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The Asian Financial Crisis and Global Adjustments: Implications for US Agriculture

Author

Listed:
  • Warwick J. McKibbin
  • Zhi Wang
  • William Coyle

Abstract

This study investigates the impact of the recent Asian financial crisis on global economic adjustment and its implication for US agriculture using a multi‐country, multi‐sector dynamic intertemporal general equilibrium model with endogenously modelled financial markets. The simulation results show that the crisis in Asia reduces not only US exports but also interest rates and the cost of intermediate inputs of production, stimulating US domestic economic activity in interest‐sensitive sectors, and driving up demand for agriculture products. However, this stimulus of domestic demand may or may not offset the negative impact of declining exports. JEL Classification Numbers: D58, F17, F30.

Suggested Citation

  • Warwick J. McKibbin & Zhi Wang & William Coyle, 2001. "The Asian Financial Crisis and Global Adjustments: Implications for US Agriculture," The Japanese Economic Review, Japanese Economic Association, vol. 52(4), pages 471-490, December.
    • Handle: RePEc:bla:jecrev:v:52:y:2001:i:4:p:471-490
    DOI: 10.1111/1468-5876.00207
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    Citations

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    Cited by:

    1. Michiel Kok & Richard Nahuis & Albert de Vaal, 2004. "On labour standards and free trade," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 13(2), pages 137-158.
    2. Simon J.Evenett & Mia Mikic & Ravi Ratnayake (ed.), 2011. "Trade-led growth: A sound strategy for Asia," ARTNeT Books and Research Reports, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), number brr10.
    3. Anna Strutt & Terrie Walmsley, 2011. "Trade and sectoral impacts of the global financial crisis – a dynamic computable general equilibrium analysis," STUDIES IN TRADE AND INVESTMENT, in: Trade-led growth: A sound strategy for Asia, chapter 14, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    4. Lips, Markus & Tabeau, Andrzej & van Tongeren, Frank, 2004. "Modeling of Duty Drawback by Means of Domestic Final Consumption Subsidy," Conference papers 331179, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 995-1068, Elsevier.
    6. Wang, Qian, 2010. "Sources of Economic Fluctuations in East Asia from 1980 to 2006—Analysis Based on Panel VAR," Conference papers 331922, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    7. Kim, Jae H. & Ji, Philip Inyeob, 2011. "Mean-reversion in international real interest rates," Economic Modelling, Elsevier, vol. 28(4), pages 1959-1966, July.

    More about this item

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation
    • F30 - International Economics - - International Finance - - - General

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