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What Happened to Asian Exports During the Crisis?

  • Antonio Spilimbergo
  • Rupa Duttagupta

After the large exchange rate depreciations following the 1997 East Asian crisis, export volumes from East Asian countries responded with a notable lag. Two main explanations for this lag have been proposed: that the policy of high interest rates limited access to domestic credit and hence limited the supply of exports; and that “competitive depreciation” neutralized the effects on demand for exports. This paper considers the plausibility of these two mechanisms using a new monthly database on exports of selected industries. We find evidence that “competitive depreciation” did play a fundamental role in the propagation of the East Asian crisis through the trade channel, even at a monthly frequency.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/200.

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Length: 31
Date of creation: 01 Dec 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/200
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