The post-crises output growth effects in a globalized economy

Bertrand Candelon, Alina Carare, Jean-Baptiste Hasse and Jing Lu

International Economics, 2020, issue 161, 139-158

Abstract: This paper investigates the persistent impact of financial crises on economic growth in different regimes of globalization. Relying on a nonlinear dynamic panel representation, this paper explains why the effects of globalization on growth weave into a tale of two opposite narratives. On average, a country experiences higher growth, the more open and integrated it is into the world. However, countries can also experience persistently lower medium-term output growth after a financial crisis, once globalization reaches a certain threshold. The benefits, as well as vulnerabilities, accrue earlier in the globalization process for low-income countries.

Keywords: Globalization; Financial crises; Output growth (search for similar items in EconPapers)
JEL-codes: F30 F43 F65 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:cii:cepiie:2020-q1-161-11

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