Asian Trade and Global Linkages
AbstractIn the run-up to the 2008 global financial crisis, many thought that Asia would be exempt from economic shocks from Europe or North America. These arguments were largely based on the rapid expansion of intraregional trade in Asia. This paper examines the trade linkages among Asian countries and between Asia and other regions, paying particular attention to the role of production sharing processes diversified across geographically diffuse networks. Little or no evidence is found of Asia decoupling from the business cycles of the G-3 economies (United States, European Union, and Japan). Instead, there is a substantial linkage between growth in the G-3 and Asia, particularly since the 1997–1998 Asian financial crisis, because production networks in Asia expanded in response to G-3 demand for final products. The critical factor is the role of the People’s Republic of China as an assembly center in the vertical production integration.
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Bibliographic InfoArticle provided by Asian Development Bank in its journal Asian Development Review.
Volume (Year): 26-1 (2009)
Issue (Month): 1 ()
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- Anders C. Johansson, 2012.
"China’s Growing Influence in Southeast Asia – Monetary Policy and Equity Markets,"
The World Economy,
Wiley Blackwell, vol. 35(7), pages 816-837, 07.
- Johansson, Anders C., 2010. "China’s Growing Influence in Southeast Asia - Monetary Policy and Equity Markets," Working Paper Series 2010-16, China Economic Research Center, Stockholm School of Economics.
- Zhou, Jing & Latorre, María C., 2013. "The impact of FDI on the production networks between China and East Asia and the role of the U.S. and ROW as final markets," MPRA Paper 51384, University Library of Munich, Germany.
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