英语翻译It is interesting to note in Figure 3 that when it comes

英语翻译It is interesting to note in Figure 3 that when it comes to banking crises,the emergingmarkets,particularly those in Asia,seem to do better in terms of unemployment than dothe advanced economies.While there are well-known data issues in comparing unemployment rates across countries,3 the relatively poor performance in advancedcountries suggests the possibility that greater (downward) wage flexibility in emergingmarkets may help cushion employment during periods of severe economic distress.Thegaps in the social safety net in emerging market economies,when compared to industrialones,presumably also make workers more anxious to avoid becoming unemployed.Figure 4 looks at the cycles in real per capita GDP around banking crises.Theaverage magnitude of the decline,at 9.3 percent,is stunning.Admittedly,for the post–World War II period,the declines in real GDP are smaller for advanced economies thanfor emerging market economies.A probable explanation for the more severecontractions in emerging market economies is that they are prone to abrupt reversals inthe availability of foreign credit.When foreign capital comes to a “sudden stop,” to usethe phrase coined by Guillermo Calvo,Alejandro Izquierdo,and Rudy Loo-Kung (2006),economic activity heads into a tailspin.Compared to unemployment,the cycle from peak to trough in GDP is much shorter,only two years.Presumably,this is partly because potential GDP growth is positive,andwe are measuring only absolute changes in income,not gaps relative to potential output.Even so,the recessions surrounding financial crises have to be considered unusually longcompared to normal recessions that typically last less than a year.5 Indeed,multiyearrecessions typically only occur in economies that require deep restructuring,such as Britain in the 1970s (prior to Thatcher),Switzerland in the 1990s,and Japan post-1992(the latter not only due to its financial collapse,but also due to the need to reorient theeconomy in light of China’s rise).Banking crises,of course,usually require painfulrestructuring of the financial system,and so are an important example of this generalprinciple.