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on South East Asia |
| By: | Park, Yung Chul (Asian Development Bank Institute) |
| Abstract: | The “decoupling” of East Asia from its economic interactions—both in trade and finance—with the rest of the world refers to the phenomenon of a weakening of the impact of demand and supply shocks emanating from the advanced countries on the region’s economic performance since the early 1990s. Available empirical evidence, including the faster recovery of East Asia from the 2008 global economic crisis, does not appear to lend credence to the decoupling thesis. However, with increases in income throughout the region and the three free trade agreements of the People’s Republic of China, Japan, and Korea with the Association of Southeast Asian Nations (which have entered into force), East Asia will witness a continuing expansion in intra-regional trade, much of which will consist of horizontal intra-industry trade. At the same time, if East Asia succeeds in instituting an efficient capital control regime and in strengthening the Chiang Mai Initiative Multilateralization, it will be able to cope better with the volatility of capital flows to the region. Together these developments will then help speed up economic integration among ASEAN+3 member states to build a region that is more self-contained than it has been. |
| Keywords: | global economic crisis; decoupling east asia; free trade agreements; intra-regional trade; chiang mai initiative multilateralization |
| JEL: | E32 F15 R11 |
| Date: | 2011–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0289&r=sea |
| By: | Thorbecke, Willem (Asian Development Bank Institute); Salike, Nimesh (Asian Development Bank Institute) |
| Abstract: | The authors recount East Asia’s experience with foreign direct investment (FDI). They document that, contrary to the Rybczynski theorem, capital flows in the region cause the host country’s labor-intensive industry to expand and its capital-intensive industry to decline. They also present narrative evidence that sheds light on how FDI is affected by the host’s country’s locational advantages, whether Asian FDI is footloose, and how the PRC has become the center of Factory Asia. Finally, they show that the evolution of production networks in the region can be explained partly by changes in the service cost of linking geographically separated production blocks relative to the cost saving arising from slicing up the value chain. |
| Keywords: | east asia; foreign direct investment; production networks |
| JEL: | F21 F23 O53 |
| Date: | 2011–06–24 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0290&r=sea |
| By: | Acharya, Amitav (American University) |
| Abstract: | Departing from the traditional yardsticks for measuring the performance and effectiveness of regional institutions, this paper proposes a new framework to investigate their effect in the socialization (i.e. internalization of group norms by newcomers) of new members. Called Type III internalization, it represents a middle ground between Type I (i.e. member states simply acting according to group expectations, even if they may not agree with them), and Type II (i.e. states transforming themselves by adopting the interests and identities of the group) internalization. In Type III internalization, states act both instrumentally and normatively. While their interests and values do not change permanently, there is enough change to induce substantially new kinds of cooperative behavior, in trade and security. Type III internalization is non-legalistic and consensual, moving at a pace in which everyone is comfortable, but there is no danger of backtracking. New members moderate their competitive instincts and pursue common objectives. The impact of institutional norms such as “open regionalism” and “cooperative security” transmitted through institutions such as the Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation, and the ASEAN Regional Forum on Viet Nam, India, and the People's Republic of China attests to the existence of a Type III internalization. |
| Keywords: | Asia; regional institutions; Asian regional institutions; constructivism; socialization; institution-design; multilateralism |
| JEL: | F50 |
| Date: | 2011–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbrei:0082&r=sea |
| By: | Evers, Hans-Dieter; Karim, Azhari |
| Abstract: | Countries may utilize a long coastline in relation to their landmass as a resource to develop their maritime economy. This paper argues that ASEAN countries differ in utilizing their maritime potential. As a basis for further comparative studies the Center for Policy Research and International Studies (CenPRIS) in Penang developed a set of indicators to measure the maritime potential of nations, the state of their maritime industries, and the degree to which the maritime potential has actually been utilized. Using the CenPRIS Ocean Index (COI) shows that Brunei and the Philippines have underutilized their maritime potentials, whereas Singapore and Thailand have made full use of it. Malaysia still has the potential to further develop its maritime economy. |
| Keywords: | ASEAN; Malaysia;shipping; fisheries; maritime economy; resources; indicators |
| JEL: | O1 N7 |
| Date: | 2011–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:31761&r=sea |
| By: | Evers, Hans-Dieter |
| Abstract: | This paper describes the methods used to construct an index to measure the maritime potential of nations. This prototype uses a limited number of variables to measure (a) the locational advantage of having a long coastline in comparison to the landmass (Maritime Potential Index MPI) , (b) the maritime economy (MEI) and (c) the degree a nation or region has utilized its maritime potential (OI). A timeseries of data from 2000 to 2005 for ASEAN states are used to develop the prototype. It is planned to develop the index further by adding variables and extending the regional coverage to all states of Malaysia. |
