Cerra, Valerie; Saxena, Sweta Chaman - Bank for International Settlements (BIS) - 2007
divergence and lower long-run growth, whereas we find absolute convergence in expansions. The output costs of political and … financial crises are permanent on average, and long-term growth is negatively linked to volatility. These results also imply … that panel data studies can help identify the sources of growth and that economic models should be capable of explaining …