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Recovery from financial crises : evidence from 100 episodes

Author: Carmen M Reinhart; Kenneth S Rogoff; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 19823.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ư years. Five to six years after the onset of crisis, only Germany and the US (out of 12 systemic cases) have reached their 2007-2008 peaks in real income.  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Carmen M Reinhart; Kenneth S Rogoff; National Bureau of Economic Research.
OCLC Number: 869211179
Notes: Title from http://www.nber.org/papers/19823 viewed January 27, 2014.
"January 2014."
Description: 1 online resource (15 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19823.
Responsibility: Carmen M. Reinhart, Kenneth S. Rogoff.

Abstract:

We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ư years. Five to six years after the onset of crisis, only Germany and the US (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Postwar business cycles are not the relevant comparator for the recent crises in advanced economies.

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