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Legacy of the Asian currency crisis : The case of Korea

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  • Legacy of the Asian currency crisis
  • Kim, Jangryoul; Lim, Gieyoung
  • Scientific Research Publishing


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Title Legacy of the Asian currency crisis
Similar Titles
Sub Title

The case of Korea

Material Type Reports
Author(English)

Kim, Jangryoul; Lim, Gieyoung

Publisher

[Wuhan]:Scientific Research Publishing

Date 2012-12
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic System
Holding Scientific Research Publishing

Abstract

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 Korea during 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.