We update Rose and Spiegel (2010a, b) and search for simple quantitative models of macroeconomic and financial indicators of the “Great Recession” of 2008‐09. We use a cross‐country approach and examine a number of potential causes that have been found to be successful indicators of...

We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis....