NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

New Evidence on the Impact of Financial Crises in Advanced Countries

Christina D. Romer, David H. Romer

NBER Working Paper No. 21021
Issued in March 2015
NBER Program(s):   DAE   EFG   IFM   ME

This paper examines the aftermath of financial crises in advanced countries in the four decades before the Great Recession. We construct a new series on financial distress in 24 OECD countries for the period 1967–2007. The series is based on assessments of the health of countries’ financial systems from a consistent, real-time narrative source; and it classifies financial distress on a relatively fine scale, rather than treating it as a 0-1 variable. We find that output declines following financial crises in modern advanced countries are highly variable, on average only moderate, and often temporary. One important driver of the variation in outcomes across crises appears to be the severity and persistence of the financial distress itself.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Access to NBER Papers

You are eligible for a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w21021

Users who downloaded this paper also downloaded* these:
Reinhart and Rogoff w14656 The Aftermath of Financial Crises
Taylor w21039 Credit, Financial Stability, and the Macroeconomy
Fernández, Klein, Rebucci, Schindler, and Uribe w20970 Capital Control Measures: A New Dataset
McCaig and Pavcnik w20891 Informal Employment in a Growing and Globalizing Low-income Country
Forbes and Klein w20987 Pick Your Poison: The Choices and Consequences of Policy Responses to Crises
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us