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Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
IFN Working Paper No. 1056
Verlag: 
Research Institute of Industrial Economics (IFN), Stockholm
Zusammenfassung: 
In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical considerations, I estimate the effects of economic freedom on crisis risk in the post-Cold War period 1993-2010. I further estimate the effects on the duration, peak-to-trough GDP ratios and recovery times of 212 crises across 175 countries within this period. Estimates suggest that economic freedom is robustly associated with smaller peak-to-trough ratios and shorter recovery time. These effects are driven by regulatory components of the economic freedom index.
Schlagwörter: 
Crisis
Economic freedom
Institutions
JEL: 
O11
O43
P16
Dokumentart: 
Working Paper

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