Trade and the East Asian Crisis
This economic policy note addresses the issue of the East Asian financial crisis, suggesting that recent trade socks, were both a cause and a consequence of this crisis. It further suggests that, though it appears that these trade shocks were large...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/1998/04/438766/trade-east-asian-crisis http://hdl.handle.net/10986/11553 |
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okr-10986-115532021-06-14T11:04:05Z Trade and the East Asian Crisis Hoekman, Bernard Martin, Will TRADE FINANCIAL CRISES IMPORTS EXPORT PERFORMANCE ECONOMIC RECOVERY TRADE ISSUES POLICY REFORM MACROECONOMIC POLICY MACROECONOMIC REFORM COMPETITION (ECONOMIC) BARRIERS EXPORT MARKETS AVERAGE TARIFFS CHANGES IN TRADE COMPETITIVENESS CURRENCY DEBT DEMAND SHOCKS DEVALUATION DEVELOPMENT ECONOMICS DOMESTIC DEMAND ECONOMIC EXPANSION ECONOMIC POLICY EXCHANGE RATES EXPORT GROWTH EXPORT MARKET EXPORT MARKETS EXPORT PRICES EXPORT SHARE EXPORT SHARES EXPORT VOLUME EXPORT VOLUMES EXPORTERS FINAL GOODS FINANCIAL CRISIS GDP GLOBAL EXPORTS GROSS EXPORTS HIGH TARIFFS IMPORT PRICES IMPORTS INCOME INCOME EFFECT INFLATION INTRAREGIONAL TRADE MACROECONOMIC POLICIES MARKET SHARE NATURAL RESOURCES NET EXPORTS PREFERENTIAL TRADE PRIVATE CONSUMPTION REAL EXCHANGE RATE REAL EXCHANGE RATES REGIONAL TRADE SHARE OF WORLD EXPORTS SPECIALIZATION TERMS OF TRADE TRADABLE GOODS TRADE AGREEMENT TRADE DIVERSION TRADE FLOWS TRADE LIBERALIZATION TRADE PATTERNS TRADE POLICY TRADE POLICY REFORMS TRADE REGIMES TRADE SHOCKS TRADE SURPLUS WORLD MARKETS This economic policy note addresses the issue of the East Asian financial crisis, suggesting that recent trade socks, were both a cause and a consequence of this crisis. It further suggests that, though it appears that these trade shocks were largely cyclical in nature, structural changes and policy choices may also have played a role. Dramatic trade changes in the region took place, where the region's overall imports dropped by 4 percent, with a significant 18 percent drop in imports from Japan. Export growth is considered to be a major prospect for short-term economic expansion in the region, depending in part on the composition and pattern of trade flows. The note also suggests that policy implications should be considered, such as heavy investments in education and skills upgrading. Furthermore, macroeconomic policies will be required to capitalize on the initial boost to competitiveness, provided by recent devaluations in the region. The inevitable risk of adjustment pressures in OECD markets exists, though raising barriers should be avoided, since this would harm East Asia's recovery. 2012-08-13T15:22:44Z 2012-08-13T15:22:44Z 1998-04 http://documents.worldbank.org/curated/en/1998/04/438766/trade-east-asian-crisis http://hdl.handle.net/10986/11553 English PREM Notes; No. 3 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research East Asia and Pacific |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
