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Market Freedom and the Global Recession

Reichlin, L., Giannone, D., Lenza, M.
Date Published: 01/04/2011

This study finds that the set of policies that favor 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. The Global nature of the recession and the cross-country heterogeneity of its depth provide a unique opportunity to examine the link between the structural characteristics of economic and social systems before and after the crisis.

Reichlin, L., Giannone, D., Lenza, M., “Market freedom and the global recession”, CEPR working paper no. 7882, 2010, IMF Economic Review, 2011

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