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UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHIMINHCITY THE HAGUE VIETNAM THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS DOES GLOBAL FINANCIAL CRISIS IMPACT ON EAST ASIAN EXPORT? BY TRAN PHAM HOAI TRINH MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CITY, May 2014 TIEU LUAN MOI download : skknchat@gmail.com UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHIMINHCITY THE HAGUE VIETNAM THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS DOES GLOBAL FINANCIAL CRISIS IMPACT ONEAST ASIAN EXPORT? A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By TRAN PHAM HOAI TRINH Academic Supervisor: Dr DINH CONG KHAI HO CHI MINH CITY, May 2014 TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENT I would like to take this opportunities to send my special thanks to Dr Nguyen Trong Hoai who has inspired initiatives and passion of global financial crisis to me to carry out this interesting study; my sincere gratitude to Dr Dinh Cong Khai for his scientific guidance and invaluable advices, which he has provided throughout the time of preparation and accomplishment of this paper; my thanks to my classmates Anh Thu, Thu Huong, Thuy Thanh and my loved daughters Moon and May who always give me their restless assistance and encouragement when I was in trouble TIEU LUAN MOI download : skknchat@gmail.com ABSTRACT The global financial crisis in 2008 was initially a single crisis in the US subprime market After very short time, the crisis has quickly escalated and spread its impact to all over the world As stated by UNDP, very quickly through international trade, the crisis has been transmitted from the West to the East This paper aims to find out how this financial crisis impacts the trade of East Asian countries More particularly, this paper tries to find out how, and to what extent, does the global financial crisis impact exports of East Asia By studying the impacts of GDP, financial sector quality (measured by domestic credit), import demand on exports and by observing the change of these impacts before and after the global financial crisis, the effect of the global financial crisis on export will be identified Data of exports, domestic credits and import demands are collected from 2001 to 2010 for countries in East Asia The data is balanced from country to country, then balanced panel data will be used for model testing Moreover, the Hausman test used to test the panel data is significant with fixed effect model The results finally show that the global financial crisis started in 2008 has not changed impact’s magnitudes of GDP, financial sector quality and imports demand on exports of East Asia during crisis Key words: global financial crisis, international production fragmentation, triangular trade network, financial integration TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TABLE OF CONTENTS CHAPTER 1: INTRODUCTION 1.1 BACKGROUND OF THE STUDY 1.2 PROBLEM STATEMENT 10 1.3 RESEARCH OBJECTIVES 10 1.4 RESEARCH QUESTIONS 11 1.5 RESEARCH METHODOLOGY 11 1.6 OUTLINE OF STRUCTURE 11 CHAPTER 2: LITERATURE REVIEW 13 2.1 LITERATURE REVIEW & EMPIRICAL STUDIES 13 *Impact of economic growth on exports 15 *Impact of financial sector quality on exports 16 *Impact of import demand on exports 17 2.2CONCEPTUAL FRAMEWORK 21 CHAPTER 3: OVERVIEW of EAST ASIAN EXPORTS and FINANCIAL SYSTEM 22 3.1 EAST ASIAN EXPORTS 22 3.2 EAST ASIAN FINANCIAL SYSTEM 26 CHAPTER 4: ECONOMETRIC MODEL and ESTIMATION STRATEGY 29 4.1 ECONOMETRIC MODEL 29 4.2 ESTIMATION STRATEGY 31 4.3 DATA 32 CHAPTER 5: ECONOMETRIC RESULTS and FINDINGS DISCUSSION 36 5.1 DESCRIPTIVE STATISTIC 36 5.2 VARIABLES and CORRELATION MATRIX 43 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export 5.3 EMPIRICAL RESULTS and FINDINGS DISCUSSION 44 CHAPTER 6: POLICY IMPLICATIONS and CONCLUSION 50 6.1 POLICY IMPLICATIONS 50 6.2 CONCLUSION 52 6.3 LIMITATION 53 REFERENCES 55 APPENDIX 59 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export LIST OF TABLE, CHART & FIGURE Type Title Page Chart China