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The Effects of IMF Supported-Program on the Asian Crisis

Tatsuyoshi Miyakoshi (), Yoshihiko Tsukuda and Junji Shimada
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Tatsuyoshi Miyakoshi: Osaka School of International Public Policy (OSIPP), Osaka University
Yoshihiko Tsukuda: Graduate School of Economics, Tohoku University
Junji Shimada: School of Management, Aoyama Gakuin University

No 07-24, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: We assess the IMF supported program on the structural reforms after the Asian crisis in 1997 in terms of the before-after, with-without and event study approaches with applying a time varying parameter model to the nine Asian stock markets. All the supported countries except for Thailand ( Indonesia, Korea and Philippine) remarkably improve market efficiency after the implementation of the program, implying positive assessment of the program in the before-after approach. Among the non-supported countries, China, Taiwan, and Malaysia do not improve efficiency after the breakout of the crisis, providing partially positive assessment in the with-without approach. The Thailand, Indonesia and Korean markets show the positive abnormal returns at the dates or at the next dates of program fs announcement, providing partially positive assessment of announcement effects in the event study approach.

Keywords: IMF supported-programs; Asian crisis; structural reforms; assessment (search for similar items in EconPapers)
JEL-codes: C40 F33 G14 G15 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2007-06
New Economics Papers: this item is included in nep-ifn and nep-sea
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