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A Neoclassical Analysis of the Asian Crisis: Business Cycle Accounting for a Small Open Economy

Otsu, Keisuke (2010) A Neoclassical Analysis of the Asian Crisis: Business Cycle Accounting for a Small Open Economy. B.E. Journal of Macroeconomics, 10 (1). ISSN 1935-1690. (doi:10.2202/1935-1690.1980) (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) (KAR id:40545)

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/10.2202/1935-1690.1980

Abstract

This paper applies the business cycle accounting method à la Chari, Kehoe and McGrattan (2007) to a standard neoclassical small open economy model and assesses the economic crises in Hong Kong, Korea and Thailand. Quantitative results show that distortions in production efficiency are important in all countries in accounting for the sudden output collapses while distortions in the investment and international financial markets are not. If domestic or international financial frictions are the main source of the Asian crisis, they must have operated through total factor productivity (TFP).

Item Type: Article
DOI/Identification number: 10.2202/1935-1690.1980
Additional information: number of additional authors: 0; article number: 17;
Subjects: 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/40545 (The current URI for this page, for reference purposes)
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