How Did the Japanese Exports Respond to Two Crises in the International Production Network?: The Global Financial Crisis and the East Japan Earthquake
Mitsuyo Ando and
Fukunari Kimura
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Mitsuyo Ando: Faculty of Business and Commerce, Keio University, Japan
No DP-2012-01, Working Papers from Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
This paper analyzes the impact of two massive shocks, the 2008-2009 Global Financial Crisis and the 2011 East Japan Earthquake, on Japanese exports, focusing on the characteristics of domestic/international production networks in machinery industries. Using monthly data of Japanese bilateral exports at the most disaggregated level, we decompose the fall and recovery of Japanese exports into intensive and extensive margins and also examine the exits and re-entries by applying logit estimation and survival analysis. Episodes of both shocks confirm the stability and robustness of production networks and the enhancing link with East Asia. On the other hand, differences between two shocks seem to generate differential impacts on corporate behavior.
Keywords: The fragmentation theory; Intensive/extensive margins; Supply and demand shocks; Exchange rates; Survival analysis (search for similar items in EconPapers)
JEL-codes: F14 F23 (search for similar items in EconPapers)
Pages: 53 pages.
Date: 2012-01-01
New Economics Papers: this item is included in nep-sea
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