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