NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Yung Chul Park

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NBER Working Papers and Publications

January 2003IMF Structural Programs
with Morris Goldstein, Timothy F. Geithner, Paul Keating
in Economic and Financial Crises in Emerging Market Economies, Martin Feldstein, editor
Recovery and Sustainability in East Asia
with Jong-Wha Lee
in Managing Currency Crises in Emerging Markets, Michael P. Dooley and Jeffrey A. Frankel, editors
July 2001Recovery and Sustainability in East Asia
with Jong-Wha Lee: w8373
This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international prospective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and following a crisis. The adjustment shows a much sharper V-type in the crisis episodes with the IMF program, compared to those without. Cross-country regressions show that depreciation of real exchange rate, expansionary macroeconomic policies and favorable global environments are critical for the speedy post-crisis recovery. In this sense, the East Asian process of adjustment is not much different from the stylized pattern from the previous currency crisis episodes. However, the degree of initial contract...

Published: Recovery and Sustainability in East Asia, Yung Chul Park, Jong-Wha Lee. in Managing Currency Crises in Emerging Markets, Dooley and Frankel. 2003

January 1991Changing Japanese Trade Patterns and the East Asian NICs
with Won-Am Park
in Trade with Japan: Has the Door Opened Wider?, Paul Krugman, editor
 
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