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Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

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Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment for resuming sustained growth. In this paper we examine private sector deleveraging experiences across 36 advanced and emerging economies countries since 1960. We consider the common features and divergent experiences of deleveraging episodes across countries, and analyze empirically the impact of different aspects of deleveraging during the bust phase of leverage cycles on subsequent medium-term growth. The results suggest that larger and quicker unwinding of non-financial sector debt overhangs is associated with sizable medium-term output gains, and that policies should focus on facilitating up-front balance sheet adjustment.

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Page Count

37

Publisher

International Monetary Fund

Published Date

ISBN 10

1498307922

ISBN 13

9781498307925

Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

Write a review Read reviews Take a Quiz Solve Book Puzzle

Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment for resuming sustained growth. In this paper we examine private sector deleveraging experiences across 36 advanced and emerging economies countries since 1960. We consider the common features and divergent experiences of deleveraging episodes across countries, and analyze empirically the impact of different aspects of deleveraging during the bust phase of leverage cycles on subsequent medium-term growth. The results suggest that larger and quicker unwinding of non-financial sector debt overhangs is associated with sizable medium-term output gains, and that policies should focus on facilitating up-front balance sheet adjustment.

Average ratings

N/A

5

0%

4

0%

3

0%

2

0%

1

0%

Solve jigsaw puzzle

Age

Page Count

37

Publisher

International Monetary Fund

Published Date

ISBN 10

1498333400

ISBN 13

9781498333405