State Exports and the Asian Crisis

Principal Investigator(s): Coughlin, Cletus C., Federal Reserve Bank of St. Louis; Pollard, Patricia S., Federal Reserve Bank of St. Louis

Summary: The Asian financial crisis caused a decline in most states' exports of manufactured goods to East Asia during 1998, but the severity of the decline varied across states. In this article, the authors estimate the size of this export shock for all states. Primarily because western states tend to be more dependent on East Asian markets for export sales, they were hit the hardest by the sharp reduction in Asian demand for United States-produced manufactured goods. Of the states in which the dec... (more info)

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Coughlin, Cletus C., and Patricia S. Pollard. State Exports and the Asian Crisis. ICPSR01216-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2000-05-02. doi:10.3886/ICPSR01216.v1

Persistent URL: http://dx.doi.org/10.3886/ICPSR01216.v1

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Summary: The Asian financial crisis caused a decline in most states' exports of manufactured goods to East Asia during 1998, but the severity of the decline varied across states. In this article, the authors estimate the size of this export shock for all states. Primarily because western states tend to be more dependent on East Asian markets for export sales, they were hit the hardest by the sharp reduction in Asian demand for United States-produced manufactured goods. Of the states in which the decline in exports to East Asia lowered the growth of manufacturing output by more than 1 percent, two-thirds were western states. The export changes caused by the Asian crisis, however, were found to matter little for manufacturing employment growth across states during 1998. Meanwhile, states with a high concentration of manufacturing industries that use petroleum products extensively as an input tended to have larger manufacturing employment increases during 1998 than other states. Consequently, the authors conclude that the oil price declines during late 1997 and 1998, some portion of which can be attributed to the Asian crisis, appear to be more important than the export effects in influencing manufacturing employment across states.

Subject Terms: economic crises, exports, international trade, manufacturing industry, states (USA)

Geographic Coverage: Asia, Global, United States

Data Collection Notes:

The files submitted are 0001ccd.zip, which unzips to the data file 0001ccd.xls, and 0001ccp.zip, which unzips to 0001ccp.doc, the program.

These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

Original ICPSR Release: 2000-05-02

2000

Coughlin, Cletus C., Pollard, Patricia S. State exports and Asian crisis. Federal Reserve Bank of St. Louis Review. 82, (1), 3-14.

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