Did Output Recover From the Asian Crisis?

Valerie Cerra and Sweta Saxena

No 2003/048, 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: WP; growth rate; Asia; Crisis; Business Cycles; Recovery; Hong Kong; Indonesia; Korea; Malaysia; Philippines; Singapore; output loss; x-axis data label; recession state; crisis-driven recession; recession phase; Consumption (search for similar items in EconPapers)
Pages: 26
Date: 2003-03-01
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Citations: View citations in EconPapers (24)

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Journal Article: Did Output Recover from the Asian Crisis? (2005)
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