Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors / Yong Sarah Zhou.

Format:

Book

Government document

Author/Creator:

Zhou, Yong Sarah.

Series:

IMF Working Papers; Working Paper ; No. 2013/013

IMF Working Papers

Language:

English

Subjects (All):

Investments--Southeast Asia.

Investments.

Investments--Southeast Asia--Econometric models.

Physical Description:

1 online resource (26 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis.

Contents:

Cover; Contents; I. Introduction; Figures; 1. Emerging Asia: Investment and GDP Growth; 2. Emerging Asia: Credit to the Private Sector; 3. Emerging Asia: Savings and Investment; II. Credit and Investment in Post Crisis Asia: Some Stylized Facts; 4. ASEAN-3: Gross Capital Formation; 5. ASEAN-3: Nontradable Sector Output; 6. ASEAN-3: Loans to the Nontradable Sector; 7. ASEAN-3: Net Exports; III. Why Credit Slump? Why Nontradable Sector Get Hurt Most?; 8. ASEAN-3: Private Capital Flows; IV. Macro Evidence for Nontradable Sector's Credit Constraint; Tables

1. Classification of Nontradable and Tradable Sector for Graphs and Aggregate EstimationV. Micro Evidence for Nontradable Sector's Credit Constraint; 2. Panel Regression for the Nontradable Sector Output with Time and Country Fixed Effects; A. Data; 3. Variable Definitions for Firms Level Regressions; B. Methodology; C. Main Results; 4. Investment Equations; D. Robustness Tests; 5. Nontradable Firms Investment Equations; V. Conclusion; Appendices; 1. Sectoral and Size Distributions for Individual Countries; 2. Descriptive Statistics for Key Variables; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475564679

1475564678

9781475545562

1475545568

9781299264632

1299264638

9781475534900

1475534906