04267nam 2200757Ia 450 991082897140332120200520144314.01-4623-5273-11-4527-9950-41-4518-7330-197866128439381-282-84393-1(CKB)3170000000055333(EBL)1608422(SSID)ssj0000941803(PQKBManifestationID)11601428(PQKBTitleCode)TC0000941803(PQKBWorkID)10963925(PQKB)11689167(OCoLC)539086858(IMF)WPIEE2009183(MiAaPQ)EBC1608422(EXLCZ)99317000000005533320100904d2009 uf 0engurcn|||||||||txtccrInternational evidence on recovery from recessions /prepared by Valerie Cerra, Ugo Panizza, and c. Saxena1st ed.Washington, D.C. International Monetary Fund, IMF Institutec20091 online resource (32 p.)IMF working paper ;WP/09/183"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 paper ;WP/09/183.Financial crisesRecessionsBusiness cyclesForeign exchange administrationForeign exchange marketCommercial policyFinancial crises.Recessions.Business cycles.Foreign exchange administration.Foreign exchange market.Commercial policy.336.54Cerra Valerie1680576Panizza Ugo1611913Saxena Sweta Chaman1752807International Monetary Fund.Research Dept.MiAaPQMiAaPQMiAaPQBOOK9910828971403321International evidence on recovery from recessions4188274UNINA