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The impact of the Asia crisis on U.S. industry: an almost-free lunch?

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  • James Harrigan

Abstract

Despite predictions to the contrary, the Asia crisis had only modest overall effects on the United States. The expected surge in import volumes did not materialize and the drop in demand for U.S. exports was not enough to slow the nation's robust economy. Nevertheless, these overall effects could have masked other, larger effects in particularly vulnerable U.S. industries. To examine this possibility, the author conducts a sector-level analysis of the turmoil's impact. He concludes that, with the exception of the steel industry, imports from Asia do not compete directly with U.S. products. Accordingly, an appreciation in the dollar with respect to Asian currencies leads to consumption gains with little or no domestic pain.

Suggested Citation

  • James Harrigan, 2000. "The impact of the Asia crisis on U.S. industry: an almost-free lunch?," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 71-81.
  • Handle: RePEc:fip:fednep:y:2000:i:sep:p:71-81:n:v.6no.3
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    Citations

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    Cited by:

    1. Robert Z. Lawrence & Lawrence Edward, 2010. "Do Developed and Developing Countries Compete Head to Head in High Tech?," Working Paper Series WP10-8, Peterson Institute for International Economics.
    2. Kristin J. Forbes, 2002. "Are Trade Linkages Important Determinants of Country Vulnerability to Crises?," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 77-132 National Bureau of Economic Research, Inc.
    3. Mardi Dungey & Renee Fry & Vance L. Martin, 2004. "Currency Market Contagion In The Asia-Pacific Region," Australian Economic Papers, Wiley Blackwell, vol. 43(4), pages 379-395, December.
    4. Peter K. Schott, 2003. "One Size Fits All? Heckscher-Ohlin Specialization in Global Production," American Economic Review, American Economic Association, vol. 93(3), pages 686-708, June.

    More about this item

    Keywords

    Financial crises - Asia ; Industries ; Asia;

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