Modern growth in perspective: relative performance since the global financial crisis

By Alexander Plekhanov and Morten Stostad

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Working Paper 214

A new EBRD Working Paper (number 214)

This paper evaluates the growth performance of more than 200 economies. It identifies instances of relatively strong economic performance after the 2008-09 global financial crisis, and asks if determinants of sustained strong (and weak) performance have changed in recent years. It finds that investment matters more for growth post-crisis; that the negative impact of debt-based financial development predates the crisis; and that economic openness and democracy now play a greater role in ensuring “average” growth outcomes.

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