| Keywords: | Ocean Research; economic development; maritime industries; fisheries; shipping; economic geography; development policy; ASEAN; Southeast Asia |
| JEL: | O11 O2 N7 R11 |
| Date: | 2010–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:24431&r=sea |
| By: | Chin-Hong, Puah; Lee-Chea, Hiew |
| Abstract: | This study investigates the significance of Divisia monetary aggregates in formulating the monetary policy in Indonesia. A money demand function has been constructed to compare the relative performance for Simple-sum M1 and M2 (SSM1 and SSM2) and Divisia M1 and M2 (DM1 and DM2) monetary aggregates. The econometrics testing procedures that have been utilized in the estimation include unit root test, cointegration test, Vector Error Correction Model (VECM), Granger causality test and residual test. Empirical findings indicate that only DM1 model yields credible result amongst all of the money demand models. The obtained coefficients for DM1 model are consistent with a prior theoretical expectation and carry plausible magnitudes. The DM1 model is satisfactory as proven by the diagnostic tests. Divisia monetary aggregates are proven not only theoretical superior but also empirical valid as useful measurement of money for the case of Indonesia. The central bank of Indonesia may consider using Divisia monetary aggregates as the policy variables in formulating monetary policy. |
| Keywords: | Money Demand; Divisia Money; VECM |
| JEL: | C32 C43 E41 |
| Date: | 2010–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:31731&r=sea |
| By: | Puah, Chin-Hong; Liew, Samuel Wei-Siew |
| Abstract: | White-collar crime continues to hit the headlines across Malaysia and it remains a serious issue influencing organizations globally. A share price event study is thus conducted on a group of public listed companies in Malaysia to examine the announcement effect of white-collar crime. The period of the study is from 1996 to 2010, covering both the Asian Financial Crisis in 1997/98 and the sub-prime mortgage crisis in 2008/09. Results indicate the existence of significant negative abnormal share price reaction on 10 trading days subsequent to the day of announcement. It means that the stock market in Malaysia is not efficient. However, it implies that the market possesses the power to discipline unethical companies as the shareholders drive down their value by disposing their stocks following the announcement. |
| Keywords: | Share Price; Event Study; White-Collar Crime |
| JEL: | G14 G12 K42 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:31748&r=sea |
| By: | Jack Joo K. Ree |
| Abstract: | The paper takes stock of the impact of the global financial crisis that began in late 2007 on banking sectors of Asian low-income countries, by exploring bank-level data provided by Bankscope. The paper examines three key channels of possible crisis spillovers: exposures to (i) valuation changes of mark-to-market financial assets, (ii) a drop in crossborder funding, and (iii) rises in NPLs prompted by international real economic linkages. The paper finds that despite relatively low financial integration, the impact of the crisis on LIC banks, particularly the largest ones, were not insignificant. Impacts were most palpable through a loan-to-crossborder funding nexus. |
| Keywords: | Asia , Banking sector , Credit risk , Economic models , Emerging markets , Financial crisis , Financial risk , Global Financial Crisis 2008-2009 , Low-income developing countries , Spillovers , |
| Date: | 2011–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:11/115&r=sea |
| By: | Le, Thai-Ha; Chang, Youngho |
| Abstract: | This study examines the response of stock markets to oil price volatilities in Japan, Singapore, Korea and Malaysia by applying the generalized impulse response and variance decomposition analyses to the monthly data spanning 1986:01 – 2011:02. The results suggest that the reaction of stock markets to oil price shocks varies significantly across markets. Specifically, the stock market responds positively in Japan while negatively in Malaysia; the sign for Singapore and South Korea is unclear. We find that the stock market inefficiency, among others, appeared to have slowed the responses of the stock market to aggregate shocks such as oil price surges. |
| Keywords: | oil price fluctuation; stock return; exchange rate; emerging market; VAR model. |
| JEL: | G14 G15 F3 Q43 |
| Date: | 2011–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:31753&r=sea |
| By: | Evers, Hans-Dieter |
| Abstract: | Malaysian development strategies since independence, again in the 10th Malaysia Plan 2010 have emphasized the development of industrial clusters, like the Penang free trade zone and the MSC. Malaysia has two strong knowledge clusters: the Klang valley with KL and the MSC, Penang State and a number of smaller clusters. A calculation of the density of knowledge institutions and knowledge personnel show the epistemic landscape of Malaysia. A preliminary study of Penang reveals that the epistemic landscape is fragmented. There are several areas with a high density of knowledge institutions and knowledge workers, which however do not necessarily overlap with industrial clusters. These imbalances need to be corrected to ensure a safe passage towards a knowledge-based economy and society. |
| Keywords: | Malaysia; Penang; knowledge clusters; knowledge economy; development strategy |
| JEL: | R58 E6 D8 A14 |
| Date: | 2011–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:31763&r=sea |
| By: | Jotzo, Frank |
