Chapter 11 Has Emerging Asia Decoupled? An Analysis of Production and Trade Linkages Using the Asian International Input–Output Table

Pula, Gábor; Peltonen, Tuomas A.

doi:10.1108/s1574-8715(2011)0000009016

Cited by 40 publications

(37 citation statements)

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“…Only about one-third of the value added of developing East Asian economies was determined by external demand, significantly lower than the 50% exposure as measured by gross trade data. Nevertheless, Pula and Peltonen (2009) concurred with Mori and Sasaki (2007) that developing East Asia's dependence on extra-regional export markets, in terms of value added, had steadily increased between 1995 and 2006. Developing East Asia saw rising dependence on the EU-15 and falling importance of the US and Japanese markets.…”

Section: Value-added Trade Approachsupporting

confidence: 48%

“…Expanding on Mori and Sasaki's (2007) approach, Pula and Peltonen (2009) found that developing East Asia's dependence on extra-regional final demand may be substantially overstated. Only about one-third of the value added of developing East Asian economies was determined by external demand, significantly lower than the 50% exposure as measured by gross trade data.…”

Section: Value-added Trade Approachmentioning

confidence: 99%

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From Global Factory to Global Mall: East Asia's Changing Trade Composition

Helble

Ngiang

2014

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Asian Development Bank InstituteThe Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.Working papers are subject to formal revision and correction before they are finalized and considered published."$" refers to US dollars, unless otherwise stated.Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, JapanTel:+81-3-3593-5500 Fax:+81-3-3593-5571 URL:www.adbi.org E-mail: info@adbi.org AbstractThis paper studies how East Asia's trade composition and orientation have changed over the past decade and analyzes the implications for the region and beyond. Over the last 2 decades we have witnessed the emergence of regional and global supply chains, in which production is divided into production stages or tasks across the most competitive locations. East Asia has been the most successful region in the world in building up or joining regional and global supply chains and has been described as "Factory Asia" (Baldwin 2008). Introducing a new and simple analytical tool, we show that over the past decade East Asia has successfully consolidated its role as the "Global Factory." Furthermore, studying East Asia's recent trade patterns in primary, intermediate, capital, and consumption goods, our results indicate that East Asia is on track to becoming one of the biggest "malls" in the world.

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Section: Value-added Trade Approachsupporting

confidence: 48%

Section: Value-added Trade Approachmentioning

confidence: 99%

From Global Factory to Global Mall: East Asia's Changing Trade Composition

Helble

Ngiang

2014

SSRN Journal

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“…Characteristics of the trade structure of Asia economies might account for the differences of the results w ith Latin America. Especially, according to Pula and Peltonen (2009), because trade between Asia and the US is dictated by intra-industry processing and assembly through vertically integrated production chains, the regional economies can be highly sensitive to an external shock from US. Although the share of US market in terms of Asian economies total export is on the decline, when considering the share of intermediate goods that are traded for assembly and production, relations between the US and Asia have 22 strengthened over time.…”

Section: Interpretation Of the Resultsmentioning

confidence: 99%

Transmission of US financial and trade shocks to Asian economies: Implications for spillover of the 2007–2009 US financial crisis

Yamamoto¹

2014

The North American Journal of Economics and Finance

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This paper describes an investigation of the transmission of US shocks to Asian economies with consideration of financial linkages and trade linkages. Using the sign restriction vector autoregression (VAR) approach during 2000-2012, our empirical results can be summarized as follows. First, both US financial and trade linkages exert a significant impact on production in Asian economies. Second, through both financial and trade linkages, US spillover shocks account for around 50% of the production fluctuation in Asian economies. Third, during the episodes of 2007-2009 US financial crisis, the impact of financial shocks is greater than that of trade shocks. Results suggest that (i) Asian economies are not decoupled with US; (ii) Different from conventional findings, financial linkages between US and Asian economies are strong, especially for highly developed Asian economies. Therefore, investors and policymakers of Asian economies should take account of US financial conditions. 2

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“…Exports of goods accounted for 45% of Asia's GDP in 2006, up from 34% in 1998 (Pula and Peltonen 2009). As the ongoing financial crisis clearly demonstrates, the building of resilience to external market interruptions is increasingly important.…”

Section: Building Up Resilience To Interruptions Of Movement Of Economentioning

confidence: 99%

“…Their methodology assumes that each export commodity produced gives rise to specific opportunities for future diversification based on technological complexity and input-output relationships (Pula and Peltonen 2009).…”

Section: Prospects For Trade Diversification Along Value Chainsmentioning

confidence: 99%