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integrated global financial markets. Third, how costly are recessions that followed these types of crises? Although the latest … comparisons indicate that recessions associated with periods of deep financial disruptions result in much larger declines in real …
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This paper analyzes the long-run relationship between output collapses-defined defined as GDP falling substantially below trend - and total factor productivity (TFP), using a panel of 71 developed and developing countries during the period 1960-2003 to identify episodes of output collapse and...
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