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- 2007618503 abstract "Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute 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 growth and fluctuations within the same framework.".
- 2007618503 contributor B11048482.
- 2007618503 contributor B11048483.
- 2007618503 contributor B11048484.
- 2007618503 created "c2007.".
- 2007618503 date "2007".
- 2007618503 date "c2007.".
- 2007618503 dateCopyrighted "c2007.".
- 2007618503 description "Includes bibliographical references.".
- 2007618503 description "Mode of access: World Wide Web.".
- 2007618503 description "System requirements: Adobe Acrobat Reader.".
- 2007618503 description "Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute 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 growth and fluctuations within the same framework.".
- 2007618503 hasFormat "Also available in print.".
- 2007618503 identifier work226.htm.
- 2007618503 isFormatOf "Also available in print.".
- 2007618503 isPartOf "BIS working papers, 1682-7678 ; no. 226".
- 2007618503 issued "2007".
- 2007618503 issued "c2007.".
- 2007618503 language "eng".
- 2007618503 publisher "Basel, Switzerland : Bank for International Settlements,".
- 2007618503 relation "Also available in print.".
- 2007618503 requires "Mode of access: World Wide Web.".
- 2007618503 requires "System requirements: Adobe Acrobat Reader.".
- 2007618503 subject "HG3879".
- 2007618503 subject "Output Loss ; Recessions ; Recovery ; Business Cycles ; Crises ; Wars".
- 2007618503 title "Growth dynamics [electronic resource] : the myth of economic recovery / by Valerie Cerra and Sweta Chaman Saxena.".
- 2007618503 type "text".