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Monetary Transmissions Immediately after the Crisis in East Asia

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Author Info
Masahiro Enya () (Faculty of Politics, Economics and Law Osaka International University)
Akira Kohsaka () (Osaka School of International Public Policy, Osaka University)
Abstract

We examine dynamic patterns of macroeconomic variables in East Asia immediately after the Asian financial crisis. Particularly, focusing on East Asia, we can identify their distinctive features from those of aggregate cross-country results. Also, we check with the financial crises in East Asia in the 1980s in order to make sure to what extent the contrast between the aggregate cross-country results and that of the Asian financial crisis comes from differences in time (external environment) or in country structure or both. Some distinctive features in East Asia include higher real interest rates in the crisis year, persistent output as well as investment slowdown, and different behaviors of trade and fiscal surpluses after the crisis. The results suggest that initial monetary tightening be responsible for the unexpectedly serious recession and that favorable external conditions and fiscal stimulus did contribute to the post-crisis real recovery even without credit recoveries.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0405.pdf
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Publisher Info
Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 04-05.

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Length: 23 pages
Date of creation: Mar 2004
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Handle: RePEc:osk:wpaper:0405

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Web page: http://www.econ.osaka-u.ac.jp/
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Related research
Keywords: macroeconomic dynamics; East Asia; financial crisis;

Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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This page was last updated on 2009-12-1.

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