The DOI matches its Crossref record; 23 of the 23 references it cites were found in a registry or an index.
New Evidence on the Aftermath of Financial Crises in Advanced Countries
Abstract
This paper examines the aftermath of postwar financial crises in advanced countries. We construct a new semiannual series on financial distress in 24 OECD countries for the period 1967–2012. The series is based on assessments of the health of countries' financial systems from a consistent, real-time narrative source, and classifies financial distress on a relatively fine scale. We find that the average decline in output following a financial crisis is statistically significant and persistent, but only moderate in size. More important, we find that the average decline is sensitive to the specification and sample, and that the aftermath of crises is highly variable across major episodes. A simple forecasting exercise suggests that one important driver of the variation is the severity and persistence of financial distress itself. At the same time, we find little evidence of nonlinearities in the relationship between financial distress and the aftermaths of crises. (JEL E32, E44, G01, N10, N20)
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(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
The Twin Crises: The Causes of Banking and Balance-of-Payments Problems
Kaminsky, G. L., & Reinhart, C. M. (1999) · American Economic Review · doi:10.1257/aer.89.3.473 · Cited by 4,978
Estimation and Inference of Impulse Responses by Local Projections
Jordà, Ò. (2005) · American Economic Review · doi:10.1257/0002828053828518 · Cited by 4,677
This Time Is Different: Eight Centuries of Financial Folly
Reinhart, C. M., & Rogoff, K. S. (2009) · Princeton University Press eBooks · doi:10.1515/9781400831722 · Cited by 3,390
Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008
Schularick, M., & Taylor, A. M. (2012) · American Economic Review · doi:10.1257/aer.102.2.1029 · Cited by 2,647
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Acharya, V. V., Pedersen, L. H., Philippon, T., & Richardson, M. (2017) · Review of Financial Studies · doi:10.1093/rfs/hhw088 · Cited by 1,826
Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression
(2024) · Essays on the Great Depression · doi:10.2307/jj.4908259.6 · Cited by 1,701
Chodorow-Reich, G. (2014) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt031 · Cited by 1,503
The Aftermath of Financial Crises
Reinhart, C. M., & Rogoff, K. S. (2009) · American Economic Review · doi:10.1257/aer.99.2.466 · Cited by 1,388
Cited by
Systemic Banking Crises Database II
Laeven, L., & Valencia, F. (2020) · IMF Economic Review · doi:10.1057/s41308-020-00107-3 · Cited by 1,123
Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties
Huber, K. (2018) · American Economic Review · doi:10.1257/aer.20161534 · Cited by 299
Bank Capital Redux: Solvency, Liquidity, and Crisis
Jordà, Ò., Richter, B., Schularick, M., & Taylor, A. (2017) · doi:10.3386/w23287 · Cited by 64
Metadata
- Authors
- Romer, C. D., & Romer, D. H.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2017-10-01
- Volume
- 107
- Issue
- 10
- Pages
- 3072-3118
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2757281979
- Cited by
- 293
- References
- 23
- FWCI
- 43.86
- Type
- journal article
- Language
- en
- Open access
- closed
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