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The effects of crises in Europe: impact, twins and recovery time
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The goal of this thesisis to examine the effect of a systemiccrisis on GDP growth. The balanced panel analysis of 16Europeancountries over the time period 1970 –2017 shows that a crisis has severe consequences as growth is reduced by 1.8% for each crisis year. Twin Crises and complex crises prove to be extraordinarily damaging. After the crisis has ended a country undergoeson averagetwo years of recovery time until the pre-crisis growth trend is re-established. Theresults are highly robust to different control variables, specifications and datasets.
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Output loss Growth Systemic crisis Recovery