FINANCIAL CRISES, OUTPUT LOSSES, AND THE ROLE OF STRUCTURAL REFORMS
研究了结构性改革和宏观经济政策在减少金融危机导致的产出损失中的作用，发现不同危机类型和经济体间效果存在差异，提醒不要过度概括改革与政策的有效性。
Financial crises take a heavy toll on output growth. We assess the role of structural reforms in reducing the output losses resulting from financial crises across advanced economies, emerging and developing economies, and low‐income developing economies. We also revisit the role of macroeconomic policies in this context. The impact of crises on output growth differs between types of crises and economies, thus warranting sample splits along these lines. Some but not all reforms and policies help to reduce the output losses of crises in the medium term, highlighting the need not to overgeneralize the effectiveness of reforms and policies. Further research is warranted to further explore the heterogeneity in the impact of financial crises on output growth and to better understand when and how specific structural reforms and macroeconomic policies can mitigate the output costs of financial crises.