Market Freedom and the Global Recession

29 Pages Posted: 18 Jun 2010

See all articles by Domenico Giannone

Domenico Giannone

International Monetary Fund (IMF); Centre for Economic Policy Research (CEPR)

Michele Lenza

European Central Bank (ECB)

Lucrezia Reichlin

London Business School; Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES); Centre for Economic Policy Research (CEPR); European Central Bank (ECB)

Multiple version iconThere are 2 versions of this paper

Date Written: May 1, 2010

Abstract

In this study we find that the set of policies that favour 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.

Keywords: Market freedom, Recession, Financial Crisis

JEL Classification: E02, E65

Suggested Citation

Giannone, Domenico and Lenza, Michele and Reichlin, Lucrezia, Market Freedom and the Global Recession (May 1, 2010). ECGI - Finance Working Paper No. 288/2010, Available at SSRN: https://ssrn.com/abstract=1623862 or http://dx.doi.org/10.2139/ssrn.1623862

Domenico Giannone (Contact Author)

International Monetary Fund (IMF) ( email )

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Centre for Economic Policy Research (CEPR)

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Michele Lenza

European Central Bank (ECB) ( email )

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Germany

Lucrezia Reichlin

London Business School ( email )

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London, London NW1 4SA
United Kingdom

Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES) ( email )

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Centre for Economic Policy Research (CEPR)

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United Kingdom

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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