Alongside greater stability in output growth, there has been more stable employment growth and less volatility in the unemployment rate.48 On the margin, other factors may have been at play as well.
Namely, while financial institutions had already been increasing their robustness in line with international financial regulations, financial authorities swiftly implemented the necessary measures. The strengthening of international financial regulations in the wake of the GFC has led to financial institutions building up ample capital and liquidity.