The impact of the financial crisis on new firm registration

Panel data for 93 countries shows that most countries experienced a sharp drop in new firm registration during the financial crisis. The decline was more pronounced in countries with higher levels of financial development that were more affected by the crisis.

Graphical abstractDownload full-size imageHighlights► Business registration dropped in nearly all countries during the 2008 global financial crisis. ► New firm registrations dropped more sharply in countries more affected by the crisis. ► The crisis had a more negative impact on new business registration in countries with higher levels of financial development.