Did Output Recover From the Asian Crisis?
March 1, 2003
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Summary
This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly after the crisis, there is evidence of permanent losses in the levels of output in all of the countries studied.
Subject: Business cycles, Consumption, Economic growth, Financial crises, National accounts
Keywords: Asia, Business Cycles, Consumption, Crisis, crisis-driven recession, growth rate, Hong Kong, Indonesia, Korea, Malaysia, output loss, Philippines, recession phase, recession state, Recovery, Singapore, WP, x-axis data label
Pages:
26
Volume:
2003
DOI:
Issue:
048
Series:
Working Paper No. 2003/048
Stock No:
WPIEA0482003
ISBN:
9781451846751
ISSN:
1018-5941
