NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Flexibility of Adjustment to Shocks: Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008

Joshua Aizenman, Yothin Jinjarak, Gemma Estrada, Shu Tian

NBER Working Paper No. 23467
Issued in June 2017

---- Acknowledgments ----

Donghyun Park provided overall guidance for the paper. Ilkin Huseynov provided able assistance with the data. Akiko Terada-Hagiwara and participants at the ADB workshop on “Transcending the Middle-Income Challenge” provided useful comments and suggestions. Financial support from the ADB is gratefully acknowledged. Any errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the Asian Development Bank (ADB) and the National Bureau of Economic Research. Financial support from the ADB is gratefully acknowledged.

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