TRADE FINANCIAL CRISES IMPORTS EXPORT PERFORMANCE ECONOMIC RECOVERY TRADE ISSUES POLICY REFORM MACROECONOMIC POLICY MACROECONOMIC REFORM COMPETITION (ECONOMIC) BARRIERS EXPORT MARKETS AVERAGE TARIFFS CHANGES IN TRADE COMPETITIVENESS CURRENCY DEBT DEMAND SHOCKS DEVALUATION DEVELOPMENT ECONOMICS DOMESTIC DEMAND ECONOMIC EXPANSION ECONOMIC POLICY EXCHANGE RATES EXPORT GROWTH EXPORT MARKET EXPORT MARKETS EXPORT PRICES EXPORT SHARE EXPORT SHARES EXPORT VOLUME EXPORT VOLUMES EXPORTERS FINAL GOODS FINANCIAL CRISIS GDP GLOBAL EXPORTS GROSS EXPORTS HIGH TARIFFS IMPORT PRICES IMPORTS INCOME INCOME EFFECT INFLATION INTRAREGIONAL TRADE MACROECONOMIC POLICIES MARKET SHARE NATURAL RESOURCES NET EXPORTS PREFERENTIAL TRADE PRIVATE CONSUMPTION REAL EXCHANGE RATE REAL EXCHANGE RATES REGIONAL TRADE SHARE OF WORLD EXPORTS SPECIALIZATION TERMS OF TRADE TRADABLE GOODS TRADE AGREEMENT TRADE DIVERSION TRADE FLOWS TRADE LIBERALIZATION TRADE PATTERNS TRADE POLICY TRADE POLICY REFORMS TRADE REGIMES TRADE SHOCKS TRADE SURPLUS WORLD MARKETS |
| spellingShingle |
TRADE FINANCIAL CRISES IMPORTS EXPORT PERFORMANCE ECONOMIC RECOVERY TRADE ISSUES POLICY REFORM MACROECONOMIC POLICY MACROECONOMIC REFORM COMPETITION (ECONOMIC) BARRIERS EXPORT MARKETS AVERAGE TARIFFS CHANGES IN TRADE COMPETITIVENESS CURRENCY DEBT DEMAND SHOCKS DEVALUATION DEVELOPMENT ECONOMICS DOMESTIC DEMAND ECONOMIC EXPANSION ECONOMIC POLICY EXCHANGE RATES EXPORT GROWTH EXPORT MARKET EXPORT MARKETS EXPORT PRICES EXPORT SHARE EXPORT SHARES EXPORT VOLUME EXPORT VOLUMES EXPORTERS FINAL GOODS FINANCIAL CRISIS GDP GLOBAL EXPORTS GROSS EXPORTS HIGH TARIFFS IMPORT PRICES IMPORTS INCOME INCOME EFFECT INFLATION INTRAREGIONAL TRADE MACROECONOMIC POLICIES MARKET SHARE NATURAL RESOURCES NET EXPORTS PREFERENTIAL TRADE PRIVATE CONSUMPTION REAL EXCHANGE RATE REAL EXCHANGE RATES REGIONAL TRADE SHARE OF WORLD EXPORTS SPECIALIZATION TERMS OF TRADE TRADABLE GOODS TRADE AGREEMENT TRADE DIVERSION TRADE FLOWS TRADE LIBERALIZATION TRADE PATTERNS TRADE POLICY TRADE POLICY REFORMS TRADE REGIMES TRADE SHOCKS TRADE SURPLUS WORLD MARKETS Hoekman, Bernard Martin, Will Trade and the East Asian Crisis |
| geographic_facet |
East Asia and Pacific |
| relation |
PREM Notes; No. 3 |
| description |
This economic policy note addresses the
issue of the East Asian financial crisis, suggesting that
recent trade socks, were both a cause and a consequence of
this crisis. It further suggests that, though it appears
that these trade shocks were largely cyclical in nature,
structural changes and policy choices may also have played a
role. Dramatic trade changes in the region took place, where
the region's overall imports dropped by 4 percent, with
a significant 18 percent drop in imports from Japan. Export
growth is considered to be a major prospect for short-term
economic expansion in the region, depending in part on the
composition and pattern of trade flows. The note also
suggests that policy implications should be considered, such
as heavy investments in education and skills upgrading.
Furthermore, macroeconomic policies will be required to
capitalize on the initial boost to competitiveness, provided
by recent devaluations in the region. The inevitable risk of
adjustment pressures in OECD markets exists, though raising
barriers should be avoided, since this would harm East
Asia's recovery. |
| format |
Publications & Research :: Brief |
| author |
Hoekman, Bernard Martin, Will |
| author_facet |
Hoekman, Bernard Martin, Will |
| author_sort |
Hoekman, Bernard |
| title |
Trade and the East Asian Crisis |
| title_short |
Trade and the East Asian Crisis |
| title_full |
Trade and the East Asian Crisis |
| title_fullStr |
Trade and the East Asian Crisis |
| title_full_unstemmed |
Trade and the East Asian Crisis |
| title_sort |
trade and the east asian crisis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/1998/04/438766/trade-east-asian-crisis http://hdl.handle.net/10986/11553 |
| _version_ |
1764417149737107456 |