A neoclassical analysis of the asian crisis: Business cycle accounting for a small open economy

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This paper applies the business cycle accounting method 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).

元の言語English
記事番号17
ジャーナルB.E. Journal of Macroeconomics
10
発行部数1
DOI
出版物ステータスPublished - 2010 1 1
外部発表Yes

ASJC Scopus subject areas

  • Economics and Econometrics

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