Hong Kong, Singapore and the East Asian Crisis: How Important Were Trade Spillovers?

摘要: The literature on the East Asian crisis has concentrated almost exclusively five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and Philippines (Asia-5). Relatively scant attention been paid to twin cities Hong Kong Singapore, both which also suffered from contagious fallout despite being well acknowledged as having relatively sound financial economic fundamentals. This paper examines extent trade spillovers, direct indirect, have important in transmitting regional downturn Asia-5 Singapore.