Depressions in the Colombian Economic Growth Durng the XX Century: A Markov Switching Regime Model

Martha Misas and Maria Ramirez-Giraldo

Borradores de Economia from Banco de la Republica de Colombia

Abstract: In this paper, we modeled the Colombian long run economic growth (1925-2003) using a tworegime first order Markov switching model. We found evidence of non-linearity in the annual rate of economic growth. The results show that changes between regimes are sudden and sporadic. The Colombian economy remains in the sustainable growth regime most of the time. The turning points from the Markov switching model capture very well the behavior of real output through time. In fact, they identify the four main depressions of the century.

Keywords: Markov switching regime model; economic growth; fluctuations; Colombia (search for similar items in EconPapers)
JEL-codes: C22 E32 N16 O40 (search for similar items in EconPapers)
Date: 2005-06
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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https://doi.org/10.32468/be.340 (application/pdf)

Related works:
Working Paper: DEPRESSIONS IN THE COLOMBIAN ECONOMIC GROWTH DURING THE XX CENTURY:A MARKOV SWITCHING REGIME MODEL (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:bdr:borrec:340

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