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Article

The Lasting Welfare Impacts of Indonesia's Financial Crisis

Economic Development and Cultural Change. 2007. No. vol. 56 issue 1. P. 27-56.
Lokshin M., Ravallion M.

The article focuses on the impact of financial crisis in Indonesia on the budget for public infrastructure, services, and transfers. The behavior response of the population to the crisis could mean future welfare costs of an economy. With this regard, multiple equilibria in the income or wealth dynamics at the household level has been suggested in such away that hysteresis can stem from a transient income. A counterfactual assessment of the local welfare impacts of the crisis, both in short and long-term is provided.