The Great Recession: a comparison of recession magnitudes in Europe, USA and Japan

MPRA Paper from University Library of Munich, Germany

Abstract: In this article recession magnitudes in Europe, the USA and Japan during the Great Recession are compared. The strongest recessions (of severe category) occurred in Latvia, Lithuania and Estonia, while recessions in Japan and the USA were significantly weaker. Even the strongest recession (in Latvia) was found smaller in its magnitude than the Great Depression 1929-1933 in the USA. Hence, comparisons of the Great Recession to the Great Depression in the literature are somewhat exaggerated.

Keywords: Europe; Japan; recession; recession magnitude; USA. (search for similar items in EconPapers)
JEL-codes: E32 O47 O51 O52 O57 (search for similar items in EconPapers)
Date: 2013-11-13
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