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
no.699 |
| Schlagworte: | |
| 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 p.) 21 x 29.7cm. |
| DOI: | 10.1787/224126122024 |
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| spelling | Furceri, Davide VerfasserIn 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 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.699 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 MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/224126122024 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_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 | 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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