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Short and Long Term Growth Effects of Financial Crises

In: Wavelet Applications in Economics and Finance

Author

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  • Fredrik N. G. Andersson

    (Lund University)

  • Peter Karpestam

    (Lund University)

Abstract

Growth theory predicts that poor countries will grow faster than rich countries. Yet, growth in developing countries has been consistently lower than growth in developed countries. The poor economic performance of developing countries coincides with both long-lasting and short-lived financial crises. In this paper, we analyze to what extent financial crises can explain low growth rates in developing countries. We distinguish between inflation, currency, banking, debt, and stock-market crises and separate the short- and long-run effects of them. Our results show that financial crises have reduced growth and that policy decisions have caused them to be worsened and/or extended.

Suggested Citation

  • Fredrik N. G. Andersson & Peter Karpestam, 2014. "Short and Long Term Growth Effects of Financial Crises," Dynamic Modeling and Econometrics in Economics and Finance, in: Marco Gallegati & Willi Semmler (ed.), Wavelet Applications in Economics and Finance, edition 127, pages 227-248, Springer.
    • Handle: RePEc:spr:dymchp:978-3-319-07061-2_10
    DOI: 10.1007/978-3-319-07061-2_10
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    Cited by:

    1. Andersson, Fredrik NG, 2016. "A Blessing in Disguise? Banking Crises and Institutional Change," World Development, Elsevier, vol. 83(C), pages 135-147.

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