02209cas a2200277 a 4500 AALejournalIMF006712 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455205363 1018-5941 BD-DhAAL BD-DhAAL Papageorgiou, Chris. The End of An Era? : The Medium- and Long-Term Effects of the Global Crisison Growth in Low-Income Countries / Chris Papageorgiou, Andrew Berg, Catherine Pattillo, Nikola Spatafora. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (29 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 This paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodological approaches, including impulse response function analysis, growth spells techniques and panel regressions, we show that external demand (ED) shocks are not historically associated with sharp declines in output growth. Given existing evidence that LICs were primarily impacted by such a shock in the global financial crisis, our analysis provides some optimism on the chances that LICs will avoid a protracted period of slow growth. However, we also show that there seem to be persistent output losses associated with ED shocks in the medium-run. In terms of policy implications, our analysis provides evidence that countries with lower deficits, lower debt, more flexible exchange rate regimes, and a higher stock of international reserves are more likely to dampen the effects of an ED shock on growth. Mode of access: Internet Berg, Andrew. Pattillo, Catherine. Spatafora, Nikola. IMF Working Papers; Working Paper ; No. 2010/205 Full text available on IMF http://elibrary.imf.org/view/journals/001/2010/205/001.2010.issue-205-en.xml IMF e-Library