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What Happened to Asian Exports During the Crisis?

Rupa Duttagupta and Antonio Spilimbergo ()

No 4158, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: After the large exchange rate depreciations following the 1997 East Asian crisis, export volumes from East Asian countries responded with a notable lag. Two main explanations for this lag have been proposed: that contraction in domestic credit affected supply of exports; and that ‘competitive depreciation’ by other countries neutralized the effects on demand for exports. This Paper considers the plausibility of these two mechanisms using a new monthly database on exports of selected industries. The results indicate that ‘competitive depreciation’ played an important role in the propagation of the East Asian crisis through the trade channel, even at a monthly frequency.

Keywords: co-integration; competitive depreciation; east asia; export demand and supply (search for similar items in EconPapers)
JEL-codes: F10 F14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2003-12
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Journal Article: What Happened to Asian Exports During the Crisis? (2004) Downloads
Working Paper: What Happened to Asian Exports During the Crisis? (2000) Downloads
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