Manufactured export structure 25 Chart Manufactured export composition 26 Chart Cross-border loans during Q4 2007 – Q4 2010 42 Chart Regional consumption goods export performance during crisis 47 Figure International production fragmentation –vertical specialization 18 model Figure The conceptual framework 21 Figure Share of East Asian economies in the value of world exports 22 Figure Triangular trade network structure 23 Figure The rest of East Asia export to China (% of total export) 24 Table East Asia regional exports share in total exports 24 Table Share of intermediate goods in total export 25 from the rest of East Asian countries to China Table List of variables and expected sign of effect 31 Table Growth of total merchandise export (2008Q3-2019Q3: % change) 37 Table East Asian export growth during crisis 38 Table GDP growth 2000-2010 39 Table Growth rate of China’s intermediate goods import from East Asian 40 Vs China’s export to EU & US Table Net foreign assets in domestic banks 41 Table Skewness/Kurtosis test STATA output 43 Table 10 Pairwise test STATA output 43 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Table 11 Empirical result 44 Table 12 Variance inflation factor (VIF) 45 Table 13 East Asia regional export composition 46 Table 14 Coefficient comparison 49 Appendix Auxiliary regression results 59 Appendix Hausman test for the sample with China 60 Appendix Hausman test for the sample without China 61 Appendix Full regression result for the sample with China 62 Appendix Full regression result for the sample without China 63 Appendix East Asia regional total exports 64 Appendix East Asia regional intermediate goods exports 66 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export CHAPTER INTRODUCTION The first chapter consists of six parts to introduce the general issues of the study The first part provides the background of the study The second part raises the problem to be addressed The third part presents the research objectives The fourth part sets out the research questions to be answered in this study The fifth part is research methodology and the last part is outline of the study 1.1 Background of the study East Asian countries1 are export-led growth countries Export so far have been the key engine for growth and received many supports from the government for better performance During the recent decades, in this region, China has rapidly increased exports of manufactured products to the US, EU and became a major trade partner with the US, EU The growth of China’s manufacturing export is also supported by the supply of intermediate inputs of other East Asian countries In this way, a trade network was formed between US, EU, China and other East Asian countries This network is called the triangular trade network and soon became a primary growth engine for East Asia (Ando, 2006) It is believed that East Asian countries can maintain regional growth independently based on this network and would not rely heavily on the out-of-region economies’ demand and supply This belief was built up based on the decoupling thesis2 which was raised by many researchers before the US financial crisis However, in fact, when the US financial crisis spreads to East Asia, exports of this region in some ways was affected and East Asian countries in this study includes Japan, China, Indonesia, Korea, Malaysia, The Philippines, Singapore and Thailand 2Decoupling refers to the phenomenon of a weakening impact of advanced countries’ demand and supply shock on performance of East Asian economies since it’s increasingly independent from global economy development (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export decline significantly (Chul, 2011) So is it true that the US financial crisis impacts exports of East Asian countries and is the decoupling thesis unreal are the questions that I am concerned with 1.2 Problem statement East Asia is the region where export-led growth strategy has boosted the economy since 1960s Exports hold the crucial role and are the key engine for economic development of this