国际清算银行：金融危机对工业增长的影响：过去40年的教训（英文版）

This work shows the impact of Önancial crises across industries and the total manufacturing sector. I Önd both a direct impact of Önancial crises on all manufacturing growth and an additional e§ect through an external Önance dependence channel. Externally dependent industries experience lower growth during banking and currency crises, especially in emerging markets and developing economies. Banking, currency and sovereign debt crises cause an average reduction in total manufacturing growth of