The Cross-Country Incidence of the Global Crisis

Philip Lane and Gian Maria Milesi-Ferretti ()

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demandfrom the countryspecific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis.

Keywords: financial crisis; current account; private credit; international financial integration. (search for similar items in EconPapers)
JEL-codes: F31 F32 F43 (search for similar items in EconPapers)
Pages: 267 pages
Date: 2010-07
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Citations: View citations in EconPapers (82)

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Related works:
Journal Article: The Cross-Country Incidence of the Global Crisis (2011)
Working Paper: The Cross-Country Incidence of the Global Crisis (2010)
Working Paper: The Cross-Country Incidence of the Global Crisis (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:iis:dispap:iiisdp333

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