region Along with its export-based development, according to the decoupling theses, the increasingly intra-regional trade in East Asia has lightened the impacts of external demand and supply shock on growth and made this region become self-contained development Therefore export downfall in East Asia after 2008 received much attention of researchers in finding how the global financial crisis impacted this region So far, many researches has focused on the impact of the global financial crisis to international trade through trade finance constraint (Chauffour & Malouche, 2011), contraction of global supply chains (Escaith, 2010), and protectionism This research is going to find out the key determining factors of East Asian exports performance and identify if the global financial crisis is able to change the impact’s magnitude of these factors on exports of East Asia Through these findings we can answer the question of whether the global financial crisis had impacted on exports of East Asian countries 1.3 Research objectives The overall objective: The overall objective of this research is to understand whether the global financial crisis impacts exports of East Asian countries The specific objective: This research aims to identify impacts on exports of GDP, financial sector quality and import demands Then, by observing the changes of these effects when the global financial crisis occurs, impact of global financial crisis on East Asian exports will be clarified 10 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export final goods demand and the world demand significantly influence exports performance, especially the regional intermediate goods demand During the global financial crisis, most of these determining factors have fallen at the first hit, but then very quickly rebound from resection The intra-regional demand in this region is strong enough to weaken impacts of the contraction of consumption demand, the drying up of trade finance transmitted from developed countries to East Asia The strong dependence on regional demand in the context of increasing participation in the regional triangular trade networks enables exports of this region growth independently from shocks of the global economies The decoupling of East Asia in trade is real This region is expected to be more selfcontained in future with speedy economic integration among regional countries and appropriated free trade agreements and activist fiscal policy 6.3 Limitation Researchers have often use ration of private credit to GDP to measuring financial development For example, Jung Hur and his partners in 2004 used this ratio for the research about impact of financial development and asset tangibility on export Beck (2002) used it for his research of the link between financial development and international trade Recently, Arcand et al (2012) used this ratio to examine if the effect on output growth of financial development vanished when credit to the private sector reaches 100% of GDP Some other empirical evidence on financial system’s role in economic development uses these variations of this measure However, it is commented recently that this ratio does not provide a sufficient basis for assessing financial development For a better measurement, some researchers have compiled and released the Global Financial Development Database (World Bank 2012) It is an available dataset on financial development, containing annual financial-system indicators for more than 200 countries from 1960 to 2011 The Global Financial Development Database is the updated and recalculated of the Financial Development and Structure dataset which is 53 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export introduced in 2000 The database is being updated with more financial systems, and more data are compiled The Global Financial Development Database uses many indicators to measure the development of financial system These indicators are categorized in four broad categories financial depth, financial access, financial system efficiency and financial system stability The