Discussion Papers

Asian Fragmentation in the Global Financial Crisis

By Toshihiro Okubo, Fukunari Kimura, Nozomu Teshima

ERIA Discussion Paper 2013-38

Posted: December 2013


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.


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