Boom-bust Cycles and Crisis Periods in the Philippines: A Regime-switching Analysis

Carlos Bautista

No 200009, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: This study examines Philippine macroeconomic fluctuations using Markov regime-switching techniques. Using all available GDP data, an annual and a quarterly model are constructed to explain Philippine boom-bust cycles as switches into any of three states─a moderate growth state, a low growth state and a crisis state. The number and labeling of states are based on historical events. The annual model shows adequate tracking ability. The quarterly model reveals a finer classification of the bust phase into low growth states and crisis states for the 1990-decade ─ a result that does not appear in the annual model. The crisis dates determined by the quarterly model closely correspond to the four crisis episodes that occured between 1981 and 1999.

Keywords: Boom-bust cycles; Markov regime-switching; Moderate growth state; Low growth state; Crisis state (search for similar items in EconPapers)
JEL-codes: E32 O11 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2000-10
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Citations: View citations in EconPapers (3)

Published as UPSE Discussion Paper No. 2000-09, October 2000

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Related works:
Journal Article: Boom-Bust Cycles and Crisis Periods in the Philippines: A Regime-Switching Analysis (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:200009

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