financial depth is measured by the size of financial institutions and markets Financial access is measured by degree to which individuals can use financial services Efficiency of financial system is measured by facilitating financial transactions and the stability is measured by stability of financial institutions and markets All of these four dimensions are measured both for financial institutions and financial markets, such as banks and insurance companies, bond and stock markets If we focus on one characteristic, for example financial efficiency, we would mean missing other important aspects of financial systems The suggestion is to use the indicators of the Global Financial Development Database for further study The research also omits the tariff factor which can bring comparative advantages in intra-regional trade of East Asia This factor would influence on export pattern as well as export performance The suggestion is to add tariff in export model to investigate how tariff support East Asian countries to increase intra-regional trade in final consumption goods, diversify export products and enhance the decoupling of East Asia 54 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export REFERENCES 01 Ando, M (2006) Fragmentation and Vertical Intra-industry Trade in East Asia The North American Journal of Economics and Finance 17 (2006) 257-281 Retrieved from www.sciencedirect.com 02 Amighini, A ( 2005) China in the international fragmentation of production: evidence from the ICT industry The European Journal of Comparative Economics Vol.2,n.2,pp.203-219 Retrieved from http://eaces.liuc.it 03 Amiti, M., & Weinstein, D.E (2009) Exports and Financial Shocks Center for Economic Policy Research Discussion paper series No.7590 Retrieved from www.cepr.org/pubs/dps/DP5790.asp 04 Arcand, J.L., Berkes, E., & Panizza, U (2012) Too much finance? IMF working paper No.WP/12/161 Retreived from www.imf.org/external/pubs/ft/wp/2012 05.Athukorala, P., & Kohpaiboon, A (2009) Intra-Regional trade in East Asia: The Decoupling Fallacy, Crisis, and policy Challenges ADBI Working Paper Series No.177 Retrieved from http://www.adbi.org/working- paper/2009/12/11/ 3416 06 Athukorala, P., & Menon, J (2010) Global Production Sharing, trade Patterns and Determinants of Trade Flows The Australian national University working papers No.2010/06 Retrieved from http://rspas.anu.edu.au/economics/publications 07 Beck, T (2002) Financial Development and International trade Is there a link? Journal of International Economics 57 (2002) 107-131 08 Beck, T (2010) Financial Dependence and International Trade The World bank research Retrieved from www.researchgate.net 09.Bergoeing, R., & Kehoe, T J (2003) Trade Theory and Trade Facts Federal Reserve Bank of MinneapolisResearch Department Staff report No.284 Retrieved from www.econ.umn.edu 10 Besedes, T., & Prusa, T.J (2008) The Role of Extensive and Intensive Margins and Export Growth Georgia Institute of Technology and Rutgers University and NBER Retrieved from www.nber.org/papers/w13628 55 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export 11 Binti, F.F (2011) Pattern and Determinants of Export Diversification in East Asian Economies IPEDZR vol.5 (2011) IACSIT Press, Singapore 12 Cetorelli, N., & Goldberg, L.S.(2010) Global Banks and International Shock Transmission: Evidence from the Crisis National Bureau of Economic Research working paper No.15974 Retrieved from www.nber.org/papers/w15974 13 Chia, S.Y (2010) Regional Trade Policy Cooperation and Architecture in East Asia ADBI Working Paper Series No.191 Retrieved from www.adbi.org.workingpaper/2010/02/02/3450 14 Chor, D., & Manova, K (2010) Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis National Bureau of Economic Research Working paper 16174 Retrieved from www.nber.org/papers/w16174 15.Chul, P.Y (2011) The Global Financial Crisis: Decoupling of East Asia – myth or reality? ADBI working paper series No.289 Retrieved from http://www.adbi.org/working- paper/2011/06/22/4615 16.Coppel, J., & Davies, M (2003) Foreign Participation in East Asia’s banking sector International Department Reserve Bank of Australia report Retrieved from www.bis.org 17.Escaith, H., & Gonguet, F (2009) International Trade and Real Transmission Channels of Financial shocks in Globalized Production Networks World Trade organization Economic Research and Statistics Division Staff Working paper ERSD-2009-06 Retrieved from http://www.wto.org/english/res_e 18.Escaith, H.,Lindenberg,N., & Miroudot,S.