Asian Fragmentation in the Global Financial Crisis
33 Pages Posted: 29 Mar 2014 Last revised: 31 Mar 2014
Date Written: March 1, 2014
This paper studies the impact of the Global Financial Crisis of 2008 on Japanese exports, focusing on international production networks in machinery sectors. For our survival analysis, we estimate a Cox proportional hazards model. Consequently, we find that Japanese exports to Asian countries, parts and components trade in particular, were less likely to stop during the crisis. Even if they stopped, such trade is more likely to be revived. Therefore, regardless of the worldwide economic crisis, Japan maintained trade relationships in parts and components in the machinery sectors.
Keywords: Financial crisis, Asian trade, parts and components, exit-entry diagram, survival analysis
JEL Classification: F14, F61
Suggested Citation: Suggested Citation