The impact of financial crises on industrial growth in the Middle East and North Africa

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-03-04 DOI:10.1016/j.gfj.2025.101101

Carlos Madeira

引用次数: 0

Abstract

Using country-industry panel data between 1980 until 2019, I estimate the causal effects of financial crises, with total impact given by the sum of a direct effect on all industries and an external finance dependence channel. Currency crises have the worst impact of all types of crises across all countries. Financial crises of all types are substantially worse for the MENA economies. For MENA, there is a manufacturing growth reduction of 2.8 %, 6 % and 1.2 % during banking, currency and sovereign debt crises. There is substantial heterogeneity across the MENA, with Morocco, Iraq and Israel experiencing a much stronger impact from all types of financial crises.

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金融危机对中东和北非工业增长的影响

使用1980年至2019年之间的国家-行业面板数据，我估计了金融危机的因果效应，其总影响由对所有行业的直接影响和外部融资依赖渠道的总和给出。在所有国家发生的所有类型的危机中，货币危机的影响最为严重。所有类型的金融危机对中东和北非经济体来说都要严重得多。在银行、货币和主权债务危机期间，中东和北非地区的制造业增长率分别下降了2.8%、6%和1.2%。中东和北非地区存在很大的异质性，摩洛哥、伊拉克和以色列受到各类金融危机的影响要大得多。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.