(2010) International Supply Chains and Trade Elasticity in Times of Global Crisis World Trade organization Economic Research and Statistics Division Staff Working paper ERSD-2010-08 19 Felbermayr, G.J., & Kohler, W.K (2004) Exploring the Intensive and Extensive Margins of World Trade CESifo working paper, No.1276 Retrieved from http://hdl.handle.net/10419/18914 20.Gagnon, J.E (2008) Grow-Led Exports: Implications for the Cross-Country Effects of Shocks to Potential Output International Finance Discussion papers No 822 Retrieved from www.federalreserve.gov/pubs/ifdp 56 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export 21 Gaulier, G., Lemon, F., & Unal-Kesenci, D (2005) China’s Integration in East Asia: Production Sharing, FDI & High-Tech Trade Center D’etudes Prospectives et D’informations InternationalesWorking paper No 2005-09 Retrieved from www.cepii.fr 22 Gujarati, D.N, & Porter,D.C (2009) Basic Econometrics The McGraw-Hill Company, Inc 23 Hummels,D., Ishii,J., & Yi, K.M (1999) The Nature and Growth of Vertical Specialization in World Trade Federal Reserve bank of New York Retrieved from http://www.fednewyork.org/research/staff_reports 24 Hur, J, Raj,M., & Riyanto, Y.E (2004) The Impact of Financial Development and Asset Tangiblity on Export National University of Singapore 25 Inomata, S., Meng.B., & Uchida,Y.(2009) Asia Beyond the Crisis-Vision from International Input-Output Analyses Institute of Developing Economies, JETRO Spot survey No.31.2009 Retrieved from www.ide.go.jp 26.Jongwanich, J (2007) Determinants of Export Performance in East and Southeast Asia Economics and Research Department working paper series No.106 ISSN 1655-5252 27.Kawai, M (2009) The Impact of the Global Financial Crisis on Asia and Asia’s Responses Crisis Development and Long term global responses: Insights from Asia and Europe AEEF Conference, Kiel 07 July 2009 28 Kiendrebeogo, Y (2012) Understanding the Causal Links between Financial Development and International Trade Serie etudes et documents du cerdi No 34 ISSN 2114-7957 Retrieved from www.cerdi.ord/ed 29.Kuroiwa, I., & Kuwamori, H (2010) Shock Transmission Mechanism of the Economic Crisis in East Asia: An Application of International Input-Output Analysis Institute of Developing Economies (IDE), JETRO discussion paper No.220 30 Laszlol, K (2004) Export-Led Growth, Growth-Driven Export, Both or None? Granger Causality Analysis on OECD countries Applied Econometrics and International Development AEEADE Vol 4-1 (2004) Retrieved from www.usc.es/economet/eaa.htm 57 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export 31.Mehrara, M., & Firouzjaee, B.A (2011) Granger Causality Relationship between Export Growth and GDP Growth in Developing Countries: Panel Cointegration Approach International Journal of Humanities and Social Science Vol.1 No.16 November 2011 32 Obashi, A (2008) Stability of Production Networks in East Asia: Duration and Survival of Trade Faculty of Economics, Keio University, Japan 33.Razmi, A., & Hermandez, G (2011) Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration ADBI working paper series No.329 Retrieved from www.adbi.org.workingpaper/2011/12/02 34.Redding, S & Venables, A.J (2003) South-East Asian export performance: external market access and internal supply capacity Journal of the Japanese and International Economies 17 (2003) 404-431 doi.1016/j.jjie.2003.09.002 35.Taylor, J.B (2009) The Financial Crisis and The Policy responses: An Empirical Analysis of What Went Wrong National Bureau of Economic Research Working paper 14631 Retrieved from www.nber.org/papers/w14631 Index: 36 Developing countries