{
  "title": "How Costly Are Debt Crises?",
  "publication": "IMF Working Papers, December 1, 2011",
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  "summary": "The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- Aim: assess the short- and medium-term impact of debt crises on GDP.\n- Sample: an unbalanced panel of 154 countries from 1970 to 2008.\n- Primary finding: debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years.\n- Comparative finding: debt crises tend to be more detrimental than banking and currency crises.\n- Robustness: the significance of the results is robust to different specifications, identification and endogeneity checks, and datasets."
    },
    {
      "heading": "Data, scope, and methodology",
      "content": "- Sample size and period: 154 countries, 1970 to 2008.\n- Outcome measured: output (GDP) losses over short- and medium-term horizons.\n- Crisis types compared: debt crises, banking crises, currency crises.\n- Analytical approach: panel analysis with identification and endogeneity checks (details provided in the Working Paper)."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Output reduction after eight years: about 10 percent.\n- Pages: 30\n- Volume: 2011\n- Issue: 280\n- Series: Working Paper No. 2011/280\n- DOI: https://doi.org/10.5089/9781463926618.001\n- Stock No: WPIEA2011280\n- ISBN: 9781463926618\n- ISSN: 1018-5941\n- Authors: Davide Furceri, Aleksandra Zdzienicka\n- Date: December 1, 2011"
    },
    {
      "heading": "Subject tags and keywords (as listed)",
      "content": "- Subject: Currency crises, Debt default, External debt, Financial crises, Production, Production growth, Public debt\n- Keywords: Africa, banking sector crisis, bond debt default, crisis episode, crisis output, Currency crises, currency crises episode, debt, debt crises, debt crises t, debt crisis, debt crisis output, Debt default, debt t, debt-currency-banking crisis, Global, identification of debt crisis episode, occurrence of a debt crisis, onset of a debt crisis, output growth, output losses, Production growth, sovereign defaults, WP\n\nSource: IMF Working Paper \"How Costly Are Debt Crises?\" by Davide Furceri and Aleksandra Zdzienicka, December 1, 2011.\n\n---\n\n Content in this bundle\n\n- Wp11280\n  - Wp11280 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp11280 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/how-costly-are-debt-crises-25400"
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    "Authors: Davide Furceri, Aleksandra Zdzienicka",
    "Published: December 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463926618.001",
    "Aim: assess the short- and medium-term impact of debt crises on GDP.",
    "Sample: an unbalanced panel of 154 countries from 1970 to 2008.",
    "Primary finding: debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years.",
    "Comparative finding: debt crises tend to be more detrimental than banking and currency crises.",
    "Robustness: the significance of the results is robust to different specifications, identification and endogeneity checks, and datasets.",
    "Sample size and period: 154 countries, 1970 to 2008.",
    "Outcome measured: output (GDP) losses over short- and medium-term horizons.",
    "Crisis types compared: debt crises, banking crises, currency crises.",
    "Analytical approach: panel analysis with identification and endogeneity checks (details provided in the Working Paper).",
    "Output reduction after eight years: about 10 percent.",
    "Pages: 30",
    "Volume: 2011",
    "Issue: 280",
    "Series: Working Paper No. 2011/280",
    "DOI: https://doi.org/10.5089/9781463926618.001",
    "Stock No: WPIEA2011280",
    "ISBN: 9781463926618",
    "ISSN: 1018-5941",
    "Authors: Davide Furceri, Aleksandra Zdzienicka",
    "Date: December 1, 2011",
    "Subject: Currency crises, Debt default, External debt, Financial crises, Production, Production growth, Public debt",
    "Keywords: Africa, banking sector crisis, bond debt default, crisis episode, crisis output, Currency crises, currency crises episode, debt, debt crises, debt crises t, debt crisis, debt crisis output, Debt default, debt t, debt-currency-banking crisis, Global, identification of debt crisis episode, occurrence of a debt crisis, onset of a debt crisis, output growth, output losses, Production growth, sovereign defaults, WP",
    "**Wp11280**"
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