HKS Affiliated Authors

Additional Authors:

  • Kenneth Rogoff


Recovery from Financial Crises: Evidence from 100 Episodes. Kenneth Rogoff, Carmen Reinhart, Paper, January 2014. "We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after the onset of crisis, only Germany and the US (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Postwar business..." (May require user account or purchase) Link