in International Trade 2005 – Trade and development Index Chapter 2: Determinant of export performance 37 Classification by Broad Economic Categories Department of Economic and Social Affairs Statistics Division Statistical papers series M No.53, Rev.4 58 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export APPENDIX Appendix 1: Auxiliary regression results R2 Mean VIF GDP = 36.63204 t= (0.93) -0.261901NDC (-3.25) -1.261458lnFGD (-1.85) +3.879901lnIGD (6.98) -3.189072lnWDD (-.179) 0.5116 4.02 NDC= 2097 t= (4.43) -4.70631GDP (-3.25) +53.4373lnFGD (7.64) +6.412287lnIGD (0.67) -119.474lnWDD (-5.94) 0.8149 2.88 lnFGD= -16.94415 -0.347437GDP t= (-2.70) (-1.85) lnIGD= -3784885 t= (-0.59) lnWDD= 21.34844 t= (41.80) +0.0081904NDC +0.6096617lnIGD (7.64) (6.40) +0.8626509lnWDD (3.03) 0.8648 2.33 +0.1015209GDP +0.0009337NDC +0.5791886lnFGD +0.4875982lnWDD (6.98) (0.67) (6.4) (1.69) 0.7788 3.23 -0.128499GDP (-1.79) -0.002679NDC (-5.94) +0.1262022lnFGD +0.750867lnIGD (3.03) (1.69) 0.3695 4.15 59 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix 2: Hausman test for the sample with China (b) fixed Coefficients (B) (b-B) random Difference sart(diag(V_b-V_B) S.E Dum -20.6135 -187.2635 166.65 67.73887 GDP 0.0065001 0.0134641 -0.006964 0.0043244 NDC 0.0007247 -0.0001614 0.0008861 0.002802 lnFGD 0.256527 0.3037484 -0.047221 0.2184962 lnIGD 0.4904175 0.7587227 -0.268305 0.2434492 lnWDD 0.2765145 -0.3711342 0.6476487 0.278285 DumGDP -0.0000921 0.1962671 -0.196359 0.0660991 DumNDC 0000368 0005898 -0.000553 0.0007496 DumFGD -.043372 9286575 -0.97203 0.343465 DumIGD 1759848 -.5350221 0.7110069 0.2559511 DumWDD 7411544 7.406739 -6.665585 2.714899 b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 35.86 Prob>chi2 = 0.0000 60 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix 3: Hausman test for the sample without China Coefficients (b) (B) (b-B) fixed random Difference sart(diag(V_bV_B) S.E Dum -399.021 -330.337 -68.6841 180.7349 GDP 0.006268 0.006811 -0.00054 0.003702 NDC 0.000624 -0.00039 0.001011 0.002864 lnFGD 0.022696 0.487199 -0.4645 0.225097 lnIGD 0.567593 0.406151 0.161442 0.234325 lnWDD 0.492846 -0.05828 0.551129 0.315701 DumGDP 0.09901 0.244146 -0.14514 0.080834 DumNDC 0.003647 0.002211 0.001436 0.001985 DumFGD 0.965686 1.161607 -0.19592 0.580043 DumIGD -0.92533 -0.62113 -0.30421 0.596998 DumWDD 16.31259 13.14683 3.165764 7.433544 b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 51.63 Prob>chi2 = 0.0000 61 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix 4: Full regression result for the sample with China Fixed-effects (within) regression Number of obs Group variable: panelID Number of groups = R-sq: within = 0.9481 Obs per group: = 10 between = 0.9415 avg = overall = 0.9303 80 10.0 max = F(11,61) = 10 = 101.24 corr(u_i, Xb) = 0.6292 Prob > F = 0.0000 lnEXP Coef Std.Err t P>|t| [95% Conf Interval] Dum -20.613502 80.42149 -0.26 0.799 -181.4262 140.1992 GDP 0.0065001 0.004812 1.35 0.182 -0.0031228 0.016123 NDC 0.0007247 0.001223 0.59 0.556 -0.0017206 0.00317 lnFGD 25652701 0.095396 2.69 0.009 0.0657719 0.4472821 lnIGD 49041745 0.105908 4.63 0.0000 0.2786417 0.7021932 lnWDD 27651447 0.136371 2.03 0.047 0.0038234 0.5492055 DumGDP -0.0000921 0.070137 -0.00 0.999 -0.1403401 0.1401558 DumNDC 0.0000368 0.001356 0.03 0.978 -0.0026749 0.0027486 DumFGD -0.043372 0.3414 -0.13 0.899 -0.7260436 0.6392995 DumIGD 0.1759848 0.2614 0.67 0.503 -0.3467176 0.6986872 DumWDD 0.7411544 3.233065 0.23 0.819 -5.723759 7.206067 _cons 2.368356 -0.21 0.835 -5.230012 4.241628 -0.494192 sigma_u | 33451915 sigma_e | 09509824 rho | 92522596 (fraction of variance due to u_i) F test that all u_i=0: F(7, 61) = 46.33 Prob > F = 0.0000 62 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix : Full regression result for the sample without China Fixed-effects (within) regression Number of obs Group variable: panelID Number of groups = R-sq: within = 0.9598 Obs per group: = 10 between = 0.8773 avg = 10.0 max = 10 overall = 0.8276 F(11,52) = 80 = 112.91 corr(u_i, Xb) = 0.6125 Prob > F = 0.0000 lnEXP Coef Std.Err t P>|t| [95% Conf