The Asian Recession and Northern Labour Markets
As debt work-outs facilitate recovery from Asia'a recession, GDP there can be expected to rise and manufactured exports to expand. Asian imports and investment will remain low, however, as crisis-enhanced foreign debt is serviced and domestic savings continue to be sent abroad. Superficially, the surge in labour intensive manufactured exports and the associated real appreciation in the north could see northern workers disadvantaged.
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"Global Economic Effects of the Asian Currency Devaluations,"
Peterson Institute Press: Policy Analyses in International Economics,
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Japan and the World Economy,
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