Effects of economic disasters
| Program / Programme: |
Istraživački projekt
/ Research Project |
| Voditelj projekta / Principal investigator: |
Bruno Ćorić |
| Akronim projekta / Project acronym: |
ECONDIS2016 |
| Trajanje u mjesecima / Duration in months: |
36
(1.1.2017.-31.12.2019.) |
| Odobreni iznos sredstava / Budget: |
323.481,00 HRK |
| Znanstveno područje / Scientific area: |
Društvene znanosti
/ Social sciences |
| Znanstveno polje / Scientific field: |
Ekonomija/Economics |
Summary:
The collapse of
the subprime mortgages market in the summer of 2007 in US triggered one of the
most severe financial and economic crises in recent history and the first
global economic downturn after the Second World War. These events give impetus
to the new literature on the effects of large economic crises, the so called
economic disasters. Following groundbreaking Barro’s (2006) study most of these
researches focus on the possible effects of economic disasters on asset pricing
and financial markets. Our research proposal, on the other hand, focuses on the
effects of economic disasters on the real sector of economy. This is the area
that has remained largely uninvestigated by the recent literature on economic
disasters.
Our research has three main goals. The
first line of enquiry will comprise an investigation of the relationship
between economic disasters and output volatility. In particular, our goal is to
investigate changes in output volatility over the last two centuries and to
provide possible explanation(s) for these changes with a special reference to
the role of economic disasters. Our second line of enquiry will include an
investigation of the long-run effects of economic disasters on output growth.
The goal is to investigate the long-run effects of economic disasters on output
growth; the possible transmission channels through which economic disasters can
affect output growth, and the role of institutions in economic disasters and
their long-run effects. The third part of this research is going to focus on
the role of economic disasters in Croatian economic history. Our goal is to
investigate economic disasters in the recorded economic history of Croatia; the
possible long-run effects of these economic disasters on output growth and
output volatility; to analyze and predict possible negative long-run effects of
current crisis and suggest policy measures for prevention or amelioration of
these negative consequences.
Ovaj rad je financirala Hrvatska zaklada za znanost projektom IP-2016-06-4682