Interval] Dum -399.021 130.7808 -3.05 0.004 -661.452 -136.59 GDP 0.006268 0.003782 1.66 0.104 -0.00132 0.013857 NDC 0.000624 0.001022 0.61 0.544 -0.00143 0.002674 lnFGD 0.022696 0.081794 0.28 0.783 -0.14143 0.186827 lnIGD 0.567593 0.088482 6.41 0.000 0.390041 0.745145 lnWDD 0.492846 0.124921 3.95 0.000 0.242175 0.743518 DumGDP 0.09901 0.063516 1.56 0.125 -0.02844 0.226465 DumNDC 0.003647 0.001548 2.36 0.022 0.000541 0.006753 DumFGD 0.965686 0.419747 2.30 0.025 0.123402 1.80797 DumIGD -0.92533 0.405484 -2.28 0.027 -1.739 -0.11167 DumWDD 16.31259 5.352741 3.05 0.004 5.571529 27.05365 _cons 2.020906 -1.74 0.088 -7.56829 0.542201 -3.51304 sigma_u | 4740099 sigma_e 07362627 rho | 97644206 (fraction of variance due to u_i) F test that all u_i=0: F(6, 52) = 72.56 Prob > F = 0.0000 63 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix 5: East Asia regional total exports Year From country/To country 2006 China Indonesia Japan Korea Malaysia Philipines Singapore Thailand 2007 Japan Korea Malaysia Philipines Singapore Thailand Japan Korea Japan Korea Malaysia Philipines Singapore Thailand 8,871,172,886 90,482,236,809 43,974,700,120 13,447,704,414 5,622,125,613 21,816,733,492 9,699,334,158 7,458,829,520 3,991,424,687 1,336,022,897 8,150,875,748 2,600,142,955 47,412,288,003 12,218,166,777 8,627,067,922 15,821,023,638 22,016,491,408 4,697,801,267 3,430,114,158 8,018,516,874 4,186,270,501 2,116,691,260 21,153,204,678 8,263,052,942 8,107,348,437 20,449,313,278 6,953,956,398 64,241,507,492 3,595,359,718 22,477,037,878 11,280,881,601 3,705,126,770 13,815,059,074 5,559,084,762 4,514,687,138 350,053,455 7,643,911,270 1,397,779,617 2,591,215,373 24,154,613,910 19,786,203,886 13,163,114,177 8,443,532,821 30,037,126,763 3,773,127,762 11,500,235,363 3,098,156,765 2,964,041,143 15,872,400,735 2,610,153,086 6,446,759,692 2,145,059,712 6,327,185,310 100,630,528,590 55,680,941,527 17,661,655,935 7,384,189,432 28,134,060,408 22,902,372,709 7,453,017,882 4,914,093,276 1,768,097,021 9,739,257,862 2,979,196,449 50,482,372,736 13,796,815,999 9,030,165,602 16,985,066,714 24,580,191,814 5,516,909,892 3,612,308,958 10,246,178,589 4,456,538,444 2,471,346,579 21,988,128,464 8,405,765,980 98,299,977,169 8,403,259,722 76,501,472,450 4,174,612,217 22,829,337,657 15,148,769,945 4,716,388,387 15,650,649,818 6,284,086,071 5,633,243,595 487,149,867 7,284,294,278 1,753,636,315 2,496,903,112 26,238,806,145 21,890,394,148 13,017,270,051 10,094,859,807 32,058,230,473 4,838,385,694 14,284,028,285 1,249,980,322 10,638,039,442 11,778,172,622 9,565,985,290 China Indonesia Indonesia 85,755,905,258 China Indonesia 2008 China 2,779,866,009 12,003,399,243 1,325,367,604 11,366,425,243 4,285,784,265 17,356,057,213 2,862,794,966 7,350,513,893 2,491,597,688 7,816,656,592 16,459,731,926 114,564,484,818 72,763,877,241 21,358,918,656 8,940,702,450 30,901,138,533 15,584,238,496 27,472,018,820 9,049,191,546 6,176,138,532 1,945,795,193 12,079,349,379 3,532,664,584 55,485,841,537 14,881,478,324 9,287,550,497 19,422,067,435 28,388,787,284 5,628,887,281 3,996,689,845 11,747,381,486 5,708,025,757 11,630,212,422 109,358,253,653 11,641,905,967 82,725,979,208 5,433,982,386 24,462,798,191 64 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Malaysia Philipines Singapore Thailand 2009 5,293,711,649 19,280,744,169 7,227,379,329 5,378,492,911 570,153,502 7,676,103,509 2,472,799,337 1,916,537,036 26,767,122,129 24,936,695,218 14,471,513,235 11,272,818,119 31,467,183,213 5,648,183,038 5,507,361,343 18,967,193,066 3,541,583,750 8,983,129,750 2,870,866,248 7,190,273,908 13,534,156,873 96,255,947,083 52,799,749,776 19,542,590,424 8,274,224,443 27,872,172,001 18,489,501,095 8,094,009,130 6,370,058,986 2,306,816,658 9,898,820,699 3,170,090,372 44,434,494,527 11,504,667,003 7,450,009,021 14,675,194,971 21,256,412,090 4,224,258,315 3,685,143,066 10,316,696,333 4,489,125,537 1,910,207,819 18,736,650,093 8,310,012,025 2,376,538,860 1,157,405,693 14,894,906,446 China Indonesia Japan Korea Malaysia Philipines Singapore Thailand 2010 13,995,055,141 11,480,865,980 98,042,062,780 8,686,489,064 