Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?
AbstractThe literature on the East Asian crisis has concentrated almost exclusively on the five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and the Philippines (Asia-5). Relatively scant attention has been paid to the "twin cities" of Hong Kong and Singapore, both of which also suffered from contagious fallout from the crisis despite being well acknowledged as having relatively sound financial and economic fundamentals. This paper examines the extent to which trade spillovers, both direct and indirect, have been important in transmitting the regional downturn from the Asia-5 economies to Hong Kong and Singapore.
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Bibliographic InfoPaper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 142002.
Length: 35 pages
Date of creation: Aug 2002
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Competition; Complementarity; Contagion; Crisis; East Asia; Hong Kong Singapore;
Other versions of this item:
- Ramkishen S. Rajan & Rahul Sen & Reza Y. Siregar, 2002. "Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?," The World Economy, Wiley Blackwell, vol. 25(4), pages 503-537, 04.
- F30 - International Economics - - International Finance - - - General
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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