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Why Performance Differed Across Countries in the Recent Crisis. How Country Performance in the Recent Crisis Depended on Pre-crisis Conditions

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  • Karl Aiginger

    (WIFO)

Abstract

The growth performance of countries proved to be very different during the recent crisis. We apply principal component analysis to derive a single ordinal indicator on growth performance and to analyse whether initial conditions of economies or structural characteristics can explain the differences in growth performance. As initial conditions at the start of the crisis we use fiscal situation, trade competitiveness, output and credit growth, as structural characteristics we test size, openness, share of sectors and per-capita income. The task has proved to be as difficult as expected as causality often works in two ways and policy variables have intervened, which themselves are dependent on the initial conditions and structural characteristics. The three indicators that end up as the best predictors for the depth of the crisis are correlated with one another and thus difficult to disentangle.

Suggested Citation

  • Karl Aiginger, 2011. "Why Performance Differed Across Countries in the Recent Crisis. How Country Performance in the Recent Crisis Depended on Pre-crisis Conditions," WIFO Working Papers 387, WIFO.
  • Handle: RePEc:wfo:wpaper:y:2011:i:387
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    File URL: http://www.wifo.ac.at/wwa/pubid/41203
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    References listed on IDEAS

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    1. Stijn Claessens & Giovanni Dell'Ariccia & Deniz Igan & Luc Laeven, 2010. "Cross-country experiences and policy implications from the global financial crisis," Economic Policy, CEPR;CES;MSH, vol. 25, pages 267-293, April.
    2. Stephan Schulmeister, 2009. "A General Financial Transaction Tax: The Concept, its Justification and Effects," WIFO Working Papers 352, WIFO.
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    Cited by:

    1. Karl Aiginger & Thomas Horvath & Helmut Mahringer, 2012. "Why Labor Market Response Differed in the Great Recession: The Impact of Institutions and Policy," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 3, pages 1-19, September.
    2. Jiri Mazurek, 2013. "Examination of European Union economic cohesion: A cluster analysis approach," Business and Economic Horizons (BEH), Prague Development Center, vol. 9(4), pages 8-17, December.
    3. Fritz Breuss, 2013. "The Leverage of the Small Ones in the EU," WIFO Working Papers 452, WIFO.
    4. Mazurek, Jiri, 2013. "A Comparison of GDP growth of European countries during 2008-2012 period from regional and other perspectives," MPRA Paper 51178, University Library of Munich, Germany.

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