81,900,579,172 4,456,340,099 19,510,555,970 18,907,989,151 4,621,488,992 15,298,270,054 Japan Korea Malaysia Philipines Singapore Thailand 5,726,983,776 20,213,821,533 2,034,641,723 8,486,775,048 1,426,903,058 12,120,048,589 13,256,584,328 2,902,238,285 361,076,626 6,208,292,252 1,795,784,907 1,330,092,204 22,637,488,579 19,040,763,432 11,022,148,781 11,647,028,339 24,490,266,442 3,944,094,224 15,351,005,808 4,201,409,862 15,505,062,197 2,716,609,482 6,769,499,225 2,434,551,291 5,744,996,350 20,064,808,121 119,305,013,672 67,848,641,572 23,581,088,100 11,228,137,742 29,033,704,531 19,709,108,531 25,621,313,426 12,353,335,278 8,460,301,030 3,023,329,667 13,038,645,292 4,385,477,233 58,753,556,252 15,976,644,529 10,047,347,061 19,146,846,788 32,892,441,826 5,757,403,486 5,068,951,891 11,620,589,549 6,356,634,583 3,020,032,710 22,458,620,035 10,240,014,045 China Indonesia 2,525,603,149 15,613,305,521 133,910,334,280 15,079,950,823 109,708,063,815 5,600,782,508 24,660,498,218 24,564,520,568 5,193,848,748 20,066,087,777 7,027,924,269 4,138,764,236 399,088,383 5,990,738,439 1,990,859,543 715,035,724 30,828,624,103 22,626,186,647 15,175,824,478 13,451,204,691 31,159,397,223 5,215,682,829 20,654,251,242 6,334,761,839 19,804,286,406 3,580,775,712 9,182,024,347 3,539,797,210 9,395,023,502 1,452,416,837 1,430,193,690 12,032,082,889 6,651,464,783 Source : UNCtadstat 2013 65 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export Appendix : East Asia regional intermediate goods exports Year From country/To country 2006 China Indonesia Japan Japan Korea Malaysia Philipines Singapore Thailand 5,641,361,297 37,012,163,839 29,221,017,975 7,411,747,009 3,740,081,164 11,859,724,580 6,101,180,708 18,411,985,475 7,088,084,554 3,321,347,622 1,125,480,022 5,657,538,457 2,206,074,540 34,686,896,361 9,669,658,838 6,897,129,124 10,423,639,781 16,985,084,540 3,204,295,375 2,825,945,704 5,921,284,548 3,354,801,238 1,728,140,790 15,805,539,106 6,689,594,919 2,916,582,479 1,079,147,762 7,656,770,107 5,394,406,810 50,935,127,665 2,972,743,282 13,113,367,821 Malaysia 9,379,527,054 2,878,577,329 10,886,290,873 4,853,162,081 Philipines 3,876,824,785 256,218,656 4,944,996,664 1,030,549,509 1,978,565,984 Singapore 19,597,412,806 13,749,138,000 10,341,553,387 7,146,633,056 23,319,124,073 2,788,727,050 8,094,101,892 2,214,158,299 9,034,735,516 1,917,550,098 4,849,754,264 1,560,069,370 4,481,546,998 7,329,719,881 42,634,044,817 38,242,834,585 10,023,973,532 4,806,325,733 13,235,385,590 20,794,877,191 7,078,303,835 4,152,714,713 1,508,163,896 7,111,560,714 2,518,237,103 37,980,274,001 10,607,921,853 7,129,653,148 11,271,061,237 19,543,686,007 3,945,786,518 2,883,013,019 6,231,595,486 3,577,984,856 1,975,461,187 16,885,212,151 6,525,007,886 2,337,584,315 1,026,955,358 Thailand China Indonesia 8,893,099,540 7,916,375,238 7,579,453,206 Japan 75,074,751,799 6,403,815,970 Korea 59,147,526,592 3,276,370,350 15,441,608,266 Malaysia 13,187,295,126 3,721,941,708 12,716,519,557 5,612,508,368 4,382,164,627 310,499,049 4,635,176,067 1,082,849,586 1,694,357,108 21,072,294,199 14,984,914,409 8,894,272,978 8,414,805,187 25,214,982,050 3,778,469,817 9,389,015,139 3,040,102,780 10,275,573,304 2,102,263,135 5,569,529,899 1,695,630,791 5,702,467,833 9,898,450,937 51,506,764,876 50,009,086,341 11,421,840,177 5,719,804,855 14,491,790,239 25,088,192,209 8,615,848,403 5,244,421,592 1,600,696,801 9,273,382,012 2,944,438,521 42,146,557,914 11,598,425,718 4,058,995,935 7,289,497,072 3,254,880,973 12,515,321,633 6,363,328,635 22,476,697,441 4,469,736,681 Philipines Singapore Thailand 2008 Indonesia 64,395,325,386 Korea 2007 China China Indonesia 10,902,719,936 Japan 82,809,382,445 64,367,736,711 Korea 8,496,748,559 4,029,783,825 17,206,458,296 8,256,489,904 66 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export 9,556,147,617 (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export (LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export(LUAN.van.THAC.si).does.global.financial.crisis.impact.on.east.asian.export
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