کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9555071 | 1376302 | 2005 | 26 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Recovery from a currency crisis: some stylized facts
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Using a comprehensive data set of over 100 developing countries, this paper examines how economies recover from a currency crisis. Some of the regularities found are listed below. First, it takes less than 3 years for the GDP growth rate to fully recover its tranquil-period average. The level of GDP, however, remains permanently below its initial trend, suggesting that the shocks underlying a crisis are persistent. Second, the credit crunch problem lasts much longer than the reduction in the GDP growth rate. Third, the pre-crisis credit expansion and reserve inadequacy, which have been widely recognized as the main causes of a crisis, also are closely related to the extent of the post-crisis recession. Fourth, crisis episodes that are caused mainly by illiquidity, rather than by insolvency, tend to exhibit a sharp recovery.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Development Economics - Volume 76, Issue 1, February 2005, Pages 71-96
Journal: Journal of Development Economics - Volume 76, Issue 1, February 2005, Pages 71-96
نویسندگان
Kiseok Hong, Aaron Tornell,