The Dynamic Welfare Costs of the 1997 Asian Crisis
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.
|Date of creation:||Jun 2007|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.econ.osaka-u.ac.jp/|
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