Delving into the Effects of Financial Crises on Human Development

Thanh Cong Nguyen, Vítor Castro and Justine Wood

Journal of Human Capital, 2024, vol. 18, issue 4, 590 - 634

Abstract: We examine the effects of different types of financial crises on overall human development and its components for a panel of 113 countries during the period 1990–2017. We find that all types of financial crises have both short- and long-run adverse effects on human development and its components. The adverse effects of banking crises on human development are less severe than those of currency, debt, and twin/triple crises. We also find that banking crises have a more significant effect in developed countries, while debt and currency crises are more harmful in developing countries. Nevertheless, both groups of countries face some level of deterioration of human development in the aftermath of financial crises.

Date: 2024
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