This paper assesses the impact of financial crises on social spending and its components (healthcare, education, and social protection) on a panel of 108 countries for the years 1991-2019. An important novelty of this paper is that it tests for the distinct effects of different types of...

This paper explores the effect of financial development on the duration of economic recoveries, considering a sample of 414 economic recoveries observed in 67 countries during the period 1989-2019. We define the duration of economic recovery, as the time it takes the economy to return to its...

In this paper, we propose a novel measure of uncertainty based, unlike previous measures, solely on credit market information and on an extensive CDS dataset. More specifically, we use the CDS monthly time-series data of 225 corporate firms to construct a time-varying measure of credit market...

This paper assesses the impact of distinct types of financial crises on social protection spending using a panel of 105 countries over the period 1991-2019. The findings show that spending on social protection increases when financial crises strike, mainly in the aftermath of banking crises....