Showing papers in "Journal of Asian Economics in 2002"

TL;DR: In this article, the role of select macroeconomic variables, i.e., GNP, the consumer price index, the money supply, the interest rate, and the exchange rate on stock prices in five ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, and Thailand) was investigated.

TL;DR: In this paper, the authors proposed that China would require more input imports and ASEAN could provide as an alternative source of inputs for natural-resource based and intermediate inputs in an FTA.

TL;DR: The authors examines the dynamic interconnections between growth and equity over Vietnam's transition to a market economy and argues that the sustainability of Vietnam's achievements in reducing poverty is not assured, since greater inequality may undermine both the efficiency with which future growth will reduce poverty and make it politically more difficult to pursue pro-poor policies.

TL;DR: In this paper, the authors investigated whether subcontracting linkages are an important support mechanism for the development of Indonesian small and medium-scale enterprises (SMEs), and they estimated production functions and calculated indices of total factor productivity (TFP) based on micro-level data from 60 metalworking and machinery firms.

TL;DR: In this article, an econometric model for analyzing the impact of financial development, money, and public spending on Malaysian national income is presented. But there is no noticeable support either for the monetary policy or for the fiscal policy effectiveness in case of Malaysia.

TL;DR: In this article, the authors examined the short-term and long-term determinants of trade balances of five South Asian countries, using quarterly data from 1985 to 1998, and confirmed the existence of both short run and long run relationship between nominal effective exchange rates (NEER) and trade balances.

TL;DR: In this paper, the gap between SOEs and non-SOEs can be explained by just two factors: SOEs face higher circulation tax rates than non-soEs, and have a higher capital intensity.

TL;DR: In this article, the authors assess the impact of the change in government policy on the financing constraints of different types of Korean firms and find that firms with concentrated ownership are more financially constrained than firms with dispersed ownership.

TL;DR: Based on an extensive empirical analysis of relative shares of world output and trade, the case for Asian Economic Community (AEC) has been presented in this paper, and the model of 3 plus 5, three economies in Northeast Asia and five in Southeast Asia, may be the step one for the AEC.

TL;DR: In the past two centuries, the flow of ideas from one part of the world to another has increased enormously and the world's poor people have benefitted enormously as evidenced by a large increase in life expectancy in developing countries, a 60% decline in child mortality in less than four decades, a doubling of grain yields in developed countries after the mid-1960s, and a high increase in per capita caloric food supply.

TL;DR: In this paper, the authors provide an overview of the realities and reasons for proliferation of Regional Trade Agreements (RTAs) in Latin America and the Caribbean (LAC), and then proceeds to assess the evidence from the region as regards the following key analytical and policy issues raised by proliferation: has trade diversion been a serious problem in the RTAs and Free Trade Agreement (FTAs) engaged by LAC countries? Have RTAs been able to make more progress in liberalization than multilateral negotiations, or allowed member countries to integrate more deeply?

TL;DR: Indonesia is currently known as a country adopting the wrong sequencing in their liberalization process, and despite impressive economic performance in the 30 years before the recent crisis, Indonesia suffers from several weaknesses and vulnerabilities in both banking and corporate arenas as mentioned in this paper.

TL;DR: In this paper, the long-run demand for M2 in Malaysia using monthly observations from August 1973 to December 1995 was analyzed and the results indicated that the long run income elasticity is close to one and the opportunity cost variables (own rate and alternative return on money, including expected inflation rate) exhibit correct signs and acceptable magnitudes.

TL;DR: In this paper, the authors compared the investment efficiency in Singapore with the rest of Asia to determine whether Singapore's capital utilisation has been effective vis-a-vis other Asian economies.

TL;DR: In the 1990s, Japan had the lowest growth rate among the G7 economies as discussed by the authors, due to three major factors: short-term reaction to the over-expansion of the economy in the late 1980s, the on-going contraction of manufacturing, and long-term changes in the population structure.

TL;DR: In this paper, the authors provide an overview of Korea's fiscal stance after the financial crisis and the policy implications for fiscal consolidation by assessing fiscal sustainability, showing that the current primary deficit is too large and current taxes are too low to stabilize the debt ratio.

TL;DR: In this paper, the Thai government has implemented its restructuring program in both banking sector and corporate sectors, and expansionary fiscal policy has been implemented as well, although significant progress has achieved in financial restructuring, much remains to be done to take the Thai economy out of the recession.

TL;DR: In this paper, the authors explore the issue of convergence in rural development that takes into account both the increase in agricultural productivity and non-farm employment in rural areas, and find that there is a strong tendency to converge over time to the level of Kerala, the leading state in the initial period.

TL;DR: In this article, trade similarities among the recent currency crisis economies in Asia are estimated by the elasticity of substitution of national exports, which supports the hypothesis that the Asian currency crisis spreads among economies with similar and close trade ties.

TL;DR: In this paper, the authors compared the two approaches to finance and argued that a major problem with the bank-finance model used in many Asian countries is its minimization of bankruptcy risks.

TL;DR: In this paper, the authors estimate the equilibrium level of the real exchange rate for Indonesia in order to measure the extent of overvaluation of the rupiah at the time of the Asian crisis in 1997.

TL;DR: In the light of recent trade developments and new proposals under consideration, the authors need to understand the implications of trade developments, and evaluate carefully the possible effects of new trade proposals, and assess the effects of alternative arrangements for trade integration on regional and global trade patterns.

TL;DR: In this paper, the authors studied the interplay of two main factors that has an important bearing on the nature of deflationary pressure and its persistence in Hong Kong since 1997 and developed a theoretical framework for interpreting the post-1997 deflation that can also be applied to the understanding of the decade of inflation that preceded the onset of the Asian Financial Crisis and the subsequent global economic slowdown.

TL;DR: In this article, the authors examined possible ways for a developing country to finance budget deficits by drawing on domestic resources and concluded that bank deposits and NSS deposits appear to be net substitutes, as do NSS and foreign currency deposits.

TL;DR: In this article, the authors examined the sources of export fluctuations in Taiwan and South Korea using two structural VAR models and cointegration and found that changes in real variables have a significant and persistent influence on the variation of export growth while monetary disturbances have only a short-lived effect.

TL;DR: In this article, the authors give an insight into the external and internal factors that brought about the pro-active fiscal policy in China, and another integral part of this paper is on the emphases measures of the policy and how did they play function.