TY  - BOOK
AU  - Abiad,Abdul
AU  - Balakrishnan,Ravi
AU  - Koeva Brooks,Petya
AU  - Leigh,Daniel
AU  - Tytell,Irina
TI  - What's the Damage? Medium-term Output Dynamics After Banking Crises
T2  - IMF Working Papers; Working Paper
SN  - 1451873921 :
SN  - 1018-5941
PY  - 2009///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Banking Crises
KW  - imf
KW  - Banking Crisis
KW  - Banking
KW  - Currency Crises
KW  - Economic History: General
KW  - Macroeconomic - Aspects of Public Finance
KW  - Argentina
KW  - Congo, Democratic Republic of the
KW  - Japan
KW  - Korea, Republic of
N2  - This paper investigates the medium-term behavior of output following banking crises, and its association with pre- and post-crisis conditions and policies. We find that output tends to be depressed substantially following banking crises, with no rebound to the precrisis trend. However, growth does eventually tend to return to its precrisis rate, with substantial crosscountry variation in outcomes. The depressed path of output typically results from reductions of roughly equal proportions in the employment rate, the capital-to-labor ratio, and total factor productivity. Initial conditions that are strongly associated with medium-run output losses include the short-run change in output, the occurrence of a joint banking-and-currency crisis, and a high precrisis level of investment. Short-run fiscal and monetary stimulus is associated with smaller medium-run deviations of output and growth from the precrisis trend
UR  - http://elibrary.imf.org/view/IMF001/10546-9781451873924/10546-9781451873924/10546-9781451873924.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451873924
ER  -