2009 Fiscal Year Final Research Report
A quantitative analysis of the role of the international financial market during emerging market crises
| Project/Area Number |
20830088
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (Start-up)
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
Economic theory
|
|---|
| Research Institution | Sophia University |
|---|
Principal Investigator |
OTSU Keisuke Sophia University, 国際教養学部, 助教 (50514527)
|
|---|
| Project Period (FY) |
2008 – 2009
|
| Keywords | 途上国経済危機 / 国際金融市場 / 動学的一般均衡 / 全要素生産性 |
|---|
| Research Abstract |
This paper applies the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a standard neoclassical small open economy model and assesses the economic crises in Hong Kong, Korea and Thailand. Quantitative results show that distortions in production efficiency are important in all countries in accounting for the sudden output collapses while distortions in the investment and international financial markets are not. International financial frictions can account for the drop in output in a model with endogenous feedback from international financial frictions onto total factor productivity.
|
