Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

Ramkishen Rajan, Rahul Sen and Reza Siregar

No 142002, Working Papers from Hong Kong Institute for Monetary Research

Abstract: The literature on the East Asian crisis has concentrated almost exclusively on the five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and the Philippines (Asia-5). Relatively scant attention has been paid to the "twin cities" of Hong Kong and Singapore, both of which also suffered from contagious fallout from the crisis despite being well acknowledged as having relatively sound financial and economic fundamentals. This paper examines the extent to which trade spillovers, both direct and indirect, have been important in transmitting the regional downturn from the Asia-5 economies to Hong Kong and Singapore.

Keywords: Competition; Complementarity; Contagion; Crisis; East Asia; Hong Kong Singapore (search for similar items in EconPapers)
JEL-codes: F30 F32 F34 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2002-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Journal Article: Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers? (2002)
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