Asian Fragmentation in the Global Financial Crisis

33 Pages Posted: 29 Mar 2014 Last revised: 31 Mar 2014

See all articles by Toshihiro Okubo

Toshihiro Okubo

Keio University

Fukunari Kimura

Keio University - Faculty of Economics

Nozomu Teshima

The National Diet of Japan

Date Written: March 1, 2014

Abstract

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

Okubo, Toshihiro and Kimura, Fukunari and Teshima, Nozomu, Asian Fragmentation in the Global Financial Crisis (March 1, 2014). CAMA Working Paper No. 30/2014. Available at SSRN: https://ssrn.com/abstract=2417127 or http://dx.doi.org/10.2139/ssrn.2417127

Toshihiro Okubo (Contact Author)

Keio University ( email )

2-15-45 Mita
Minato-ku
Tokyo, 108-8345
Japan

Fukunari Kimura

Keio University - Faculty of Economics ( email )

2-15-45 Mita, Ninato-ku
Tokyo 1088345
Japan

Nozomu Teshima

The National Diet of Japan ( email )

1-7-1 Nagatacho, Chiyoda-ku,
Tokyo, Japan, 100-0014
Japan

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