01971cas a2200265 a 4500 AALejournalIMF005492 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451871326 1018-5941 BD-DhAAL BD-DhAAL Terrones, Marco. What Happens During Recessions, Crunches and Busts? / Marco Terrones, Ayhan Kose, Stijn Claessens. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (75 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960-2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42. Mode of access: Internet Claessens, Stijn. Kose, Ayhan. IMF Working Papers; Working Paper ; No. 2008/274 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/274/001.2008.issue-274-en.xml IMF e-Library