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on South East Asia |
| By: | Karimi, Mohammad Sharif; Yusop, Zulkornain |
| Abstract: | Abstract: This study examines the causal relationship between foreign direct investment and economic growth. Methodology is based on the Toda-Yamamoto test for causality relationship and the bounds testing (ARDL). Time-series data covering the period 1970-2005 for Malaysia, the study found, in the case of Malaysia there is no strong evidence of a bi-directional causality and long-run relationship between FDI and economic growth. This suggests that FDI has indirect effect on economic growth in Malaysia |
| Keywords: | Foreign direct investment; Toda-Yamamoto test; bounds testing (ARDL); economic growth. Malaysia |
| JEL: | C32 O10 F14 F21 F43 |
| Date: | 2009–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:14999&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir; Radam, Alias |
| Abstract: | As a typical developing Asian county, the growth in per capita income generally brings to diversification in Malaysians food basket. The most significant observation is the falling in per capita consumption of rice with continuous growth of demand for wheat based products. The objective of this study is to estimate the demand elasticities of rice in Malaysia, focusing whether rice is an inferior good. By using data from Household Expenditure Survey 2004/2005, this study obtains demand elasticities of rice, as well as for other 11 food items via Linear Approximate Almost Ideal Demand System (LA/AIDS) and Quadratic Almost Ideal Demand System (QUAIDS). The empirical results indicate that income elasticity of demand for rice (0.7104) is the highest compared to other food items in the LA/AIDS model, while income elasticity of demand for wheat (0.5087) is higher than rice (0.4712). Both of the income elasticities of demand for rice suggest that rice is not an inferior good in Malaysia. However, by comparing both estimates of demand elasticities and adjusted R2s, the QUAIDS model provides more plausible results than the LA/AIDS model. |
| Keywords: | Rice; Wheat; Inferior Good; Linear Approximate Almost Ideal Demand System; Quadratic Almost Ideal Demand System; Income Elasticity |
| JEL: | Q11 D12 |
| Date: | 2008–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15062&r=sea |
| By: | Mahmud, Muhammad; Herani, Gobind M.; Rajar, A.W.; Farooqi, Wahid |
| Abstract: | This study is an attempt to determine the factors that influence a firm’s choice of capital structure in three Asian countries: Japan, Malaysia and Pakistan. The specific objective is to investigate if country’s economic factors play a significant role in determining capital structure between markets. These countries are chosen in order to represent three different stages of economic development. Literature review reveals that considerable research has been made in the industrialized countries on the similar topic. Capital structure is one of the most complex areas of strategic financial decision making due to its interrelationship with macroeconomic variables. This study reveals that per capita GNP growth for Japan and Malaysia is significantly related to capital structure of firm and higher economic growth tends to cause to use more long term debt. These results for Pakistan are different from those other two countries. This also shows that inefficiencies coupled with high leverage may entangle Pakistani firms in debt trap. The indicator of prime lending rate is the most decisive factor affecting demand for credit for Japan and Malaysia. It is evident from the analysis that financial liberalization provides major support in the development of capital structure and overall corporate sector in all the three countries. |
| Keywords: | Capital Structure; Business Cycle; Liquidity; Economic Growth |
| JEL: | G32 G33 G10 O40 |
| Date: | 2009–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15003&r=sea |
| By: | Rao, B. Bhaskara; Tamazian, Artur; Singh, Prakash |
| Abstract: | A systems GMM method is used to estimate the demand for money (M1) for a panel of 11 Asian countries from 1970 to 2007. This method has advantages of which the most important one is its ability to minimise small sample bias with persistence in the variables. This system GMM method of Blundell and Bond (1998) simultaneously estimates specifications with the levels and first differences specifications of the variables. We test for structural stability of the estimated function with a recently developed test, for this approach, by Mancini-Griffoli and Pauwels (2006). Our results show that there is a well defined demand for money for these countries and there are no structural breaks. |
| Keywords: | Systems GMM; Blundell and Bond; Mancini-Griffoli and Pauwels; Asian Countries and Demand for Money and Structural Sta |
| JEL: | E41 |
| Date: | 2009–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15030&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir |
