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Depressions in the Colombian economic growth during the XX century: A Markov Switching Regime Model

Martha
Misas
María Teresa
Ramírez-Giraldo
Miércoles, 1 Junio 2005

In this paper, we modeled the Colombian long run economic growth (1925-2003) using a two- regime first order Markov switching model. We found evidence of non-linearity in the annual rate of economic growth. The results show that changes between regimes ar