KDI 한국개발연구원 - 경제정책정보 - 발간처별 목록 - 경제분야 국제기구 - ADB - Debt and Depth of Recessions

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Debt and Depth of Recessions

ADB 2019.06.03
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This paper empirically investigates the relationship between the speed of the buildup of private debt―household and corporate debt―and the depth of recessions. To do this, it differentiates between financial recessions and normal recessions on the basis of the speed of the debt buildup. It finds that financial recessions are deeper than normal recessions in advanced economies and that the differences become more pronounced when emerging market economies are added to the sample. It finds that the buildup of corporate debt―and not just household debt―can worsen recessions, especially in emerging market economies.

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