Abstract
Today's financial markets are--due to globalisation--more interlinked than ever before. The US-based subprime mortgage crisis 2007-2009 is therefore developed to a global crisis. This study aims to investigate the effects of that crisis on Taiwan, focusing specifically on GDP and Taiwan's international trade. Analysis results in GDP to have practically fully recovered to precrisis levels. Taiwan's international trade is stagnating in the postcrisis era. Investigations have further shown that Taiwan is becoming more dependent on China, a trend that was fuelled by the crisis.
Highlights
Economies worldwide are affected by crises on a regular base [1]; the world economies have never been as interlinked as they are today [2]
In this study the term ‘world financial crisis’ (WFC) refers to the crisis that has been caused by the subprime mortgage crisis of 2007 in the USA
Only limited enquiries have been pursued specialising on the effects of the WFC on the Republic of China (ROC) focusing on the potential long-term consequences of the crisis for that country
Summary
Economies worldwide are affected by crises on a regular base [1]; the world economies have never been as interlinked as they are today [2]. Every economy—even though or just because of globalisation—needs its own plan to face FC on a national and international level mainly depending on the extent of globalisation of its financial markets and economy [1] Up to this point, only limited enquiries have been pursued specialising on the effects of the WFC on the Republic of China (ROC) focusing on the potential long-term consequences of the crisis for that country. Secondary data about the Taiwanese economy focusing on the effects of the WFC was critically investigated This analysis focussed on factors of major importance in economic change after crises. To these aspects of change relating to crisis in general, a specific criterion of the postcrisis relationship between the PRC and the ROC was investigated The research of this factor allowed investigating economic postcrisis trends on Taiwan including their potential consequences. The conclusion makes summarising statements about Taiwan’s economy and explains the effects of the crisis including economic trends of the country
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