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The Output Decline in Asian Crisis Countries: Investment Aspects

Author/Editor: Greene, Joshua E.
Authorized for Distribution: February 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,180KB)
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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 examines whether capital outflows may have contributed to output declines during the Asian Crisis by reducing the financing available for domestic investment. Panel data regressions suggest a positive, short-term relationship between net capital inflows and investment during the period before 1997 in five Asian countries once real net capital flows are netted out from real flows of private bank credit. In addition, net real private inflows and real private investment appear to have been cointegrated in at least three of these countries, suggesting a long-term relationship as well.
 
Series: Working Paper No. 02/25
Subject(s): Production | Hong Kong SAR | Indonesia | Korea, Republic of | Malaysia | Philippines | Singapore | Thailand | Financial crisis | Investment | Hong Kong Special Administrative Region of China | Republic of Korea
Author's keyword(s): Output | output decline | asian crisis | investment | balance sheet
 
English  
    Published:   February 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0252002   Pages:   24
    Price:   US$15.00
       
     
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