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State exports and the Asian crisis

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Author Info
Cletus C. Coughlin
Patricia S. Pollard

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Abstract

The Asian crisis caused a decline in most states' exports of manufactured goods to East Asia during 1998, but the severity of the decline varied across states. In this article, Cletus C. Coughlin and Patricia S. Pollard estimate the size of this export shock for all states. Primarily because western states tend to be more dependent on East Asian markets for export sales, they were hit the hardest by the sharp reduction in Asian demand for U.S.-produced manufactured goods. Of the states in which the decline in exports to East Asia lowered the growth of manufacturing output by more than one percent, two-thirds were western states. ; The export changes caused by the Asian crisis, however, were found to matter little for manufacturing employment growth across states during 1998. Meanwhile, states with a high concentration of manufacturing industries that use petroleum products extensively as an input tended to have larger manufacturing employment increases during 1998 than other states. Consequently, the authors conclude that the oil price declines during late 1997 and 1998, some portion of which can be attributed to the Asian crisis, appear to be more important than the export effects in influencing manufacturing employment across states.

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Publisher Info
Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2000)
Issue (Month): Jan ()
Pages: 3-14
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Handle: RePEc:fip:fedlrv:y:2000:i:jan:p:3-14:n:v.82no.1

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Related research
Keywords: Exports ; Asia ; Financial crises - Asia;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John V. Duca & David M. Gould & Lori L. Taylor, 1998. "What does the Asian crisis mean to the U.S. economy?," The Southwest Economy, Federal Reserve Bank of Dallas, issue Mar, pages 1-6, 8. [Downloadable!]
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  2. Cletus C. Coughlin & Thomas B. Mandelbaum, 1991. "Measuring state exports: is there a better way?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 65-79. [Downloadable!]
  3. Patricia S. Pollard & Cletus C. Coughlin, 1999. "Going down: the Asian crisis and U.S. exports," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 33-46. [Downloadable!]
  4. Stephen P.A. Brown & Mine K. Yücel, 1995. "Energy prices and state economic performance," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 13-23. [Downloadable!]
  5. William R. Emmons & Frank A. Schmid, 2000. "The Asian crisis and the exposure of large U.S. firms," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 15-34. [Downloadable!]
  6. Rob Valletta, 1998. "East Asia's impact on Twelfth District exports," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Nov 20. [Downloadable!]
  7. Ricardo C. Gazel & Russell L. Lamb, 1998. "Will the Tenth District catch the Asian flu?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 9-26. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Cassey, Andrew, 2006. "State export data: origin of movement vs. origin of production," MPRA Paper 3352, University Library of Munich, Germany. [Downloadable!]
  2. Cletus C. Coughlin & Patricia S. Pollard, 2001. "Comparing manufacturing export growth across states: what accounts for the differences?," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 25-40. [Downloadable!]
Statistics
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