The Dynamic Welfare Costs of the 1997 Asian Crisis

Tatsuyoshi Miyakoshi (), Masakatsu Okubo and Junji Shimada
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Tatsuyoshi Miyakoshi: Osaka School of International Public Policy (OSIPP), Osaka University
Masakatsu Okubo: Graduate School of Systems and Information Engineering,University of Tsukuba
Junji Shimada: School of Management, Aoyama Gakuin University

No 07-25, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This paper has measured the welfare cost, investigated the effects of and the recovery process of the 1997 Asian crisis, and evaluated the IMF-supported programs. The paper finds: (i) the ratios of ewhole cost f to the consumption level of the hypothetical economy are large: 30% for Thailand, 50% for Indonesia, 36% for Korea, 18% for Malaysia and 39% for Hong Kong; (ii) the dynamic process of ecost at period t f quickly converges to 40% right after the crisis, but the costs for Indonesia and Hong Kong gradually increase towards 100%; (iii) the IMF-supported programs for Thailand, Indonesia and Korea have been implemented right after the cost hits peaks; (iv) the cost of the IMF-supported program was not expensive compared with the corresponding welfare cost of crisis.

Keywords: dynamic welfare cost; time-varying model; 1997 Asian crisis (search for similar items in EconPapers)
JEL-codes: C32 C50 E20 E32 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2007-06
New Economics Papers: this item is included in nep-mac and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0725

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