DEPRESSIONS IN THE COLOMBIAN ECONOMIC GROWTH DURING THE XX CENTURY:A MARKOV SWITCHING REGIME MODEL

Martha Misas and Maria Ramirez-Giraldo

No 2274, Borradores de Economia from Banco de la Republica

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 (search for similar items in EconPapers)
JEL-codes: O40 (search for similar items in EconPapers)
Pages: 16
Date: 2005-06-30
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Depressions in the Colombian Economic Growth Durng the XX Century: A Markov Switching Regime Model (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000094:002274

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