{"title":"The impact of financial crises on industrial growth in the Middle East and North Africa","authors":"Carlos Madeira","doi":"10.1016/j.gfj.2025.101101","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101101"},"PeriodicalIF":5.5000,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1044028325000286","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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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.
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.
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