This paper uses VAR and space-state methodology to analyze how the recent developments in 20 European countries have modified the dynamics of structural shocks. The results not only confirm a visible progress in (predominated output fluctuations) supply shocks convergence between the Central and...

The aim of this paper is to assess the short and medium term impact of debt crises. Using an unbalanced panel of 159 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses.In particular, we find that debt crises are very costly reducing...

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years....

Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs...