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Market freedom and the global recession

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  • Domenico Giannone
  • Michèle 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. © 2011 International Monetary Fund.

Suggested Citation

  • Domenico Giannone & Michèle Lenza & Lucrezia Reichlin, 2011. "Market freedom and the global recession," ULB Institutional Repository 2013/261757, ULB -- Universite Libre de Bruxelles.
  • Handle: RePEc:ulb:ulbeco:2013/261757
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    More about this item

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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