IMF highlights problems with overreaction to financial crises

IMF headquarters in Washington DC

A working paper, published by the International Monetary Fund in June, studies data on banking crises to identify differences in impacts and policy responses in emerging and advanced economies.

Authors Luc Laeven and Fabián Valencia update an existing database of banking crises to produce 147 data points over the period 1970–2011. The paper finds that, following a banking crisis, advanced economies tend to suffer a larger output loss and respond more extensively with monetary and fiscal policy

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