Real Sector Propogation of the Recent Global Financial Crisis
This paper attempts to examine the real sector propagation of the recent global financial crisis in the SEACEN economies. This is of particular interest as SEACEN economies are known for their trade-oriented nature. In particular, during the subprime crisis, weak demand, particularly in traditional export markets of SEACEN economies like the United States, Japan and European markets, had an adverse effect on the current account of the SEACEN economies. However, when examined more closely, the non-availability of trade financing could be identified as a potential reason to the weakening of exports. Establishing possible links between trade financing (financial sector) and trade sector performance (the real sector), commonly referred to as macro-financial linkages is crucial to gather a better understanding of the impacts of the financial sector, particularly following the recent sub-prime crisis.
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