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The recent recession has affected all countries around the world in an almost synchronous way. Interestingly, not only has it hit countries with bad macroeconomic fundamentals, but also those with AAA rating. The degree to which countries have been affected by the crisis, on the other hand, has differed and, quite surprisingly, countries with a higher income per capita have experienced the most severe output loss. The global nature of the recession and cross-country heterogeneity in the depth of the downturn give the researcher a unique opportunity to identify the link between the structural characteristics of economic and institutional systems before the crisis and their resilience with respect to the global recessionary shock.
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