A quantitative analysis of the role of the international financial market during emerging market crises

本文将Chari， Kehoe和McGrattan（2007）的商业周期会计方法应用于标准的新古典小型开放经济模型，并评估了香港，韩国和泰国的经济危机。定量结果表明，在所有国家，生产效率的扭曲都是解释突然产出崩溃的重要因素，而投资和国际金融市场的扭曲则不是。在国际金融摩擦对全要素生产率具有内生反馈的模型中，国际金融摩擦可以解释产出的下降。

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.