The economists Reinhart and Rogoff had a timely and interesting historical study on financial busts a year ago. Here's their more recent paper highlighting the aftermath of systemic banking busts. There's a summary in the 'frontline thoughts' letter below, with graphs for duration and depth of the downturn. This work makes the idea of a lasting low in 2009 seem a little optimistic.http://www.frontlinethoughts.com/pdf/mwo010209.pdfAnd here's the paper itself, 11 pages and relatively clearhttp://ws1.ad.economics.harvard.edu/faculty/rogoff/files/Aft.......
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