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

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  • Ramkishen S. Rajan
  • Rahul Sen
  • Reza Y. Siregar

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.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 25 (2002)
Issue (Month): 4 (04)
Pages: 503-537

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Handle: RePEc:bla:worlde:v:25:y:2002:i:4:p:503-537

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References

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Cited by:
  1. Ramkishen S. Rajan & Reza Siregar, 2002. "Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 41(4), pages 538-556, December.
  2. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers, University of Adelaide, Centre for International Economic Studies 2002-03, University of Adelaide, Centre for International Economic Studies.

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