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010   $a9786612843938
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100   $a20100904d2009      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aInternational evidence on recovery from recessions$b[electronic resource] /$fprepared by Valerie Cerra, Ugo Panizza, and c. Saxena
210   $aWashington, D.C. $cInternational Monetary Fund, IMF Institute$dc2009
215   $a1 online resource (32 p.)
225 1 $aIMF working paper ;$vWP/09/183
300   $a"August 2009."
311   $a1-4519-1755-4 
320   $aIncludes bibliographical references.
327   $aContents; 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)
327   $a12: 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 Policy
327   $a26: 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; References
330   $aAlthough negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a rebound, with impacts that are asymmetrically stronger than in nonrecovery years. Real depreciation and the exchange rate regime also have asymmetric growth effects in a recovery year relative to other years of expansion. Recoveries are more sluggish in open economies, partly because fiscal policy is less
410  0$aIMF working paper ;$vWP/09/183.
606   $aFinancial crises
606   $aRecessions
606   $aBusiness cycles
606   $aForeign exchange administration
606   $aForeign exchange market
606   $aCommercial policy
608   $aElectronic books.
615  0$aFinancial crises.
615  0$aRecessions.
615  0$aBusiness cycles.
615  0$aForeign exchange administration.
615  0$aForeign exchange market.
615  0$aCommercial policy.
676   $a336.54
700   $aCerra$b Valerie$0873342
701   $aPanizza$b Ugo$0873343
701   $aSaxena$b Sweta Chaman$0873344
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910463993803321
996   $aInternational evidence on recovery from recessions$91949622
997   $aUNINA