How costly are debt crises?

被引：66
|
作者：
Furceri, Davide [1 ]
Zdzienicka, Aleksandra [1 ]
机构：
[1] Univ Palermo, Int Monetary Fund, Washington, DC 20431 USA
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2012年 / 31卷 / 04期
关键词：
Output losses; Debt crises; Sovereign defaults; SOVEREIGN DEBT; GROWTH;
D O I：
10.1016/j.jimonfin.2012.01.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The aim of this paper is to assess the short and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after 8 years. The results also suggest that debt crises tend to be more detrimental than banking and currency crises. The significance of the results is robust to different specifications, identification and endogeneity checks, and datasets. (C) 2012 Elsevier Ltd. All rights reserved.
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页码：726 / 742
页数：17
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