owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income …; the median is about 6 ½ years. Five to six years after the onset of crisis, only Germany and the US (out of 12 systemic …

. Total external debt (public and private) and domestic credit are also included through 2013. This combination gives a broad …

We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market …