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The Great Recession: a comparison of recession magnitudes in Europe, USA and Japan

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  • Mazurek, Jiří

Abstract

In this article recession magnitudes in Europe, the USA and Japan during the Great Recession are compared. The strongest recessions (of severe category) occurred in Latvia, Lithuania and Estonia, while recessions in Japan and the USA were significantly weaker. Even the strongest recession (in Latvia) was found smaller in its magnitude than the Great Depression 1929-1933 in the USA. Hence, comparisons of the Great Recession to the Great Depression in the literature are somewhat exaggerated.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51428.

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Date of creation: 13 Nov 2013
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Handle: RePEc:pra:mprapa:51428

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Keywords: Europe; Japan; recession; recession magnitude; USA.;

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  1. Charles S. Gascon, 2009. "The current recession: how bad is it?," Economic Synopses, Federal Reserve Bank of St. Louis.
  2. Jiří Mazurek & Elena Mielcová, 2013. "The Evaluation of Economic Recession Magnitude: Introduction and Application," Prague Economic Papers, University of Economics, Prague, University of Economics, Prague, vol. 2013(2), pages 182-205.
  3. Romer, Christina D, 1990. "The Great Crash and the Onset of the Great Depression," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(3), pages 597-624, August.
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