Financial Crises

Chapter 9. What’s the Damage? Medium-Term Output Dynamics after Financial Crises

Stijn Claessens, Ayhan Kose, Luc Laeven, and Fabian Valencia
Published Date:
February 2014
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    Abdul Abiad, Ravi Balakrishnan, Petya Koeva Brooks, Daniel Leigh and Irina Tytell The authors would like to especially thank David Romer for his many insights and suggestions. They are grateful also to Olivier Blanchard, Charles Collyns, Jorg Decressin, and to participants at an IMF Research Department seminar. Chris Papageorgiou kindly provided the authors with computer code to implement the Bayesian model averaging analysis. Stephanie Denis, Murad Omoev, and Min Song provided excellent research assistance. This chapter expands on ideas presented in Chapter 4 of the October 2009 World Economic Outlook (IMF, 2009b).
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