Structural Change and Business Cycle: Evidence from Taiwan and Korea
نویسنده
چکیده
This paper explores the feature of business cycle across breaks in Taiwan and Korea. We employed tests devised by Bai and Perron (2003) to show that, for Taiwan’s business cycle, two breaks are present. In contrast, one break is revealed in the economic restructuring process in Korea. Moreover, the feature of business cycle process across breaks is congruent with the real business cycle theory.
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