The role of total factor productivity in 'Phoenix Miracles' : insights from an emerging market crisis

Preprint OPEN
Carlos E. Zarazaga;
(2007)
  • 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
  • References (3)

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    Heymann, Daniel (2000): “Políticas de Reforma y Comportamiento Macroeconómico,” in “Desempeño económico en un contexto de reformas,” Daniel Heymann and Bernardo Kosacoff, editors. Editorial Universitaria de Buenos Aires (EUDEBA). Buenos Aires.

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