Output volatility of five crisis-affected East Asia economies

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

7 Scopus Citations
View graph of relations

Author(s)

  • Kui-Wai Li
  • Ming-Lok Kwok

Related Research Unit(s)

Detail(s)

Original languageEnglish
Pages (from-to)172-182
Journal / PublicationJapan and the World Economy
Volume21
Issue number2
Publication statusPublished - Mar 2009

Abstract

A decade has passed since the Asian financial crisis (AFC) in 1997, and attention is drawn to the output performance of the crisis-affected economies in East Asia. Using the Hodrick-Prescott (HP) filter, this paper examines the growth volatility of GDP, its components and the stock market of five East Asia economies of Japan, Singapore, South Korea, Chinese Taipei and Hong Kong Special Administrative Region (SAR). Empirical evidences based on quarterly data show that output volatility for both Singapore and South Korea has increased after the AFC. For the GDP components, trade is a major factor in lowering GDP volatility in Chinese Taipei. The Hong Kong SAR economy has experienced an increase/decrease in the volatility of investment/private consumption. Among the five East Asia economies, government intervention is obvious in Singapore. The stock markets in both Hong Kong SAR and Chinese Taipei showed stronger ability in absorbing shocks. © 2008 Elsevier B.V. All rights reserved.

Research Area(s)

  • Asian financial crisis, Business cycles, Growth and volatility

Citation Format(s)

Output volatility of five crisis-affected East Asia economies. / Li, Kui-Wai; Kwok, Ming-Lok.

In: Japan and the World Economy, Vol. 21, No. 2, 03.2009, p. 172-182.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review