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The Output Decline in Asian Crisis Countries: Investment Aspects

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  • The Output Decline in Asian Crisis Countries: Investment Aspects
  • Greene, Joshua E.
  • International Monetary Fund (IMF)


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Title The Output Decline in Asian Crisis Countries: Investment Aspects
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Material Type Reports
Author(English)

Greene, Joshua E.

Publisher

International Monetary Fund (IMF)

Date 2002
Pages 24
Language English
File Type Link
Subject Economy < General

Abstract

This paper examines whether capital outflows may have contributed to output declines during the Asian Crisis by reducing the financing available for domestic investment. Panel data regressions suggest a positive, short-term relationship between net capital inflows and investment during the period before 1997 in five Asian countries once real net capital flows are netted out from real flows of private bank credit. In addition, net real private inflows and real private investment appear to have been cointegrated in at least three of these countries, suggesting a long-term relationship as well.