Financial crises and economic recovery: cross-country heterogeneity and cross-sectional dependence

Bakas, D. ORCID: 0000-0003-4771-4505 and Mendieta-Muñoz, I., 2020. Financial crises and economic recovery: cross-country heterogeneity and cross-sectional dependence. Economics Letters, 195: 109435. ISSN 1873-7374

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Abstract

This paper estimates the impulse responses of output to financial crises using a local projections panel estimator that accounts for cross-country heterogeneity and cross-sectional dependence. Using a long span of data (1870–2016) for a group of 17 advanced economies we show that once we control for unobserved common factors and parameter heterogeneity in the panel, there is strong evidence of economic recovery within the first 10 years after a financial crisis.

Item Type: Journal article
Publication Title: Economics Letters
Creators: Bakas, D. and Mendieta-Muñoz, I.
Publisher: Elsevier
Date: October 2020
Volume: 195
ISSN: 1873-7374
Identifiers:
NumberType
10.1016/j.econlet.2020.109435DOI
1348824Other
Divisions: Schools > Nottingham Business School
Record created by: Jonathan Gallacher
Date Added: 05 Aug 2020 11:57
Last Modified: 05 Aug 2020 11:57
URI: http://irep.ntu.ac.uk/id/eprint/40333

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