Resiliency of production networks in Asia: Evidence from the Asian crisis
In: Trade-led growth: A sound strategy for Asia
This paper presents the resiliency of international production networks stretched across the Asian region in face of the Asian financial and currency crisis back in 1997-98, as well as confirming its stability with consideration to adverse effects of the crisis. A series of survival analyses provide an evidence supporting the view that transactions of intermediate goods within production networks are more likely to be stable and resilient to a temporary disruption compared to other transactions. Machinery parts & components are no exception in that a nonnegligible portion of trade relationships was actually broken off amid the Asian crisis, but many of them were restored shortly afterward as compared to the others.
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