Rogoff and Reinhart on the aftermath of crises

A new paper by Kenneth Rogoff and Carmen Reinhart provides an historical analysis of the aftermath of systemic banking crises.

The paper, which will appear in the May 2009 edition of the American Economic Review, a leading academic journal, focuses on three historical characteristics of the aftermath of banking crises.

First, asset market collapses tend to be "deep and prolonged": real housing price declines average 35% stretched out over six years, while equity price collapses average 55% over

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