The Effect of Financial Crises on Potential Output: New Empirical Evidence from OECD Countries
The aim of this paper is to assess the impact of financial crises on potential output. For this purpose a univariate autoregressive growth equation is estimated on an unbalanced panel of OECD countries over the period 1960 to 2007. Our results suggest that the occurrence of a financial crisis negati...
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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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| Online-Zugang: | Volltext |
| Zusammenfassung: | The aim of this paper is to assess the impact of financial crises on potential output. For this purpose a univariate autoregressive growth equation is estimated on an unbalanced panel of OECD countries over the period 1960 to 2007. Our results suggest that the occurrence of a financial crisis negatively and permanently affects potential output. In particular, financial crises are estimated to lower potential output by around 1.5 to 2.4% on average. The magnitude of the effect increases with the severity of the crisis. The occurrence of a deep crisis is found to decrease potential output by nearly 4%, almost twice the amount observed for the average of crises. These results are robust to the use of an alternative measure of potential output, changes in the methodology and in the sample periods |
| Beschreibung: | 1 Online-Ressource (19 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/224126122024 |
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| spelling | Furceri, Davide Verfasser aut The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries Davide Furceri and Annabelle Mourougane = L'effet des crises financières sur la production potentielle : nouvelle analyse empirique sur les pays de l'OCDE / Davide Furceri et Annabelle Mourougane L'effet des crises financières sur la production potentielle Paris OECD Publishing 2009 1 Online-Ressource (19 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The aim of this paper is to assess the impact of financial crises on potential output. For this purpose a univariate autoregressive growth equation is estimated on an unbalanced panel of OECD countries over the period 1960 to 2007. Our results suggest that the occurrence of a financial crisis negatively and permanently affects potential output. In particular, financial crises are estimated to lower potential output by around 1.5 to 2.4% on average. The magnitude of the effect increases with the severity of the crisis. The occurrence of a deep crisis is found to decrease potential output by nearly 4%, almost twice the amount observed for the average of crises. These results are robust to the use of an alternative measure of potential output, changes in the methodology and in the sample periods Economics Mourougane, Annabelle ctb https://doi.org/10.1787/224126122024 Verlag kostenfrei Volltext |
| spellingShingle | Furceri, Davide The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries Economics |
| title | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries |
| title_alt | L'effet des crises financières sur la production potentielle |
| title_auth | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries |
| title_exact_search | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries |
| title_exact_search_txtP | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries |
| title_full | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries Davide Furceri and Annabelle Mourougane = L'effet des crises financières sur la production potentielle : nouvelle analyse empirique sur les pays de l'OCDE / Davide Furceri et Annabelle Mourougane |
| title_fullStr | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries Davide Furceri and Annabelle Mourougane = L'effet des crises financières sur la production potentielle : nouvelle analyse empirique sur les pays de l'OCDE / Davide Furceri et Annabelle Mourougane |
| title_full_unstemmed | The Effect of Financial Crises on Potential Output New Empirical Evidence from OECD Countries Davide Furceri and Annabelle Mourougane = L'effet des crises financières sur la production potentielle : nouvelle analyse empirique sur les pays de l'OCDE / Davide Furceri et Annabelle Mourougane |
| title_short | The Effect of Financial Crises on Potential Output |
| title_sort | the effect of financial crises on potential output new empirical evidence from oecd countries |
| title_sub | New Empirical Evidence from OECD Countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/224126122024 |
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