises. The Effect of Foreign Aid27: Normal Recessions and Banking Crises. The Effect of Openness; 28: Normal recessions and Banking Crises. The Effect of the Exchange Rate Regime; Appendix: Data sources; References

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