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The Dynamic Welfare Costs of the 1997 Asian Crisis

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  • Tatsuyoshi Miyakoshi

    ()
    (Osaka School of International Public Policy (OSIPP), Osaka University)

  • Masakatsu Okubo

    (Graduate School of Systems and Information Engineering,University of Tsukuba)

  • Junji Shimada

    (School of Management, Aoyama Gakuin University)

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    Abstract

    This paper has measured the welfare cost, investigated the effects of and the recovery process of the 1997 Asian crisis, and evaluated the IMF-supported programs. The paper finds: (i) the ratios of ewhole costf to the consumption level of the hypothetical economy are large: 30% for Thailand, 50% for Indonesia, 36% for Korea, 18% for Malaysia and 39% for Hong Kong; (ii) the dynamic process of ecost at period tf quickly converges to 40% right after the crisis, but the costs for Indonesia and Hong Kong gradually increase towards 100%; (iii) the IMF-supported programs for Thailand, Indonesia and Korea have been implemented right after the cost hits peaks; (iv) the cost of the IMF-supported program was not expensive compared with the corresponding welfare cost of crisis.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0725.pdf
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    Bibliographic 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 07-25.

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    Length: 33 pages
    Date of creation: Jun 2007
    Date of revision:
    Handle: RePEc:osk:wpaper:0725

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    Related research

    Keywords: dynamic welfare cost; time-varying model; 1997 Asian crisis;

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