Brooks, Douglas Howard; Kurmanalieva, Elvira; Yang, Tu-yong - In: East Asian economic review 20 (2016) 3, pp. 339-363
This paper analyzes why the global financial crisis in 2008 severely affected Asia's trade. Asia has been suffering … from the falls in export demand from developed countries. However the abrupt trade declines in Asia are not fully explained … developing economies and show different results for different countries in Asia. We employ a Markov-Switching FAVAR (Factor …