The Output Decline in Asian Crisis Countries: Investment Aspects
This paper examines whether capital outflows may have contributed to output declines during the Asian Crisis by reducing the financing available for domestic investment. Panel data regressions suggest a positive, short-term relationship between net capital inflows and investment during the period before 1997 in five Asian countries once real net capital flows are netted out from real flows of private bank credit. In addition, net real private inflows and real private investment appear to have been cointegrated in at least three of these countries, suggesting a long-term relationship as well.
|Date of creation:||01 Feb 2002|
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- Se-Jik Kim & Mark R. Stone, 1999. "Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia," IMF Working Papers 99/143, International Monetary Fund.
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- Melvyn Weeks & Mark R. Stone, 2001. "Systemic Financial Crises, Balance Sheets, and Model Uncertainity," IMF Working Papers 01/162, International Monetary Fund.
- Mohsin S. Khan & Manmohan S. Kumar, 1993. "Public and Private Investment and the Convergence of Per Capita Incomes in Developing Countries," IMF Working Papers 93/51, International Monetary Fund.
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