The role of total factor productivity in 'Phoenix Miracles' : insights from an emerging market crisis
Carlos E. Zarazaga;
Subject: Business cycles ; Gross domestic product ; Financial markets
Key macroeconomic variables such as GDP and investment typically display a V-shaped pattern during major emerging market crises. A notable exception to that pattern is intermediated credit, which follows an L-shaped trajectory instead: it declines at first in lockstep w... View more
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