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IMF Staff Papers Logo    Last updated: April 2005
Volume 52, Number 1
 
Did Output Recover from the Asian Crisis?
Valerie Cerra and Sweta Chaman Saxena

Full Text of this Article (PDF 165K)

Abstract: 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 the countries studied.
[JEL F39, F41, F42, F49, C32, G15]