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Post-Crisis Investment Performance of ASEAN Countries : Impact of FDI

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  • Shandre M Thangavelu

    (Singapore Centre for Applied and Policy Economics)

  • Aekapol Chongvilaivan

Abstract

The paper studies the post-Asian crisis investment performance of crisis affected countries in ASEAN. The empirical evidence clearly indicates that the ASEAN and East Asian countries are emerging from the Asian crisis with strong output growth. As expected, the output growth seems to be driven by the growth in export sector. The growth in the post-crisis period indicates that it is reaching the level similar to that of the pre-crisis. However, the paper highlights that the output growth in the post crisis period is also observed with rising unemployment rate, growth government deficit, and declining FDI inflows into the South-East Asian region. The empirical evidence also indicates that there is a fundamental shift in the industrial structure of the South- East after the Asian crisis. This directly raises the issue of sustainability of the output growth in the post-crisis period.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series EABER Working Papers with number 21857.

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Date of creation: Jan 2007
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Handle: RePEc:eab:wpaper:21857

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Keywords: Singapore; development; institutions; finance;

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  1. Balasubramanyam, V N & Salisu, M & Sapsford, David, 1996. "Foreign Direct Investment and Growth in EP and IS Countries," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(434), pages 92-105, January.
  2. V. N. Balasubramanyam & M. Salisu & David Sapsford, 1999. "Foreign direct investment as an engine of growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(1), pages 27-40.
  3. Nair-Reichert, Usha & Weinhold, Diana, 2001. " Causality Tests for Cross-Country Panels: A New Look at FDI and Economic Growth in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 63(2), pages 153-71, May.
  4. Robert E. Lipsey & Zadia Feliciano, 2002. "Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms," NBER Working Papers 9122, National Bureau of Economic Research, Inc.
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