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Discussion Paper Details

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Title: Competition, Complementarity and Contagion in East Asia

Author(s): Ishac Diwan and Bernard Hoekman

Publication Date: March 1999

Keyword(s): Contagion, East Asia, Financial Crisis, Interdependence and Regional Economic Integration

Programme Area(s): International Macroeconomics and International Trade and Regional Economics

Abstract: This paper explores to what extent the magnitude and speed of the contagion effects that materialized in East Asia in the second half of 1997 may have had "real" underpinnings, in the sense that the pattern of production, consumption and trade increased the vulnerability of East Asian countries to external shocks. Two major possibilities are investigated using available disaggregated data on intra- and extra-regional trade and direct investment: that Asian economies compete extensively with each other on world markets; or, to the contrary that Asia is best regarded as an integrated economy with countries specializing in complementary production. The data provide greater support for the latter hypothesis.

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Bibliographic Reference

Diwan, I and Hoekman, B. 1999. 'Competition, Complementarity and Contagion in East Asia'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2112