LEADER 05724oam 22012134 450 001 9910788228503321 005 20230721045653.0 010 $a1-4623-5273-1 010 $a1-4527-9950-4 010 $a1-4518-7330-1 010 $a9786612843938 010 $a1-282-84393-1 035 $a(CKB)3170000000055333 035 $a(EBL)1608422 035 $a(SSID)ssj0000941803 035 $a(PQKBManifestationID)11601428 035 $a(PQKBTitleCode)TC0000941803 035 $a(PQKBWorkID)10963925 035 $a(PQKB)11689167 035 $a(OCoLC)539086858 035 $a(MiAaPQ)EBC1608422 035 $a(IMF)WPIEE2009183 035 $a(EXLCZ)993170000000055333 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInternational Evidence on Recovery from Recessions /$fValerie Cerra, Sweta Saxena, Ugo Panizza 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 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 3 $aAlthough negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a rebound, with impacts that are asymmetrically stronger than in nonrecovery years. Real depreciation and the exchange rate regime also have asymmetric growth effects in a recovery year relative to other years of expansion. Recoveries are more sluggish in open economies, partly because fiscal policy is less effective than in closed economies. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/183 606 $aFinancial crises 606 $aRecessions 606 $aBusiness cycles 606 $aForeign exchange administration 606 $aForeign exchange market 606 $aCommercial policy 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aFinancial Crises$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aExchange rate arrangements$2imf 606 $aFiscal policy$2imf 606 $aBanking crises$2imf 606 $aCapital account$2imf 606 $aCurrency crises$2imf 606 $aFinancial crises$2imf 606 $aBalance of payments$2imf 607 $aUnited States$2imf 615 0$aFinancial crises. 615 0$aRecessions. 615 0$aBusiness cycles. 615 0$aForeign exchange administration. 615 0$aForeign exchange market. 615 0$aCommercial policy. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aFinancial Crises 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aEconomic & financial crises & disasters 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aExchange rate arrangements 615 7$aFiscal policy 615 7$aBanking crises 615 7$aCapital account 615 7$aCurrency crises 615 7$aFinancial crises 615 7$aBalance of payments 676 $a336.54 700 $aCerra$b Valerie$01489563 701 $aSaxena$b Sweta$01509604 701 $aPanizza$b Ugo$01493496 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788228503321 996 $aInternational Evidence on Recovery from Recessions$93741589 997 $aUNINA