Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/154417 
Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ECB Working Paper No. 1984
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Economic resilience is essential to better withstand adverse shocks and reduce the economic costs associated with them. We propose different measures of resilience and empirically gauge how countries differ in their shock absorption capacity conditioning on the quality of their economic structures. The paper finds robust evidence that sound labour and product markets, framework conditions and political institutions increase the resilience towards adverse shocks and reduce the incidence of crisis more generally. In the presence of a common shock, a country with weaker economic structures can on average suffer up to twice the output loss in a given year compared to the country at frontier of institutional parameters. In a similar fashion, the likelihood of a severe economic crisis is reduced significantly if a country exhibits most flexible and adaptable institutions. The above exercises can be used to establish a governance process towards more resilient economic structures (as e.g. suggested for the euro area in the so?called Five Presidents’ Report).
Schlagwörter: 
common shocks
economic resilience
economic structures
institutions
JEL: 
E32
L50
J21
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-2232-6
Dokumentart: 
Working Paper

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