exogenous countries, and develops new indices to measure the degree of shock transmission in terms of intermediate goods and … value-added embodied in production induced by negative global demand shock to finished goods. After the Global Financial … substantial decline in finished goods exports, especially in the transport equipment industry. In Japan, the shock effect tends to …

as follows. First, a positive USA output shock raises exports, imports and GDP in most of the East Asian countries, and … concentrated in intermediate goods. Second, an export shock of an East Asian country that raises its exports also raises its …