Good luck played role in post-crisis recovery: BIS paper

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A Bank for International Settlements paper published on Tuesday says both pre-crisis policy decisions and good luck played a role in the varied macroeconomic performance of countries in the aftermath of the financial crisis.

Stephen Cecchetti, Michael King and James Yetman, the paper's authors, examine why individual countries' macroeconomic performance varied markedly during the 2007–09 global financial crisis and whether this was the result of pre-crisis policy decisions, or just good luck

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