Hong Kong, Singapore and the East Asian Crisis: How Important Were Trade Spillovers?
CIES Discussion Paper No. 0042
Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 14/2002
The World Economy, 25(4), 2002
35 Pages Posted: 8 Dec 2000 Last revised: 26 Jul 2022
Date Written: August 1, 2002
Abstract
This working paper was written by Ramkishen S. Rajan (University of Adelaide and Institute of Southeast Asian Studies), Ramkishen S. Rajan (National University of Singapore) and Reza Y. Siregar (National University of Singapore).
The literature on the East Asian crisis has concentrated almost exclusively on the five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and the Philippines (Asia-5). Relatively scant attention has been paid to the twin cities of Hong Kong and Singapore, both of which also suffered from contagious fallout from the crisis despite being well acknowledged as having relatively sound financial and economic fundamentals. This paper examines the extent to which trade spillovers, both direct and indirect, have been important in transmitting the regional downturn from the Asia-5 economies to Hong Kong and Singapore.
Keywords: Competition, Complementarity, Contagion, Crisis, East Asia, Hong Kong, Singapore
JEL Classification: F30, F32, F34
Suggested Citation: Suggested Citation
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