Economic depression in the world

Janice Boucher Breuer and John McDermott
Authors registered in the RePEc Author Service: Janice Breuer Bass

Journal of Macroeconomics, 2013, vol. 38, issue PB, 227-242

Abstract: We create a dataset of country experience with economic depression around the world. We define a depression episode as a period of cumulative decline in per capita output of 20% or more lasting at least four years. We find depressions are surprisingly common. We describe their incidence and onset over decades, regions, and levels of development. We identify economic, political, financial, and cultural variables that are associated with depressions. Probit analysis reveals that the probability of entering or exiting a depression is influenced by domestic and international shocks.

Keywords: Economic depression; Economic fluctuations; Growth patterns; Institutions; Culture; Crises (search for similar items in EconPapers)
JEL-codes: O11 O43 O47 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:38:y:2013:i:pb:p:227-242

DOI: 10.1016/j.jmacro.2013.07.003

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