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What Happened to Asian Exports During the Crisis?

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Author Info
Duttagupta, Rupa
Spilimbergo, Antonio

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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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4158.

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Date of creation: Dec 2003
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Handle: RePEc:cpr:ceprdp:4158

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Keywords: co-integration competitive depreciation east asia export demand and supply

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Find related papers by JEL classification:
F10 - International Economics - - Trade - - - General
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade

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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.:
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  10. Caroline van Rijckeghem & Beatrice Weder, 1999. "Sources of Contagion: Finance or Trade?," IMF Working Papers 99/146, International Monetary Fund.
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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. Forbes, Kristin, 2002. "How Do Large Depreciations Affect Firm Performance?," Working papers 4379-02, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
    Other versions:
  2. Luis Carranza & Juan M. Cayo & José E. Galdón-Sánchez, 2003. "Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis," Faculty Working Papers 12/03, School of Economics and Business Administration, University of Navarra. [Downloadable!]
    Other versions:
  3. Jörg Mayer & Arunas Butkevicius & Ali Kadri, 2002. "Dynamic Products In World Exports," UNCTAD Discussion Papers 159, United Nations Conference on Trade and Development. [Downloadable!]
  4. Kristin J. Forbes, 2002. "Cheap Labor Meets Costly Capital: The Impact of Devaluations on Commodity Firms," NBER Working Papers 9053, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Jörg Mayer & Arunas Butkevicius & Ali Kadri & Juan Pizarro, 2003. "Dynamic products in world exports," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(4), pages 762-795, December. [Downloadable!] (restricted)
  6. Valerie Cerra & Sweta Chaman Saxena, 2002. "An Empirical Analysis of China's Export Behavior," IMF Working Papers 02/200, International Monetary Fund. [Downloadable!]
  7. Anita Daraisami, 2004. "Export growth slowdown and currency crisis: the Malaysian experience," Applied Economics, Taylor and Francis Journals, vol. 36(17), pages 1947-1957, September. [Downloadable!] (restricted)
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