NEW EVIDENCE ON THE IMPACT OF FINANCIAL CRISES IN ADVANCED COUNTRIES APPENDIX C Robustness of the Estimates of the Effect of Financial Distress on Output

This appendix discusses numerous robustness checks of our baseline estimates of the effect of financial distress on output. All of the alternatives described use our new measure of financial distress as the explanatory variable. We discuss the results using both industrial production and real GDP as the output variable. However, for simplicity, the graphs only show the results for real GDP. Each graph also repeats the baseline results for GDP from Figure 3b of the paper.