Real Sector Propagation of the Recent Global Financial Crisis: An Integrative Report
This paper attempts to examine the real sector propagation of the recent global financial crisis in the SEACEN economies. The study is of particular interest as SEACEN economies are known for their trade-oriented nature. The paper shows that weak demand, particularly in traditional markets of SEACEN economies like the United States, Japan and European markets, has an adverse effect on exports. The study also indentifies the non- availability of trade financing as another potential channel to weakening of exports. This implies that during the time of crisis, particularly when external demand is at its weakest, the availability of trade finance is of vital important. In general, it is noted that ensuring the soundness of the overall financial system to create a conducive environment for the credit markets is a key feature that can contribute positively to the promotion of exports. The study also provides indication of policy stance towards making trade financing more accessible.
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