Benjamin, David; Meza, Felipe - In: Advances in Macroeconomics 9 (2009) 1, pp. 1625-1625
In recent research on financial crises, large exogenous shocks to total factor productivity (TFP) are used as the driving force accounting for large output falls. TFP fell 3% after the Korean 1997 financial crisis. We find evidence that the large fall in TFP is mostly due to a sectoral...
