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A Neoclassical Analysis of the Korean Crisis

Otsu, Keisuke (2008) A Neoclassical Analysis of the Korean Crisis. Review of Economic Dynamics, 11 (2). pp. 449-471. ISSN 1094-2025. (doi:10.1016/j.red.2007.08.002) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. (Contact us about this Publication)
Official URL
http://dx.doi.org/10.1016/j.red.2007.08.002

Abstract

In late 1997, Korea experienced a huge and unusual economic crisis. The three main features of this crisis are the sudden recession, the rapid recovery and a consumption drop as large as the output drop. A large body of literature qualitatively explains the Korean crisis in terms of financial and monetary variables such as exchange rates and interest rates. This paper complements these studies by quantitatively analyzing fluctuations in real macroeconomic variables such as real GDP and consumption. A stochastic small open economy neoclassical model can quantitatively account for the Korean crisis taking TFP and real interest rates as exogenous.

Item Type: Article
DOI/Identification number: 10.1016/j.red.2007.08.002
Additional information: Output appeared in 2008 issue in final form. DOI implies available online in 2007, but was not submitted to RAE2008, and hence conforms with guidelines.; number of additional authors: 0;
Uncontrolled keywords: Korean crisis; Small open economy; TFP; Financial crisis
Subjects: H Social Sciences
H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: Stewart Brownrigg
Date Deposited: 07 Mar 2014 00:05 UTC
Last Modified: 29 May 2019 12:26 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/40543 (The current URI for this page, for reference purposes)
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