| Abstract: | The objective of this study is to provide an insight into demand patterns of the Malay consumers for specific food categories in Malaysia. By utilizing Household Expenditure Survey 2004/2005, a system of equations of Linear Approximate Almost Ideal Demand System (LA/AIDS) model for 12 aggregated food products is estimated using a two-step estimation procedure. A Working-leser form of Engel function is also estimated to derive income elasticities from the estimated expenditure elasticities. This study shows that Malay consumers appear to have different food consumption patterns as compared to the general Malaysian diets. Malay consumers tend to increase their consumption of rice more than higher-value (meat and fish) and functional (vegetables and fruits) foods. Malay consumers are found to be very sensitive to the own-price of most of the food products, especially rice (-2.0241). |
| Keywords: | Food; Linear Approximate Almost Ideal Demand System; Engel function |
| JEL: | D12 Q11 |
| Date: | 2008–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15064&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir; Radam, Alias |
| Abstract: | Demand analyses of food are deemed important to provide up-to-date indications of the demand behavior in future. This study is to determine which the model specification, as well as analyze the effects of demographic and socio-economic factors on of food demand in Malaysia. Household Expenditure Survey 2004/2005 data is analyzed by using Working Leser, Linear Engel model (LEM), Quadratic Engel model (QEM), and Linear Approximate Demand System (LA/AIDS). The empirical shows that LEM and QEM provide better results, in term of adjusted R2 and rationality of expenditure elasticities. Also, demographic variables improve the performance of all the selected models. |
| Keywords: | demand analyses; food; Malaysia; expenditure elasticity |
| JEL: | D12 Q11 |
| Date: | 2008–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15063&r=sea |
| By: | Tey, (John) Yeong-Sheng; Mohamed Arshad, Fatimah; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Radam, Alias |
| Abstract: | As per capita income increases, consumers do not only demand for a greater quantity but also higher quality of food. The objective of this study is to examine the demand for meat quantity and quality in Malaysia. By using the Household Expenditure Survey 2004/05 data, expenditure, quantity, and quality expenditures are obtained via Engel curves analyses. The empirical results show that Malaysians are increasingly demanding for quality meat products. To be more specific, urban consumers are more likely to spend on higher quality meat products than rural consumers. By understanding and reacting to the changes in demand for meat products in Malaysia, Australia can offer the right range of meat products earlier than other competitors while continue enjoying their market leadership in the niche of quality meat segments. |
| Keywords: | Engel curves; Meat; Quantity; Quality |
| JEL: | D12 |
| Date: | 2008–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15032&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir; Radam, Alias |
| Abstract: | One distinct change in Malaysians’ food consumption behavior has been the preference towards meat products. The entire agri-food industry is impacted by changes in food consumption behaviors. This study attempts to provide a better understanding of meat consumption behaviors, by estimating income and price elasticities in Malaysia. Expenditure and price elasticities are estimated by Linear Approximate Almost Ideal Demand System (LA/AIDS) model in the first stage, followed by estimation of Engel function in the second stage in order to obtain the estimates of income elasticities for the meat products using Household Expenditure Survey 2004/05 data. The estimated positive and inelastic income elasticities indicate that all meat products are normal and necessity goods, except other meats. The estimates of the own-price elasticities of demand for all the meat products are greater than unity. This study shows that there would be increasing demand for major meat products among Malaysians in the future. |
| Keywords: | Meat; Linear Approximate Almost Ideal Demand System model; Demand elasticity |
| JEL: | D12 |
| Date: | 2008–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15034&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir; Radam, Alias |
| Abstract: | The market information is important in facilitating marketing system from production to the downstream. The purpose of this study is to estimate the Malaysian consumers’ demand for vegetables. By using Household Expenditure Survey 2004/05 data, demands for 6 vegetables are analyzed via a multi-stage budgeting system. The estimated demand elasticities show that the demands for all vegetables are found to increase when per capita income rises. Most of the vegetables are found to respond substantially to changes in their own prices and in the directions as expected with estimated negative own-price elasticities, which is more than unity (except podded vegetable). |
| Keywords: | Vegetable; multi-stage budgeting system; demand elasticities |
| JEL: | D12 |
| Date: | 2008–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15033&r=sea |
| By: | 奥田, 英信; 竹, 康至 |
| Abstract: | 本稿では、2001-2006年の年次データを用いてフィリピン上場企業の負債比率を推計し、ビジネスグループ企業の資金調達構造の特徴について検討した。推計結果によれば、フィリピン上場企業の資本構造は概ねエージェンシーコスト・アプローチが妥当することが確認された。同時に、成長性のある企業ほど負債性資金に依存すること、大規模企業の中でもビジネスグループ企業の負債比率が特に大きくなることが観察された。これらの観察結果は、フィリピンの資本市場に深刻な情報の非対称性問題が残っており、ビジネスグループが内部資本市場を利用して資金配分を行っている可能性を示唆している。, We analyzed the capital structure of listed companies in the Philippines from 2001 to 2006 after the Asian financial crisis. Our estimation results showed these following three tendencies: first, companies that had good opportunities to invest depended on debts; second, companies belonging to business groups reduced their debts; and last, large companies of business groups much preferred to take on debts compared to those of others. Our findings suggest that while the financial market was not functioning sufficiently, business groups were able to alleviate it by their internal capital markets. |
