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How Did the Japanese Exports Respond to Two Crises in the International Production Network?: The Global Financial Crisis and the East Japan Earthquake

Author

Listed:
  • Mitsuyo ANDO

    (Faculty of Business and Commerce, Keio University, Japan)

  • Fukunari KIMURA

    (Faculty of Economics, Keio University, Japan Economic Research Institute for ASEAN and East Asia (ERIA))

Abstract

This paper analyzes the impact of two massive shocks, the 2008-2009 Global Financial Crisis and the 2011 East Japan Earthquake, on Japanese exports, focusing on the characteristics of domestic/international production networks in machinery industries. Using monthly data of Japanese bilateral exports at the most disaggregated level, we decompose the fall and recovery of Japanese exports into intensive and extensive margins and also examine the exits and re-entries by applying logit estimation and survival analysis. Episodes of both shocks confirm the stability and robustness of production networks and the enhancing link with East Asia. On the other hand, differences between two shocks seem to generate differential impacts on corporate behavior.

Suggested Citation

  • Mitsuyo ANDO & Fukunari KIMURA, 2012. "How Did the Japanese Exports Respond to Two Crises in the International Production Network?: The Global Financial Crisis and the East Japan Earthquake," Working Papers DP-2012-01, Economic Research Institute for ASEAN and East Asia (ERIA).
  • Handle: RePEc:era:wpaper:dp-2012-01
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    Cited by:

    1. Aekapol Chongvilaivan, 2012. "Thailand's 2011 flooding: Its impact on direct exports and global supply chains," Working Papers 11312, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
    2. THORBECKE William, 2016. "Increasing the Resilience of Asian Supply Chains to Natural Disasters: The Role of the Financial Sector," Working Papers DP-2016-08, Economic Research Institute for ASEAN and East Asia (ERIA).
    3. Kemal Türkcan, 2014. "Investigating the Role of Extensive Margin, Intensive Margin, Price and Quantity Components on Turkey’s Export Growth during 1998-2011," Working Papers 2014/2, Turkish Economic Association.
    4. Lin, Chin-Ho, 2015. "The impact of tariff rates on the probability of trade relationships survival: evidence from ASEAN+6 manufactured goods," MPRA Paper 71260, University Library of Munich, Germany.
    5. Craig R. Parsons, 2016. "Disasters and trade: did Hurricane Katrina affect US imports?," International Economics and Economic Policy, Springer, vol. 13(2), pages 177-194, April.
    6. Mitsoyo Ando & Fukunari Kimura, 2015. "Globalization and Domestic Operations: Applying the JC/JD Method to Japanese Manufacturing Firms," Asian Economic Papers, MIT Press, vol. 14(2), pages 1-35, Summer.
    7. Álvarez, Roberto & Sáez, Camila, 2014. "“Post financial crisis and exports expansion: Micro-evidence from Chilean exporters”," MPRA Paper 60637, University Library of Munich, Germany.
    8. Kim, Bong-Han & Kim, Hyeongwoo & Lee, Bong-Soo, 2015. "Spillover effects of the U.S. financial crisis on financial markets in emerging Asian countries," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 192-210.
    9. Willem Thorbecke, 2015. "Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers," Asian Development Review, MIT Press, vol. 32(2), pages 95-114, September.
    10. Okubo, Toshihiro & Kimura, Fukunari & Teshima, Nozomu, 2014. "Asian fragmentation in the Global Financial Crisis," International Review of Economics & Finance, Elsevier, vol. 31(C), pages 114-127.
    11. Shin-ichi Fukuda & Tsutomu Doita, 2016. "Unconventional Monetary Policy and its External Effects: Evidence from Japan's Exports," The Developing Economies, Institute of Developing Economies, vol. 54(1), pages 59-79, March.
    12. Eiji Yamamura, 2015. "Impact of the Fukushima nuclear accident on the body mass index of children in Japan 2010-2014," ISER Discussion Paper 0941, Institute of Social and Economic Research, Osaka University.
    13. Yamamura, Eiji, 2016. "Impact of the Fukushima nuclear accident on obesity of children in Japan (2008–2014)," Economics & Human Biology, Elsevier, vol. 21(C), pages 110-121.
    14. Man Li & Tao Ye & Peijun Shi & Jian Fang, 2015. "Impacts of the global economic crisis and Tohoku earthquake on Sino–Japan trade: a comparative perspective," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 75(1), pages 541-556, January.
    15. ANDO Mitsuyo & KIMURA Fukunari, 2017. "Job Creation and Destruction at the Levels of Intra-firm Sections, Firms, and Industries in Globalization: The case of Japanese manufacturing firms," Discussion papers 17100, Research Institute of Economy, Trade and Industry (RIETI).
    16. Eiji Yamamura & Yoshiro Tsutsui & Chisako Yamane & Shoko Yamane, 2014. "Effect of major disasters on geographical mobility intentions: the case of the Fukushima nuclear accident," ISER Discussion Paper 0903, Institute of Social and Economic Research, Osaka University.
    17. ANDO Mitsuyo & KIMURA Fukunari, 2012. "International Production Networks and Domestic Operations of Japanese Manufacturing Firms: Normal periods and the Global Financial Crisis," Discussion papers 12047, Research Institute of Economy, Trade and Industry (RIETI).
    18. Mitsuyo ANDO, 2013. "Impact of Recent Crises and Disasters on Regional Production/Distribution Networks and Trade in Japan," Working Papers DP-2013-12, Economic Research Institute for ASEAN and East Asia (ERIA).

    More about this item

    Keywords

    The fragmentation theory; Intensive/extensive margins; Supply and demand shocks; Exchange rates; Survival analysis;

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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