What Happened to Asian Exports During the Crisis? (EPub)

What Happened to Asian Exports During the Crisis? (EPub)

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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 a€œcompetitive depreciationa€ 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 a€œcompetitive depreciationa€ did play a fundamental role in the propagation of the East Asian crisis through the trade channel, even at a monthly frequency.After the large exchange rate depreciations following the 1997 East Asian crisis, export volumes from East Asian countries responded with a notable lag.


Title:What Happened to Asian Exports During the Crisis? (EPub)
Author: Mr. Antonio Spilimbergo, Rupa Duttagupta
Publisher:International Monetary Fund - 2000-12-01
ISBN-13:

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