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Market Freedom and the Global Recession

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  • Domenico Giannone
  • Michele Lenza
  • Lucrezia Reichlin

Abstract

This study finds that the set of policies that favor liberalization in credit markets (regulatory quality) are negatively correlated with countries’ resilience to the recent recession as measured by output growth in 2008 and 2009. The Global nature of the recession and the cross-country heterogeneity of its depth provide a unique opportunity to examine the link between the structural characteristics of economic and social systems before and after the crisis.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Economic Review.

Volume (Year): 59 (2011)
Issue (Month): 1 (April)
Pages: 111-135

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Handle: RePEc:pal:imfecr:v:59:y:2011:i:1:p:111-135

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  12. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier.
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