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The growth performance of countries proved to be very different during the recent financial crisis. The objective of the paper is to investigate why, despite the fact that the crisis hit countries simultaneously, the length and depth of the crisis turned out to be very different across countries. The authors apply principal component analysis to derive a single indicator for growth performance which includes different aspects of GDP dynamics before and after the crisis. Then they apply multivariate regressions analysis to analyze whether pre-crisis economic conditions and/or structural characteristics can explain the differences in growth performance in a sample of 37 countries.
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