Introduction

Abstract

This thesis investigates the question whether the properties of economic and political orders in different countries had an impact on these countries’ crisis resilience during the years 2008 to 2012. As the so-called Great Recession is widely considered to be the most severe economic crisis since the Great Depression of the 1930s, answers to this research question have strong implications for much wider issues, such as questions concerning the general merits and deficits of democracy or of the market economy. Unfortunately, although there has been intense general debate about the impact of institutions on the severity of the recession, empirical research on a cross-country basis still remains rather scarce.