Did Output Recover from the Asian Crisis?

Valerie Cerra and Sweta C. Saxena

No 03/48, IMF Working Papers from International Monetary Fund

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 of the countries studied.

Keywords: Production; Asia; Hong Kong SAR; Indonesia; Korea; Republic of; Malaysia; Philippines; Singapore; Thailand; Financial crisis; Investment; Business cycles (search for similar items in EconPapers)
Date: 2003-04-02
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