The Scarring and Hysteresis Effects of Steep Recessions and the Implications for Fiscal Policy in ECA Transition EMDEs (English)

The deep recession in many of the emerging market transition economies of Europe and Central Asia caused by the COVID-19 crisis has raised fears of long-term damage to potential output through scarring and hysteresis. These economies were also hit hard by the great recession caused by the global financial crisis. This paper provides empirical estimates of the impact of the great recession on the subsequent medium-term level of real gross domestic...
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Citation

Brownbridge,Martin; Canagarajah,Roy S..

The Scarring and Hysteresis Effects of Steep Recessions and the Implications for Fiscal Policy in ECA Transition EMDEs (English). COVID-19 (Coronavirus)|Policy Research working paper|no. WPS 9682 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/321251622554430953

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