Replication data for: International Recessions
Principal Investigator(s): View help for Principal Investigator(s) Fabrizio Perri; Vincenzo Quadrini
Version: View help for Version V1
Name | File Type | Size | Last Modified |
---|---|---|---|
international_recessions_data_codes | 10/12/2019 02:13:AM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 10:15:PM |
Project Citation:
Perri, Fabrizio, and Quadrini, Vincenzo. Replication data for: International Recessions. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112984V1
Project Description
Summary:
View help for Summary
Macro developments leading up to the 2008 crisis displayed an unprecedented degree of international synchronization. Before the crisis, all G7 countries experienced credit growth and, around the time of the Lehman bankruptcy, they all faced sharp and large contractions in both real and financial activity. Using a two-country model with financial frictions, we show that a global liquidity shortage induced by pessimistic self-fulfilling expectations can quantitatively generate patterns like those observed in the data. The model also suggests that crises are less frequent with more international financial integration but, when they hit, they are larger and more synchronized across countries.
Scope of Project
JEL Classification:
View help for JEL Classification
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F44 International Business Cycles
G01 Financial Crises
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
F44 International Business Cycles
G01 Financial Crises
Related Publications
Published Versions
Report a Problem
Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.
This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.