05724oam 22012134 450 991078822850332120230721045653.01-4623-5273-11-4527-9950-41-4518-7330-197866128439381-282-84393-1(CKB)3170000000055333(EBL)1608422(SSID)ssj0000941803(PQKBManifestationID)11601428(PQKBTitleCode)TC0000941803(PQKBWorkID)10963925(PQKB)11689167(OCoLC)539086858(MiAaPQ)EBC1608422(IMF)WPIEE2009183(EXLCZ)99317000000005533320020129d2009 uf 0engurcn|||||||||txtccrInternational Evidence on Recovery from Recessions /Valerie Cerra, Sweta Saxena, Ugo PanizzaWashington, D.C. :International Monetary Fund,2009.1 online resource (32 p.)IMF Working Papers"August 2009."1-4519-1755-4 Includes bibliographical references.Contents; I. Introduction; II. Methodology and Data; III. Results; IV. The Aftermath of Banking Crises; V. Conclusions; Tables; 1: Speed of Recovery after Recessions (FE regressions); 2: Countries with population less than 1 million are excluded from the sample; 3: Country Size; 4: Monetary Policy; 5: Fiscal Policy; 6: Fiscal Policy (alternative definition); 7: Foreign Aid; 8: Exchange Rate Regime (Floating); 9: Exchange Rate Regime (Fixed and Intermediate); 10: Exchange Rate Regime and Currency Crises (Floating); 11: Exchange Rate Regime and Currency Crises (Fixed and Intermediate)12: The Real Exchange Rate 13: The Real Exchange Rate and Currency Crises; 14: Labor Market Rigidities; 15: Effective Labor Market Rigidities; 16: Trade Openness; 17: Trade Openness and Country Size; 18: Trade Openness and Real External Shocks; 19: Trade Openness and Depth of Recession; 20: Trade Openness and Fiscal Policy (alternative definition); 21: Capital Account Openness; 22: Capital Account Openness and Trade Openness; 23: Controlling for Depth of Recession; 24: Normal Recessions and Banking Crises; 25: Normal Recessions and Banking Crises. The Effect of Fiscal Policy26: Normal Recessions and Banking Crises. The Effect of Foreign Aid 27: Normal Recessions and Banking Crises. The Effect of Openness; 28: Normal recessions and Banking Crises. The Effect of the Exchange Rate Regime; Appendix: Data sources; ReferencesAlthough negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a rebound, with impacts that are asymmetrically stronger than in nonrecovery years. Real depreciation and the exchange rate regime also have asymmetric growth effects in a recovery year relative to other years of expansion. Recoveries are more sluggish in open economies, partly because fiscal policy is less effective than in closed economies.IMF Working Papers; Working Paper ;No. 2009/183Financial crisesRecessionsBusiness cyclesForeign exchange administrationForeign exchange marketCommercial policyBanks and BankingimfExports and ImportsimfForeign ExchangeimfMacroeconomicsimfPublic FinanceimfFiscal PolicyimfFinancial CrisesimfCurrent Account AdjustmentimfShort-term Capital MovementsimfEconomic & financial crises & disastersimfCurrencyimfForeign exchangeimfInternational economicsimfExchange rate arrangementsimfFiscal policyimfBanking crisesimfCapital accountimfCurrency crisesimfFinancial crisesimfBalance of paymentsimfUnited StatesimfFinancial crises.Recessions.Business cycles.Foreign exchange administration.Foreign exchange market.Commercial policy.Banks and BankingExports and ImportsForeign ExchangeMacroeconomicsPublic FinanceFiscal PolicyFinancial CrisesCurrent Account AdjustmentShort-term Capital MovementsEconomic & financial crises & disastersCurrencyForeign exchangeInternational economicsExchange rate arrangementsFiscal policyBanking crisesCapital accountCurrency crisesFinancial crisesBalance of payments336.54Cerra Valerie1489563Saxena Sweta1509604Panizza Ugo1493496International Monetary Fund.Research Dept.DcWaIMFBOOK9910788228503321International Evidence on Recovery from Recessions3741589UNINA