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How Did the Japanese Exports Respond to Two Crises in the International Production Network?: The Global Financial Crisis and the East Japan Earthquake

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Author Info

  • Mitsuyo ANDO

    (Faculty of Business and Commerce, Keio University, Japan)

  • Fukunari KIMURA

    (Faculty of Economics, Keio University, Japan Economic Research Institute for ASEAN and East Asia (ERIA))

Abstract

This paper analyzes the impact of two massive shocks, the 2008-2009 Global Financial Crisis and the 2011 East Japan Earthquake, on Japanese exports, focusing on the characteristics of domestic/international production networks in machinery industries. Using monthly data of Japanese bilateral exports at the most disaggregated level, we decompose the fall and recovery of Japanese exports into intensive and extensive margins and also examine the exits and re-entries by applying logit estimation and survival analysis. Episodes of both shocks confirm the stability and robustness of production networks and the enhancing link with East Asia. On the other hand, differences between two shocks seem to generate differential impacts on corporate behavior.

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Bibliographic Info

Paper provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Working Papers with number DP-2012-01.

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Length: 53 pages.
Date of creation: 01 Jan 2012
Date of revision:
Handle: RePEc:era:wpaper:dp-2012-01

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Related research

Keywords: The fragmentation theory; Intensive/extensive margins; Supply and demand shocks; Exchange rates; Survival analysis;

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Cited by:
  1. ANDO Mitsuyo & KIMURA Fukunari, 2012. "International Production Networks and Domestic Operations of Japanese Manufacturing Firms: Normal periods and the Global Financial Crisis," Discussion papers 12047, Research Institute of Economy, Trade and Industry (RIETI).
  2. Toshihiro Okubo & Fukunari Kimura & Nozomu Teshima, 2014. "Asian Fragmentation in the Global Financial Crisis," CAMA Working Papers 2014-30, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  3. Aekapol Chongvilaivan, 2012. "Thailand's 2011 flooding: Its impact on direct exports and global supply chains," Working Papers 11312, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
  4. Mitsuyo ANDO, 2013. "Impact of Recent Crises and Disasters on Regional Production/Distribution Networks and Trade in Japan," Working Papers DP-2013-12, Economic Research Institute for ASEAN and East Asia (ERIA).
  5. Eiji Yamamura & Yoshiro Tsutsui & Chisako Yamane & Shoko Yamane, 2014. "Effect of major disasters on geographical mobility intentions: the case of the Fukushima nuclear accident," ISER Discussion Paper 0903, Institute of Social and Economic Research, Osaka University.

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