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dc.contributor.authorBerg, Andrewen_US
dc.contributor.authorPapageorgiou, Chrisen_US
dc.contributor.authorPattillo, Catherineen_US
dc.contributor.authorSpatafora, Nicolaen_US
dc.description.abstractThis paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodological approaches, including impulse response function analysis, growth spells techniques and panel regressions, we show that external demand (ED) shocks are not historically associated with sharp declines in output growth. Given existing evidence that LICs were primarily impacted by such a shock in the global financial crisis, our analysis provides some optimism on the chances that LICs will avoid a protracted period of slow growth. However, we also show that there seem to be persistent output losses associated with ED shocks in the medium-run. In terms of policy implications, our analysis provides evidence that countries with lower deficits, lower debt, more flexible exchange rate regimes, and a higher stock of international reserves are more likely to dampen the effects of an ED shock on growth.en_US
dc.publisher|aLeibniz-Institut für Agrarentwicklung in Mittel- und Osteuropa (IAMO) |cHalle (Saale)en_US
dc.relation.ispartofseries|aIAMO Forum 2011 |x25en_US
dc.subject.keywordGlobal financial crisisen_US
dc.subject.keywordexternal shocksen_US
dc.subject.keywordlow-income countriesen_US
dc.subject.keywordmedium- and long-term growthen_US
dc.subject.keywordimpulse response functionsen_US
dc.subject.keywordgrowth spellsen_US
dc.subject.keywordpanel growth regressionsen_US
dc.titleThe end of an era? The medium- and long-term effects of the global crisis on growth in low-income countriesen_US
dc.typeConference Paperen_US

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