@article{Berg:115524,
      recid = {115524},
      author = {Berg, Andrew and Papageorgiou, Chris and Pattillo,  Catherine and Spatafora, Nikola},
      title = {The End of an Era? The Medium- and Long-Term Effects of  the Global Crisis on Growth in Low-Income Countries},
      address = {2011},
      number = {925-2016-73016},
      pages = {30},
      year = {2011},
      abstract = {This paper investigates the medium- and long-term growth  effects of the global financial crises on Low-Income  Countries (LICs). Using several methodological approaches,  including impulse response function analysis, growth spells  techniques and panel regressions, we show that external  demand (ED) shocks are not historically associated with  sharp declines in output growth. Given existing evidence  that LICs were primarily impacted by such a shock in the  global financial crisis, our analysis provides some  optimism on the chances that LICs will avoid a protracted  period of slow growth. However, we also show that there  seem to be persistent output losses associated with ED  shocks in the medium-run. In terms of policy implications,  our analysis provides evidence that countries with lower  deficits, lower debt, more flexible exchange rate regimes,  and a higher stock of international reserves are more  likely to dampen the effects of an ED shock on growth.},
      url = {http://ageconsearch.umn.edu/record/115524},
      doi = {https://doi.org/10.22004/ag.econ.115524},
}