Learning from previous financial crises

- Central Banking staff
- 12 May 2009

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Research by Kenneth Rogoff and Carmen Reinhart finds that financial crises in rich countries have much in common with those in emerging markets.

The authors conclude that severe financial crises across the globe have deep and lasting effects on asset prices, output and employment. Unemployment rises and housing price declines extend out for five and six years, respectively.

However, they demonstrate that output declines last only two years on average. Even recessions sparked by financial crises

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