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Intraregional Trade in Emerging Asia

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  • Harm Zebregs
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    Abstract

    The share of emerging Asia in world trade has increased sharply over the past 25 years. A large part of this increase is the result of booming intraregional trade. This paper investigates the key factors behind the rapid increase in intraregional trade among economies in emerging Asia and its implications for the dependency of economies in the region on the business cycles in the EU, Japan, and the United States. The rise in intraregional trade is largely driven by rapidly growing intra-industry trade, which is a reflection of greater vertical specialization and the dispersion of production processes across borders. This has led to a sharp rise in trade in intermediate goods among economies in emerging Asia, but the EU, Japan, and the United States remain the main export markets for final goods.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 04/1.

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    Length: 24
    Date of creation: 01 Apr 2004
    Date of revision:
    Handle: RePEc:imf:imfpdp:04/1

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    Related research

    Keywords: Trade; export growth; export markets; industry export performance; world exports; trading partners; intermediate goods; intraregional exports; export market; exporters; trade growth; total exports; trade integration; world export shares; trade policies; international domestic demand; export structure; expanding vertical specialization; trade intensity; export promotion; export sectors; world export market; trade agreements; trade flows; world economy; factor markets; international markets; export expansion; regional regional trade agreements; increased correlation of business cycles; external shocks; economic integration; asian exports; world market; trade structures; trading partner; total export; trade structure; factor analysis; trade share; growing growing exports; outward-oriented growth; per capita income; fixed capital formation; domestic consumption; exporter; import restrictions; exporting country; economic downturns; exporters ? access; exporters of labor; trade reforms; export commodity; export base; factor endowments; bilateral commodity composition; export promotion policies; trade patterns;

    References

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    1. repec:rus:hseeco:123030 is not listed on IDEAS
    2. M. Ayhan Kose & Christopher Otrok & Charles H. Whiteman, 2003. "International Business Cycles: World, Region, and Country-Specific Factors," American Economic Review, American Economic Association, vol. 93(4), pages 1216-1239, September.
    3. Krugman, Paul R., 1979. "Increasing returns, monopolistic competition, and international trade," Journal of International Economics, Elsevier, vol. 9(4), pages 469-479, November.
    4. Lederman, Daniel & Maloney, William F., 2003. "Trade structure and growth," Policy Research Working Paper Series 3025, The World Bank.
    5. Andrew Berg & Anne O. Krueger, 2003. "Trade, Growth, and Poverty," IMF Working Papers 03/30, International Monetary Fund.
    6. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
    7. Kwanho Shin & Yunjong Wang, 2003. "Trade Integration and Business Cycle Synchronization in East Asia," ISER Discussion Paper 0574, Institute of Social and Economic Research, Osaka University.
    8. Ng, Francis & Yeats, Alexander, 1999. "Production sharing in East Asia : who does what for whom, and why?," Policy Research Working Paper Series 2197, The World Bank.
    9. Jean Imbs, 2004. "Trade, Finance, Specialization, and Synchronization," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 723-734, August.
    10. Alan G. Ahearne & John G. Fernald & Prakash Loungani & John W. Schindler, 2003. "China and emerging Asia: comrades or competitors?," International Finance Discussion Papers 789, Board of Governors of the Federal Reserve System (U.S.).
    11. repec:rus:hseeco:123073 is not listed on IDEAS
    12. Otrok, Christopher & Whiteman, Charles H, 1998. "Bayesian Leading Indicators: Measuring and Predicting Economic Conditions in Iowa," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(4), pages 997-1014, November.
    13. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    14. Vivek B. Arora & Athanasios Vamvakidis, 2004. "How Much Do Trading Partners Matter for Economic Growth?," IMF Working Papers 04/26, International Monetary Fund.
    15. Jan Fagerberg & Gunnar Sollie, 1987. "The method of constant market shares analysis reconsidered," Working Papers Archives 1987001, Centre for Technology, Innovation and Culture, University of Oslo.
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    Cited by:
    1. Indermit Gill & Yukon Huang & Homi Kharas, 2007. "East Asian Visions : Perspectives on Economic Development," World Bank Publications, The World Bank, number 6627, October.
    2. Hans Genberg, 2006. "Exchange-rate arrangements and financial integration in East Asia: on a collision course?," International Economics and Economic Policy, Springer, vol. 3(3), pages 359-377, December.
    3. Shafaeddin, Mehdi, 2010. "The Role of China in Regional South-South Trade in Asia-Pacific: Prospects for industrialization of the low-income countries," MPRA Paper 26358, University Library of Munich, Germany.
    4. Alan G. Ahearne & John G. Fernald & Prakash Loungani & John W. Schindler, 2006. "Flying geese or sitting ducks: China’s impact on the trading fortunes of other Asian economies," International Finance Discussion Papers 887, Board of Governors of the Federal Reserve System (U.S.).
    5. Petri, Peter A., 2006. "Is East Asia becoming more interdependent?," Journal of Asian Economics, Elsevier, vol. 17(3), pages 381-394, June.
    6. Gary Clyde Hufbauer & Yee Wong, 2005. "Prospects for Regional Free Trade in Asia," Working Paper Series WP05-12, Peterson Institute for International Economics.
    7. Bilge Erten, 2010. "Industrial Upgrading and Export Diversification: A Comparative Analysis of Economic Policies in Turkey and Malaysia," Working Papers id:2778, eSocialSciences.

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