Asian Trade and Global Linkages

In the run-up to the 2008 global financial crisis, there was frequent discussion of Asia having decoupled from economic shock transmission originating in Europe or North America. Much of the basis for these arguments was related to the rapid expansion of intraregional trade in Asia. This paper examines the trade linkages among Asian countries and between Asia and other regions, paying particular attention to the role of production sharing processes diversified across geographically diffuse networks. [ADBI Working Paper 122]