A neoclassical analysis of the Asian crisis: business cycle accounting of a small open economy
This paper applies the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a standard neoclassical small open economy model and assesses the recent crises in Hong Kong, Korea, Singapore and Thailand. The key common features of these crises are the sudden output collapses and c...
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Tokyo
IMES
2007
|
| Series: | Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan
2007,16 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper applies the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a standard neoclassical small open economy model and assesses the recent crises in Hong Kong, Korea, Singapore and Thailand. The key common features of these crises are the sudden output collapses and consumption drops as large as the output drops. Quantitative results show that the sudden drops in total factor productivity are important in explaining the output drops. Distortions in the foreign debt market are important in Korea and Thailand whereas distortions in the domestic capital market are important in Hong Kong and Singapore in explaining the large consumption drops.--Author's description. |
| Physical Description: | 37 S. graph. Darst. |
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| geographic_facet | Hong Kong (China) Economic conditions Econometric models Korea (South) Economic conditions 1960-1988 Econometric models Singapore Economic conditions Econometric models Thailand Economic conditions 1986- Econometric models |
| id | DE-604.BV023107717 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:47:11Z |
| indexdate | 2024-07-09T21:11:12Z |
| institution | BVB |
| language | English |
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| spelling | Otsu, Keisuke Verfasser aut A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy Keisuke Otsu Tokyo IMES 2007 37 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan 2007,16 This paper applies the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a standard neoclassical small open economy model and assesses the recent crises in Hong Kong, Korea, Singapore and Thailand. The key common features of these crises are the sudden output collapses and consumption drops as large as the output drops. Quantitative results show that the sudden drops in total factor productivity are important in explaining the output drops. Distortions in the foreign debt market are important in Korea and Thailand whereas distortions in the domestic capital market are important in Hong Kong and Singapore in explaining the large consumption drops.--Author's description. Wirtschaft Ökonometrisches Modell Business cycles China Hong Kong Econometric models Business cycles Korea (South) Econometric models Business cycles Singapore Econometric models Business cycles Thailand Econometric models Hong Kong (China) Economic conditions Econometric models Korea (South) Economic conditions 1960-1988 Econometric models Singapore Economic conditions Econometric models Thailand Economic conditions 1986- Econometric models Institute for Monetary and Economic Studies, Bank of Japan Discussion paper series 2007,16 (DE-604)BV010647223 2007,16 http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-16.pdf Verlag kostenfrei Volltext |
| spellingShingle | Otsu, Keisuke A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy Wirtschaft Ökonometrisches Modell Business cycles China Hong Kong Econometric models Business cycles Korea (South) Econometric models Business cycles Singapore Econometric models Business cycles Thailand Econometric models |
| title | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy |
| title_auth | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy |
| title_exact_search | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy |
| title_exact_search_txtP | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy |
| title_full | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy Keisuke Otsu |
| title_fullStr | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy Keisuke Otsu |
| title_full_unstemmed | A neoclassical analysis of the Asian crisis business cycle accounting of a small open economy Keisuke Otsu |
| title_short | A neoclassical analysis of the Asian crisis |
| title_sort | a neoclassical analysis of the asian crisis business cycle accounting of a small open economy |
| title_sub | business cycle accounting of a small open economy |
| topic | Wirtschaft Ökonometrisches Modell Business cycles China Hong Kong Econometric models Business cycles Korea (South) Econometric models Business cycles Singapore Econometric models Business cycles Thailand Econometric models |
| topic_facet | Wirtschaft Ökonometrisches Modell Business cycles China Hong Kong Econometric models Business cycles Korea (South) Econometric models Business cycles Singapore Econometric models Business cycles Thailand Econometric models Hong Kong (China) Economic conditions Econometric models Korea (South) Economic conditions 1960-1988 Econometric models Singapore Economic conditions Econometric models Thailand Economic conditions 1986- Econometric models |
| url | http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-16.pdf |
| volume_link | (DE-604)BV010647223 |
| work_keys_str_mv | AT otsukeisuke aneoclassicalanalysisoftheasiancrisisbusinesscycleaccountingofasmallopeneconomy |