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DP7884 | Market freedom and the global recession
Author(s)
Lucrezia Reichlin
Domenico Giannone
Michele Lenza
Publication Date
01/06/2010
JEL Code(s)
E02, E65
Keyword(s)
financial crisis, Market freedom, Recession
Programme Area(s)
International Macroeconomics
Network(s)
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Abstract
In this study we find that the set of policies that favor liberalization in credit markets (regulatory quality) are negatively correlated with countries? resilience to the recent recession as measured by output growth in 2008 and 2009.