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What Happened to Asian Exports During the Crisis?
Author:
Mr. Antonio Spilimbergo
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Rupa Duttagupta null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2000: Issue 200
Language:
English
Publication Date:
01 Dec 2000
DOI:
https://doi.org/10.5089/9781451860153.001
ISBN:
9781451860153
ISSN:
1018-5941
Pages:
31
Keywords:
WP; demand and supply; supply price; credit crunch; Cointegration; Competitive Depreciation; Export Demand and Supply; East Asia; export demand and supply equation; export supply; export equation; export volume; export decline; growth rate; export variable; export quantity; equilibrium point; demand and supply supply curve; Exports; Export prices; Depreciation; Domestic credit; Export earnings
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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 “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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund