Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/122231
Authors: 
Berg, Andrew
Papageorgiou, Chris
Pattillo, Catherine
Schindler, Martin
Spatafora, Nikola
Weisfeld, Hans
Year of Publication: 
2011
Series/Report no.: 
DIIS Working Paper 2011:07
Abstract: 
This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LICs). Four conclusions stand out. First, for many individual LICs, 2009 was not extraordinarily calamitous; however, aggregate LIC output declined sharply because LICs were unusually synchronized. Second, the growth declines are on average well explained by the decline in export demand. Third, if the external environment facing LICs improves as forecast, their growth should rebound sharply. Finally, and contrary to received wisdom, there are few robust relationships between the cross-country growth variation and the policy and structural environment; the main exceptions are reserve coverage and labor-market flexibility.
ISBN: 
978-87-7605-446-5
Document Type: 
Working Paper

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