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EBOOK
Author Claessens, Stijn,
Title What happens during recessions, crunches and busts? / prepared by Stijn Claessens, M. Ayhan Kose and Marco E. Terrones.
Imprint Washington, D.C. : International Monetary Fund, 2008.

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LOCATION CALL # STATUS MESSAGE
 OHIOLINK IMF EBOOKS    ONLINE  
View online
Author Claessens, Stijn,
Series IMF working paper ; WP/08/274
IMF working paper ; WP/08/274.
Subject Business cycles -- Congresses.
Recessions -- Congresses.
Credit -- Congresses.
Housing -- Prices -- Congresses.
Stocks -- Prices -- Congresses.
Alt Name Kose, M. Ayhan,
Terrones, Marco,
International Monetary Fund.
IMF Jacques Polak Annual Research Conference (9th : 2008 : Washington, D.C.)
Description 1 online resource (75 pages) : illustrations
Note Print version record.
Bibliography Note Includes bibliographical references (pages 36-40).
Summary We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960-2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42.
Contents Executive Summary; Figure A. What Happens During Recessions: Crunches and Busts?; I. Introduction; II. Database and Methodology; A. Database; B. Methodology; III. What Happens During Recessions?; A. Basic Features of Recessions: Duration and Cost; B. Changes in Macroeconomic and Financial Variables; C. Dynamics of Recessions; D. Synchronization of Recessions, Credit Contractions and Asset Price Declines; IV. What Happens During Credit Contractions and Asset Price Declines?; A. Episodes of Credit Contractions; B. Episodes of Declines in House Prices.
C. Episodes of Declines in Equity PricesD. Credit Contractions and Asset Price Declines: A Summary; V. What Happens During Recessions Associated with Crunches and Busts?; A. Recessions Associated with Credit Crunches; B. Recessions Associated with House Price Busts; C. Recessions Associated with Equity Price Busts; D. Recessions Associated with Crunches and Busts: A Summary; VI. Recessions Associated with Increases in Oil Prices; VII. Policy Responses During Recessions, Crunches and Busts; VIII. Recession Outcomes and Financial Factors; IX. Conclusion; A.A Summary; B. Lessons for Today.
C. Caveats and Future ResearchReferences; Appendix: Database; Figures; 1. Associations Between Recessions, Crunches and Busts; 2. Recessions: Duration and Amplitude; 3. Recessions in OECD Countries; 4. Synchronization of Recessions; 5. Synchronization of Credit Contractions and Asset Price Declines; 6. Credit Crunches in OECD Countries; 7. House Price Busts in OECD Countries; 8. Equity Price Busts in OECD Countries; Tables; 1A. Recessions: Summary Statistics; 1B. Recessions: Summary Statistics; 2A. Credit Contractions: Basic Statistics; 2B. Credit Contractions: Basic Statistics.
3A. House Price Declines: Basic Statistics3B. House Price Declines: Basic Statistics; 4A. Equity Price Declines: Basic Statistics; 4B. Equity Price Declines: Basic Statistics; 5. Credit Contractons and Asset Price Declines: Summary Statistics; 6. Leads and Lags: Recessions, Crunches and Busts; 7. Recessions Associated with Credit Crunches; 8. Recessions Associated with House Price Busts; 9. Recessions Associated with Equity Price Busts; 10. Recessions Associated with Crunches and Busts: Summary Statistics; 11. Recessions Associated with Oil Price Shocks; 12. Changes in Poicy Variables.
13A. Cost of Recessions13B. Cost of Recessions; 14A. Cost of Recessions; 14B. Cost of Recessions.
ISBN 1283512750
9781283512756
OCLC # 455579484
Additional Format Print version: Claessens, Stijn. What happens during recessions, crunches and busts? /by Stijn Claessens, M. Ayhan Kose and Marco E. Terrones. Washington, D.C. : International Monetary Fund, 2008 (OCoLC)275729634



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