A paper published by the Centre for Economic Policy Research in June analyses the effect of governance and the degree of "market friendliness" on growth and that finds policies in favor of liberalised credit markets negatively affected countries' resilience to the recent recession.

The authors - Domenico Giannone, Michele Lenza, Lucrezia Reichlin - run four specifications of ordinary least squares regressions for 107 countries from 2009 to 2008 to study cross-country differences in output loss