Did Output Recover from the Asian Crisis?

26 Pages Posted: 15 Feb 2004

See all articles by Valerie Cerra

Valerie Cerra

International Monetary Fund (IMF)

Sweta C. Saxena

Bank for International Settlements (BIS) - Monetary and Economic Department

Date Written: March 2003

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: Asia, crisis, business cycles, recovery, Indonesia, Hong Kong, Korea, Malaysia, Philippines, Singapore

JEL Classification: F39, F41, F42, F49, C32, G15

Suggested Citation

Cerra, Valerie and Saxena, Sweta Chaman, Did Output Recover from the Asian Crisis? (March 2003). IMF Working Paper No. 03/48, Available at SSRN: https://ssrn.com/abstract=500623

Valerie Cerra

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-8596 (Phone)

Sweta Chaman Saxena (Contact Author)

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

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