Akak SHARSHENKADYROVA, Damira BAİGONUSHOVA

HYSTERESIS IN UNEMPLOYMENT: KYRGYZSTAN CASE

Hysteresis in economics occurs as a result of economic crises. The mechanism called unemployment hysteria refers to the situation that the increasing unemployment rate that occurred during the economic shock does not return to its previous state (average even) after the effect of the economic shock disappears. In 1986, O. Blanchard and L. Summers tried to explain unemployment hysteria with the help of the "Insiders and Outsiders" model. The purpose of this research is to test the validity of the unemployment hysteria hypothesis for Kyrgyzstan. For analysis quarterly data of unemployment rates for the period 1999-2017 were used. The validity of the hypothesis was tested with the help of the Zivot Andrews structural break unit root test and the Long Memory Unit Root Test. The results obtained provide evidence that the hysteria hypothesis is valid for unemployment rates for the period 1999-2017 for Kyrgyzstan.

HYSTERESIS IN UNEMPLOYMENT: KYRGYZSTAN CASE

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