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Did Output Recover from the Asian Crisis? Valerie Cerra and Sweta Chaman Saxena Full Text of this Article (PDF 165K) Abstract: This paper investigates
the extent to which output has recovered from the Asian crisis. A regime-switching
approach that introduces two state variables is used to decompose recessions
in a set of six Asian countries into permanent and transitory components.
While growth recovered fairly quickly after the crisis, there is evidence
of permanent losses in the levels of output in all the countries studied. |
