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Competition, Complementarity and Contagion in East Asia

  • Diwan, Ishac
  • Hoekman, Bernard

This paper explores to what extent the magnitude and speed of the contagion effects that materialized in East Asia in the second half of 1997 may have had "real" underpinnings, in the sense that the pattern of production, consumption and trade increased the vulnerability of East Asian countries to external shocks. Two major possibilities are investigated using available disaggregated data on intra- and extra-regional trade and direct investment: that Asian economies compete extensively with each other on world markets; or, to the contrary that Asia is best regarded as an integrated economy with countries specializing in complementary production. The data provide greater support for the latter hypothesis.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2112.

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Date of creation: Mar 1999
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Handle: RePEc:cpr:ceprdp:2112
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  1. Gian-Maria Milesi-Ferretti & Lorenzo Giorgianni, 1997. "Determinants of Korean Trade Flows and their Geographical Destination," IMF Working Papers 97/54, International Monetary Fund.
  2. Jeffrey Frankel & Shang-Jin Wei, 1996. "ASEAN in a regional perspective," Pacific Basin Working Paper Series 96-02, Federal Reserve Bank of San Francisco.
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  6. Muscatelli, V. A. & Stevenson, A. A. & Montagna, C., 1994. "Intra-NIE competition in exports of manufactures," Journal of International Economics, Elsevier, vol. 37(1-2), pages 29-47, August.
  7. Anderson, Kym & Francois, Joseph, 1997. "Commercial Links Between Western Europe and East Asia: Retrospect and Prospects," CEPR Discussion Papers 1760, C.E.P.R. Discussion Papers.
  8. McKibbin, Warwick & Marin, Will, 1999. "The East Asian crisis : investigating causes and policy responses," Policy Research Working Paper Series 2172, The World Bank.
  9. Li-Gang Liu & Marcus Noland & Sherman Robinson & Zhi Wang, 1998. "Asian Competitive Devaluations," Working Paper Series wp98-2, Peterson Institute for International Economics.
  10. Shujiro Urata, 1993. "Japanese Foreign Direct Investment and Its Effect on Foreign Trade in Asia," NBER Chapters, in: Trade and Protectionism, NBER-EASE Volume 2, pages 273-304 National Bureau of Economic Research, Inc.
  11. Hoekman, Bernard & Djankov, Simeon, 1997. "Determinants of the Export Structure of Countries in Central and Eastern Europe," World Bank Economic Review, World Bank Group, vol. 11(3), pages 471-87, September.
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