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Author/Editor:
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Allard, Julien ; Blavy, Rodolphe
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Publication Date:
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September 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 1,204KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental Europe). Further, stronger recoveries also tend to be associated with broader economic flexibility. Our findings suggest that dealing with bank sector vulnerabilities is paramount to support the recovery. In the medium term, structural policies to deepen financial markets are useful, but need to be complemented with structural measures to address rigidities more broadly in the real economy.
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Order a print copy
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Series:
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Working Paper No. 11/213
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Subject(s):
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Banking sector | Developed countries | Economic recovery | Europe | Financial crisis | Financial systems
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Author's Keyword(s):
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financial intermediation | economic crises | recoveries | banking sector. |
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