A neoclassical analysis of the Korean crisis

研究成果: Article査読

17 被引用数 (Scopus)

抄録

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.

本文言語English
ページ(範囲)449-471
ページ数23
ジャーナルReview of Economic Dynamics
11
2
DOI
出版ステータスPublished - 2008 4
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学

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