| Abstract: | Following the Copenhagen climate Accord, developed and developing countries have pledged to cut their greenhouse gas emissions, emissions intensity or emissions relative to baseline. This analysis puts the targets for the major countries on a common footing, and compares them across different metrics. Targeted changes in absolute emissions differ markedly between countries, with continued strong increases in some developing countries but significant decreases in others including Indonesia, Brazil and South Africa, provided reasonable baseline projections are used. Differences are smaller when emissions are expressed in per capita terms. Reductions in emissions intensity of economies implicit in the targets are remarkably similar across developed and developing countries, with Chinaâs emissions intensity target spanning almost the same range as the implicit intensity reductions in the United States, EU, Japan, Australia and Canada. Targeted deviations from business-as-usual are also remarkably similar across countries, and the majority of total global reductions relative to baselines may originate from China and other developing countries. The findings suggest that targets for most major countries are broadly compatible in important metrics, and that while the overall global ambition falls short of a two degree trajectory, the targets by key developing countries including China can be considered commensurate in the context of what developed countries have pledged. |
| Keywords: | Copenhagen Accord, emissions targets, emissions intensity, business-as-usual, cross-country comparison., Environmental Economics and Policy, Resource /Energy Economics and Policy, |
| Date: | 2010–11 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eerhrr:107577&r=sea |
| By: | Suphansa Yuenyoung; Apichat Daloonpate (Department of Agricultural and Resource Economics,Faculty of Economics,Kasetsart University,Thailand) |
| Keywords: | market efficiency,AFET,cointegration,white rice 5% |
| JEL: | D43 |
| Date: | 2011–07 |
| URL: | http://d.repec.org/n?u=RePEc:kau:wpaper:201102&r=sea |
| By: | Abdul Wahid Bin Mohd Kassim; Sulaiman Bin Tahajuddin (School of Business & Economics, Universiti Malaysia Sabah); Mohamad Ghozali Bin Hassan; Abdul Shukor Bin Shamsudin; Yaty Binti Sulaiman (College of Business, Universiti Utara Malaysia, Malaysia) |
| Abstract: | The study of organizational change has been studied under different perspectives including positivistic and interpretive approaches with varieties of methods. While mainstream approach focusing more on the causal-effect relationship between the change variables and organizational change, interpretive approach focuses more on studying change as a process in which change is perceived as socially constructed, in a perceived unique organization. Therefore, interpretive researchers tend to study the process of organizational change by taking into account the inner and outer contextual issues of an organization. Although the contextual issues like the role of key actors, leadership, significant events, time, technology, power, culture and etc. have been extensively studied but even until recently only relatively little is known about the role of space in organizational change. Considering that space bears different meaning under different perspectives, this study conceives space as the manifestation of lived human experience which resides both in the symbolic and aesthetic dimensions of the physical representation of space. Finally, to guide the research, interpretive qualitative case study method should be employed as the philosophical and methodological underpinnings of the study. Using this approach, the subjective nature of space embedded in the archival documents, culture, human experiences, physical architecture and other physical representation can be fully captured and explained |
| Keywords: | Organizational change, Interpretive, the concept of space, the role of space |
| JEL: | M0 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:cms:1icm11:2011-009-110&r=sea |
| By: | Seri Bunian Mokhtar (Universiti Kebangsaan Malaysia, Selangor, Malaysia); Saemah Rahman (Universiti Kebangsaan Malaysia, Selangor, Malaysia); Helan Nor (Politeknik Sultan Abdul Halim Mu’adzam Shah (POLIMAS), Kedah, Malaysia); Seri Intan Mokhtar (Universiti Malaysia Kelantan, Kelantan, Malaysia); Norliza Md Yusof (Politeknik Sultan Abdul Halim Mu’adzam Shah (POLIMAS), Kedah, Malaysia); Rosli Idris (Politeknik Sultan Salahuddin Abdul Aziz Shah, Malaysia) |
| Abstract: | The learning environment plays important roles in the cognitive, effective and social students. Reviewing the learning environment is given due attention to this day because of its importance in helping to improve learning outcomes. This study will look at the selection and review of the measurement items of learning environment factors in Technical Institutions in the country. Variables to be examined in this study are assessment, teaching approaches, learning community, learning resources, work load, the clear objectives. Respondents consisted of 455 final semester engineering students. Data were analyzed descriptively for reliability (Cronbach Alpha values) and factor analysis was used to obtain 6 factor solutions (Eigenvalues and KMO) using SPSS 17 software. Results showed that 6 factor solutions with Eigen values above 1.0. The value of Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0.868> 0.6 is adequate for inter-correlation while Barlett Test was significant(Chi Square = 5962.485, p <0.05). The anti-image correlation matrix by The Measure of Sampling Adequacy (MSA) is more than the value of 0.5. Items O2, PP6, PP7, PP5, P1, SP3 and SP4 dropped based on the criteria by Hair et al (2006), where each item should exceed the value of 0.50. Total variance explained for this loading was 61.51% |
| Keywords: | assessment, teaching approach, learning community, learning resources, work load, clear objectives |
| JEL: | M0 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:cms:1icm11:2011-006-101&r=sea |
| By: | Orachos Napasintuwong Artachinda (Department of Agricultural and Resource Economics,Faculty of Economics,Kasetsart University,Thailand); |
| Keywords: | directed technical change, induced innovation |
| JEL: | O31 O33 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:kau:wpaper:201101&r=sea |