Stories of the Twentieth Century for the Twenty-First ∗ (2011)
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BibTeX
@MISC{Gourinchas11storiesof,
author = {Pierre-olivier Gourinchas and Maurice Obstfeld},
title = {Stories of the Twentieth Century for the Twenty-First ∗},
year = {2011}
}
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Abstract
During the twentieth century, emerging and advanced economy financial crises bore some distinct qualitative similarities, although several features of emerging markets made their economies more volatile and crisis prone. For the advanced economies, the build-up and repercussions of the twenty-first century’s first global crisis were similar to earlier crisis events. Emerging economies, however, displayed surprising resilience in 2007-2009. In light of evidence on past crises, this resilience may reflect the widespread avoidance of leverage booms during the 2000s, as well as the pursuit of more stable monetary and fiscal policies.
