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Debt Reduction After Crises

Tang, Garry - 2013

Financial crises tend to be followed by a protracted period of debt reduction in the nonfinancial private sector. We find that a period of debt reduction followed 17 out of 20 systemic banking crises that were preceded by surges in credit. Debt/GDP ratios fell by an average of 38 percentage...

Persistent link: https://www.econbiz.de/10013094338