Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers

There has been an explosion in the amount of parts and components traded within East Asian production networks. The People's Republic of China (PRC) has emerged as the final assembly point for the goods produced. These goods then flow primarily outside of the region. When the global financial c...

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Autor principal:	Willem Thorbecke
Formato:	article
Lenguaje:	EN
Publicado:	World Scientific Publishing 2015
Materias:	consumption gravity models production networks Social sciences and state - Asia (Asian studies only) H53
Acceso en línea:	https://doaj.org/article/d9ae1106dc5346f592914cd2597e2990
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spelling	oai:doaj.org-article:d9ae1106dc5346f592914cd2597e29902021-12-02T12:06:53ZEnjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers0116-11051996-724110.1162/ADEV_a_00053https://doaj.org/article/d9ae1106dc5346f592914cd2597e29902015-09-01T00:00:00Zhttps://www.mitpressjournals.org/doi/pdf/10.1162/ADEV_a_00053https://doaj.org/toc/0116-1105https://doaj.org/toc/1996-7241There has been an explosion in the amount of parts and components traded within East Asian production networks. The People's Republic of China (PRC) has emerged as the final assembly point for the goods produced. These goods then flow primarily outside of the region. When the global financial crisis (GFC) occurred, the decrease in Western demand led to a synchronized decline in Asian exports. If more final goods could flow to Asian consumers, it would provide insurance against another slowdown in the rest of the world. This paper uses a gravity model to investigate if emerging Asia is importing fewer consumption goods than predicted. The results indicate that since the GFC, the PRC and the Association of Southeast Asian Nations (ASEAN) have imported more final goods than expected. Nevertheless, their consumption imports per capita are orders of magnitude lower than those of developed economies. This highlights the need for further growth in emerging Asia.Willem ThorbeckeWorld Scientific Publishingarticleconsumptiongravity modelsproduction networksSocial sciences and state - Asia (Asian studies only)H53ENAsian Development Review, Vol 32, Iss 2, Pp 95-114 (2015)
institution	DOAJ
collection	DOAJ
language	EN
topic	consumption gravity models production networks Social sciences and state - Asia (Asian studies only) H53
spellingShingle	consumption gravity models production networks Social sciences and state - Asia (Asian studies only) H53 Willem Thorbecke Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
description	There has been an explosion in the amount of parts and components traded within East Asian production networks. The People's Republic of China (PRC) has emerged as the final assembly point for the goods produced. These goods then flow primarily outside of the region. When the global financial crisis (GFC) occurred, the decrease in Western demand led to a synchronized decline in Asian exports. If more final goods could flow to Asian consumers, it would provide insurance against another slowdown in the rest of the world. This paper uses a gravity model to investigate if emerging Asia is importing fewer consumption goods than predicted. The results indicate that since the GFC, the PRC and the Association of Southeast Asian Nations (ASEAN) have imported more final goods than expected. Nevertheless, their consumption imports per capita are orders of magnitude lower than those of developed economies. This highlights the need for further growth in emerging Asia.
format	article
author	Willem Thorbecke
author_facet	Willem Thorbecke
author_sort	Willem Thorbecke
title	Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
title_short	Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
title_full	Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
title_fullStr	Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
title_full_unstemmed	Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers
title_sort	enjoying the fruits of their labor: redirecting exports to asian consumers
publisher	World Scientific Publishing
publishDate	2015
url	https://doaj.org/article/d9ae1106dc5346f592914cd2597e2990
work_keys_str_mv	AT willemthorbecke enjoyingthefruitsoftheirlaborredirectingexportstoasianconsumers
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Enjoying the Fruits of Their Labor: Redirecting Exports to Asian Consumers

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