DP7884 Market freedom and the global recession
|Author(s):||Domenico Giannone, Michele Lenza, Lucrezia Reichlin|
|Publication Date:||June 2010|
|Keyword(s):||Financial Crisis, Market freedom, Recession|
|Programme Areas:||International Macroeconomics|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=7884|
In this study we find that the set of policies that favor liberalization in credit markets (regulatory quality) are negatively correlated with countries? resilience to the recent recession as measured by output growth in 2008 and 2009.