The recent financial crisis has spread to the rest of the world. The impact of the financial crisis on economic activity varies widely across countries, reflecting differences in vulnerability to financial crisis, heterogeneity in macroeconomic structures, and differences in policy responses.
The dissertation of Kadek Artha finds that the impact of the current financial crisis on output and unemployment is related to the flexibility of the labor market. Countries with low hiring cost suffered lower output and employment losses due to the recent financial crisis.
With respect to central bank independence, financial crises significantly increase the likelihood that a central bank governor will be replaced. This dissertation also finds that the legal and actual independence of Bank Indonesia diverged substantially before it was mandated as an independent institution. Finally, fiscal deficits and debt crises have a positive, significant and homogenous effect on inflation in the long run.
Kadek Artha (Indonesia, 1978) studied economics at the Vrije Universiteit Amsterdam. He conducted his research at the FEB and will be awarded his PhD on 10 September 2012 (12.45pm). Thesis supervisor is prof.dr. J. de Haan and the thesis title: Financial crises: impact on central bank independence, output and inflation. Artha werkt nu bij de Universitas Indonesia als docent-onderzoeker.
Article by Barend Abeln and Jan Jacobs on the website of the ESB (Economic Statistical Reports)
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