The Medium-Term Impacts of the Global Financial Crisis
Kenichi Ueda and
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Kenichi Ueda: The University of Tokyo, TCER, and CEPR
Kei Uzui: The University of Tokyo
No CARF-F-528, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo
Seven years after the Global Financial Crisis (GFC), we investigate how the recoveries are affected by policies and pre-crisis conditions. We find that the macroeconomic and credit-enhancing policies are not beneficial, perhaps detrimental, to the recovery from the GFC, based on the cross-country regression study using 38 countries. However, sound pre-crisis conditions help countries to recover from the crisis more quickly, especially, the low government debt to GDP ratio, the ample foreign reserves, and the absence of a real estate boom. Thus, monitoring those variables is a key to preventing a future crisis or to getting out of it more quickly.
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Persistent link: https://EconPapers.repec.org/RePEc:cfi:fseres:cf528
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