Did Output Recover From the Asian Crisis?

March 1, 2003

Preview Citation

Format: Chicago

Valerie Cerra, and Sweta Chaman Saxena. Did Output Recover From the Asian Crisis?, (USA: International Monetary Fund, 2003) accessed December 22, 2024

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.

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

Publication Details

Pages:

26
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2003/048
Stock No:

WPIEA0482003
ISBN:

9781451846751
ISSN:

1018-5941

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