Did Output Recover From the Asian Crisis?

Author/Editor:

Valerie Cerra ; Sweta Chaman Saxena

Publication Date:

March 1, 2003

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 03/48

Subject:

Asia Business cycles Financial crisis Hong Kong Special Administrative Region of China Indonesia International financial markets Investment Korea, Republic of Malaysia Philippines Singapore Thailand

English

Publication Date:

March 1, 2003

ISBN/ISSN:

9781451846751/1018-5941

Stock No:

WPIEA0482003

Format:

Paper

Pages:

26

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