| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w8373
|
| 来源ID | Working Paper 8373
|
| Recovery and Sustainability in East Asia |
| Yung Chul Park; Jong-Wha Lee
|
| 发表日期 | 2001-07-01
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international prospective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and following a crisis. The adjustment shows a much sharper V-type in the crisis episodes with the IMF program, compared to those without. Cross-country regressions show that depreciation of real exchange rate, expansionary macroeconomic policies and favorable global environments are critical for the speedy post-crisis recovery. In this sense, the East Asian process of adjustment is not much different from the stylized pattern from the previous currency crisis episodes. However, the degree of initial contraction and following recovery has been far greater in East Asia than what the cross-country evidence predicts. This paper argues that the sharper adjustment pattern in East Asia is attributed to the severe liquidity crisis that was triggered by investor's panic and then amplified by the weak corporate and bank balance sheet. We find no evidence for a direct impact of a currency crisis on long-run growth. |
| 主题 | International Economics
; International Finance
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w8373
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565975
|
推荐引用方式
GB/T 7714 |
Yung Chul Park,Jong-Wha Lee. Recovery and Sustainability in East Asia. 2001.
|
|
文件名：
|
w8373.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