| Keywords: | 企業金融, 資金調達, フィリピン |
| JEL: | G32 O16 |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:hit:econdp:2008-07&r=sea |
| By: | Jean-Baptiste Gossé (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII) |
| Abstract: | The model presented in this paper has two objectives. First, it models global imbalances in a simple way while conserving real and - nancial approaches. This double approach is necessary because Global Imbalances are due to the conjunction of nancial and real phenomena: the increase in the price of commodities, the accumulation of foreign reserves by the Asian central banks, the limited absorption capacity of the OPEC countries, the insucient development of the Asian nancial system and the perception of better returns in the US. The second objective is to model the global saving glut hypothesis and to show its implications. In order to avoid the recession linked to the increase of their propensity to import, the United States increase their propensity to spend. This adjustment has a cost. The Global Imbalances grow quickly with an increase of current account imbalances and NFA in both the US and Asia. The euro area supports an appreciation of its exchange rate wich put it in a long depression. |
| Keywords: | International Macroeconomics, Global Imbalances, Balance of Payments, International Finance , Simulation and Forecast |
| Date: | 2009–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-00380417_v1&r=sea |
| By: | Tey, (John) Yeong-Sheng; Shamsudin, Mad Nasir; Mohamed, Zainalabidin; Abdullah, Amin Mahir; Radam, Alias |
| Abstract: | With Malaysian government plan to increase production of beef and open the beef market to more abattoirs from other countries, domestic beef market has become more challenging. The domestic beef market is postulated to be available in a variety of qualities in future. Consumers do not only make decisions on how much to purchase but also at what qualities. This study is to analyze consumer evaluation of quality and quantity on demand for beef in Malaysia. A demand model incorporated consumer socio-economic variables and another applied demand analysis incorporated quality variable are estimated via two-stage least squares. Beef demand elasticities are estimated in the first demand model and a quality elasticity of demand for beef is estimated in the second applied demand analysis. The models are applied to a cross-sectional data set from Household Expenditure Survey 2004/2005. The results indicate that beef demand is inelastic to meat expenditure and to its own price. On another side, the results also indicate that beef demand is inelastic to quality. The elasticities in this study suggest that consumers substitute quantity for quality in demand for beef in Malaysia. |
| Keywords: | beef; quality; quantity; demand elasticity; quality elasticity |
| JEL: | D12 |
| Date: | 2008–05–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15035&r=sea |
| By: | Karimi, Mohammad sharif; Yusop, Zulkornain; Siong Hook , Law |
| Abstract: | TOPSIS approach is applied to select the most suitable ASEAN countries for attracting FDI inflows. The proposed approach also provides a relatively simple tool for this strategic decision making problem. Within the model, ten indicators are defined as determinants of FDI inflows. By using TOPSIS method, the capacity and attraction of ASEAN countries is evaluated and given final rank for period 2000-2005. Results indicate that Singapore is the most attractive for investment among ASEAN countries while ranking of some countries have changed during these years. |
| Keywords: | Foreign direct investment; ASEAN; Ranking; TOPSIS |
| JEL: | F00 D70 C82 G15 |
| Date: | 2009–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15000&r=sea |
| By: | Tey, (John) Yeong-Sheng |
| Abstract: | “Engel’s law” explains that the share of household expenditure on food typically falls as income and expenditure increase. The objectives of this study are to investigate the food expenditure patterns of different income groups and the relationships between household characteristics and expenditure patterns. Household Expenditure Survey 2004/2005 data from Department of Statistics was used to analyze the food expenditure pattern of households. An expenditure model was developed and the coefficients are estimated by Working-Leser model. The estimated results are clearly a reflection of “Engel’s law”, resulting in higher income elasticity for lower income groups than higher income groups. The share of food expenditure increases with increase in income. The results also indicate that household size, races, age of household head, level of income, and gender are the main variables related to household food expenditure pattern. |
| Keywords: | Food expenditure pattern; Working-Leser; Engel’s Law; income; income elasticity |
| JEL: | D12 |
| Date: | 2008–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:15031&r=sea |