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

Institute for Monetary and Financial Research, Hong Kong, Hong Kong, Singapore and the East Asian Crisis: How Important Were Trade Spillovers? (August 1, 2002). 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, Available at SSRN: https://ssrn.com/abstract=253319 or http://dx.doi.org/10.2139/ssrn.253319

Hong Kong Institute for Monetary and Financial Research (Contact Author)

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