-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
-
-
-
We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
September 12, 2000
NOTE TO EDITORS
Overall, U.S. consumers benefited from cheaper imports in the wake of the Asia crisis, while the nation’s domestic production and employment were largely unhurt, according to James Harrigan, a senior economist at the New York Fed.
Harrigan states that the large currency devaluations experienced by Korea, Malaysia, Thailand, and Indonesia beginning in mid-1997 raised concerns that imports from these countries would soar while demand for U.S. exports weakened, causing U.S. industries to suffer. However, his industry-level analysis of the devaluations’ impact reveals that these industries generally experienced little or no pain.
Harrigan also finds that:
- Manufactured imports from the four countries rose only slightly, and the decline in U.S. exports was not large enough to significantly affect trend output for most industries.
- The steel industry was the one exception to this pattern: sharply rising imports and falling exports led to a drop in output and prices.
Harrigan’s article--The Impact of the Asia Crisis on U.S. Industry: An Almost-Free Lunch?--will be published in the Bank’s Economic Policy Review.
Contact: Douglas Tillett or Steven Malin
