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Trade responses during crises: Evidence from selected Asian economies

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  • Hsiao Chink Tang

Abstract

This paper investigates why imports tend to fall more than exports in 11 Asian economies, especially during crises, via a standard import specification augmented with differential and time-varying impacts of each component of aggregate demand. The result shows the import intensity of exports is the highest among all variables. Alone, however, it does not contribute to a larger fall in imports. The larger decline in imports is evident if other components of aggregate demand also fall, particularly investment and consumption. A weakened credit condition will also exacerbate the fall in imports. In crisis periods more nuanced results are evident. Fiscal contractions seemed to have worsened the fall in imports during the 1997/1998 Asian financial crisis, exacerbated further by the fall in exports. Business and consumer sentiment seem to have a lagged positive impact during the global financial crisis.

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  • Hsiao Chink Tang, 2015. "Trade responses during crises: Evidence from selected Asian economies," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 20(4), pages 577-593, October.
    • Handle: RePEc:taf:rjapxx:v:20:y:2015:i:4:p:577-593
    DOI: 10.1080/13547860.2014.970603
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