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  • 标题:Legacy of the Asian Currency Crisis: The Case of Korea
  • 本地全文:下载
  • 作者:Jangryoul Kim ; Gieyoung Lim
  • 期刊名称:Modern Economy
  • 印刷版ISSN:2152-7245
  • 电子版ISSN:2152-7261
  • 出版年度:2012
  • 卷号:3
  • 期号:8
  • 页码:939-942
  • DOI:10.4236/me.2012.38118
  • 出版社:Scientific Research Publishing
  • 摘要:This paper reexamines the long run effects of the 1997 Asian crisis on the Korean economy. Using unobserved components models subject to Markov regime-switching, we address two questions:1) whether the output losses of Koreaduring 1997-1998 were permanent or transitory;2) when the trend growth rate decreased. Estimation results suggest that the trend growth rate of the Korean economy has already declined around 1992-1993 prior to the 1997 crisis, and given the transition of the Korean economy into the low-growth regime in the early 90s, the effects of the crisis are mainly transitory.
  • 关键词:Permanent and Transitory Components; Markov Regime Switching
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