TARIFFS AND THE EAST ASIAN FINANCIAL CRISIS

Bijit Bora and Inge Nora Neufeld

No 13, UNCTAD Blue Series Papers from United Nations Conference on Trade and Development

Abstract: This study examines the role of tariffs during the East Asian financial crisis and finds that despite its rather limited reflection in the previous debate, there is a role of tariffs when it comes to fighting the negative impact of a financial downturn. Each of the affected countries made an explicit and conscious decision to not raise tariff barriers in response to the crisis. Individual strategies applied by the Affected-5 to offset the crisis varied from country to country: significant tariff reductions in the framework of accelerated trade liberalization programmes can be found as well as tendencies to decelerate or even pause liberalization. Thailand was the exceptional case, where some tariffs were increased. The principal motivation for tariff increases was revenue generation, as opposed to an explicit desire to further protect industries from import competition. The paper highlights the role of trade policy as a complement to other policies such as financial and corporate sector reforms during a crisis.

Date: 2001
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