The Macroeconomic Consequences of Banking Crises in OECD Countries:
This paper examines the characteristics of downturns and subsequent recoveries following past banking crises in OECD countries as well as evidence of any effects on potential output growth. It is differentiated from previous analyses because it makes use of OECD measures of the output gap and potent...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Zusammenfassung: | This paper examines the characteristics of downturns and subsequent recoveries following past banking crises in OECD countries as well as evidence of any effects on potential output growth. It is differentiated from previous analyses because it makes use of OECD measures of the output gap and potential output. Downturns following banking crises are found to be more protracted with larger output losses and disproportionate falls in housing and business investment. The recovery is typically more muted with exports providing a disproportionately large positive contribution. Evidence regarding possible effects on potential growth of a banking crisis is mixed. The banking crisis in Japan was followed by a deterioration in potential growth partly due to a worsening in productivity performance which may be related to the protracted nature of the banking problems and the resulting misallocation of capital. Following the Nordic banking crises, which were resolved more quickly, there was no deterioration in productivity performance, although there was a temporary deterioration in potential growth which is mostly explained by an increase in the structural unemployment rate, which in turn may reflect the interaction of an exceptionally severe downturn with structural labour market rigidities |
| Beschreibung: | 1 Online-Ressource (30 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/226123651438 |
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| 245 | 1 | 0 | |a The Macroeconomic Consequences of Banking Crises in OECD Countries |c David Haugh, Patrice Ollivaud and David Turner = Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE / David Haugh, Patrice Ollivaud et David Turner |
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| 520 | |a This paper examines the characteristics of downturns and subsequent recoveries following past banking crises in OECD countries as well as evidence of any effects on potential output growth. It is differentiated from previous analyses because it makes use of OECD measures of the output gap and potential output. Downturns following banking crises are found to be more protracted with larger output losses and disproportionate falls in housing and business investment. The recovery is typically more muted with exports providing a disproportionately large positive contribution. Evidence regarding possible effects on potential growth of a banking crisis is mixed. The banking crisis in Japan was followed by a deterioration in potential growth partly due to a worsening in productivity performance which may be related to the protracted nature of the banking problems and the resulting misallocation of capital. Following the Nordic banking crises, which were resolved more quickly, there was no deterioration in productivity performance, although there was a temporary deterioration in potential growth which is mostly explained by an increase in the structural unemployment rate, which in turn may reflect the interaction of an exceptionally severe downturn with structural labour market rigidities | ||
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| spelling | Haugh, David Verfasser aut The Macroeconomic Consequences of Banking Crises in OECD Countries David Haugh, Patrice Ollivaud and David Turner = Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE / David Haugh, Patrice Ollivaud et David Turner Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE Paris OECD Publishing 2009 1 Online-Ressource (30 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper examines the characteristics of downturns and subsequent recoveries following past banking crises in OECD countries as well as evidence of any effects on potential output growth. It is differentiated from previous analyses because it makes use of OECD measures of the output gap and potential output. Downturns following banking crises are found to be more protracted with larger output losses and disproportionate falls in housing and business investment. The recovery is typically more muted with exports providing a disproportionately large positive contribution. Evidence regarding possible effects on potential growth of a banking crisis is mixed. The banking crisis in Japan was followed by a deterioration in potential growth partly due to a worsening in productivity performance which may be related to the protracted nature of the banking problems and the resulting misallocation of capital. Following the Nordic banking crises, which were resolved more quickly, there was no deterioration in productivity performance, although there was a temporary deterioration in potential growth which is mostly explained by an increase in the structural unemployment rate, which in turn may reflect the interaction of an exceptionally severe downturn with structural labour market rigidities Economics Ollivaud, Patrice ctb Turner, David ctb https://doi.org/10.1787/226123651438 Verlag kostenfrei Volltext |
| spellingShingle | Haugh, David The Macroeconomic Consequences of Banking Crises in OECD Countries Economics |
| title | The Macroeconomic Consequences of Banking Crises in OECD Countries |
| title_alt | Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE |
| title_auth | The Macroeconomic Consequences of Banking Crises in OECD Countries |
| title_exact_search | The Macroeconomic Consequences of Banking Crises in OECD Countries |
| title_exact_search_txtP | The Macroeconomic Consequences of Banking Crises in OECD Countries |
| title_full | The Macroeconomic Consequences of Banking Crises in OECD Countries David Haugh, Patrice Ollivaud and David Turner = Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE / David Haugh, Patrice Ollivaud et David Turner |
| title_fullStr | The Macroeconomic Consequences of Banking Crises in OECD Countries David Haugh, Patrice Ollivaud and David Turner = Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE / David Haugh, Patrice Ollivaud et David Turner |
| title_full_unstemmed | The Macroeconomic Consequences of Banking Crises in OECD Countries David Haugh, Patrice Ollivaud and David Turner = Conséquences macroéconomiques des crises bancaires dans les pays de l'OCDE / David Haugh, Patrice Ollivaud et David Turner |
| title_short | The Macroeconomic Consequences of Banking Crises in OECD Countries |
| title_sort | the macroeconomic consequences of banking crises in oecd countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/226123651438 |
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