How Did the Japanese Exports Respond to Two Crises in the International Production Network?: The Global Financial Crisis and the East Japan Earthquake
AbstractThis 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 InfoPaper provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Working Papers with number DP-2012-01.
Length: 53 pages.
Date of creation: 01 Jan 2012
Date of revision:
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The fragmentation theory; Intensive/extensive margins; Supply and demand shocks; Exchange rates; Survival analysis;
Find related papers by JEL classification:
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
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- Toshihiro Okubo & Fukunari Kimura & Nozomu Teshima, 2014.
"Asian Fragmentation in the Global Financial Crisis,"
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2014-30, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
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