Recovery from Financial Crises: Evidence from 100 Episodes

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 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onse...

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Vydané v:	The American economic review Ročník 104; číslo 5; s. 50 - 55
Hlavní autori:	Reinhart, Carmen M., Rogoff, Kenneth S.
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Nashville American Economic Association 01.05.2014 American Economic Assoc
Predmet:	1875-2013 Bankenkrise Banking Banking crises Banking industry Business cycles Dauer Economic activity Economic crises Economic crisis Economic fluctuations Economic growth Economic recessions Economic recovery Economic theory Economics Emerging markets Financial crisis Finanzkrise GDP Germany Gross Domestic Product Income Konjunktur Market economies Per capita Population Real income Recessions RECESSIONS AND RECOERIES Recovery Studies Systemrisiko U.S.A War economics Welt Wirtschaftskrise Wirtschaftswachstum
ISSN:	0002-8282, 1944-7981
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Shrnutí:	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 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onset of crisis, only Germany and the United States (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Post-war business cycles are not the relevant comparator for the recent crises in advanced economies.
Bibliografia:	SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-2 content type line 23
ISSN:	0002-8282 1944-7981
DOI:	10.1257/aer.104.5.50