European Parliament Library

The Cross-Country Incidence of the Global Crisis, Gian Milesi-Ferretti, Philip Lane

We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The crisis: Key Channels of Transmission; III. describing the crisis; A. Change in growth rates; 1. The Geographical Impact of the Crisis (I); 2. The Geographical Impact of the Crisis (II); 3. "Top 5" Crisis Countries; B. Growth levels; C. Pre-crisis variables and crisis outcome; 4. Severe Crisis and Stronger Growth Countries; 5. Severe Crisis and Stronger Growth Countries, excluding low-income countries; 1. Change in GDP Growth and GDP per Capita; 2. Change in Demand Growth and Current Account Balance
Literary Form
non fiction
"July 2010."
Physical Description
1 online resource (62 p.)
Specific Material Designation
Form Of Item

Library Locations

  • EP Library Luxembourg

    Rue du Fort Thüngen, Luxembourg, L-1313, LU
  • EP Library Brussels

    60 rue Wiertz, Brussels, B-1047, BE
  • EP Library Strasbourg

    7 Place Adrien Zeller, Allée du Printemps, Strasbourg, F-67070, FR