IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Inversión y ajuste macroeconómico: El caso del Este de Asia

  • Larraín, Felipe

    (Pontificia Universidad Católica de Chile)

  • Vergara, Rodrigo

    (Unidad Asesora de Política Económica, Banco Central de Chile)

One of the most impressive features of the succesfull East Asian economies has been their ability to mantain very high rates of investment. Beyon any doubt, this factor has been crucial in determinig their growth performance over the past three decades. This paper attempets to expalin the evolutionn of investment in four East Asian economies: Korea, Singapore, Thailand and Malaysia. In particular the aim is to identify the determinants of private investment, and to measure its response to different variables. It is found that private investment in these countries is explained well by a handful of variables. on the one, hand an increase in GDP growth, public investment or credit availability exert a positive and significant influence over private investment. On the other hand, higher external debt, real interest rates or real exchange rate variability are a clear desincentive to private investment.// Una de las características más sobresalientes de las economías exitosas del Este de Asia es la alta tasa de inversión que han logrado mantener a lo largo del tiempo. Sin lugar a dudas esto ha sido un determinante fundamental de las elevadas tasas de crecimiento económico presentadas por estos países en las pasadas tres décadas. El propósito de este artículo es explicar la evolución de la inversión en cuatro países del Este de Asia: Corea, Singapur, Tailandia y Malasia. En particular, se pretende identificar los principales determinantes de la inversión privada y medir el grado de respuesta de ésta ante cambios en diversas varaibles. Se concluye que la inversión privada en estos países es explicada por un número reducido de variables. Por una parte, una mayor tasa de crecimiento del PIB, una inversión pública más alta y mayor disponibilidad de crédito producen un efecto positivo en la inversión privada. Por otra parte, un incremento en la deuda externa, en la tasa real de interés o en la volatibilidad del tipo de cambio real afectan negativamente la inversión privada.

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LX(2) (1993)
Issue (Month): 238 (abril-junio)
Pages: 293-351

as
in new window

Handle: RePEc:elt:journl:v:60:y:1993:i:238:p:293-351
Contact details of provider: Web page: http://www.fondodeculturaeconomica.com/

Order Information: Postal: Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 6° piso,Col. Bosques del Pedregal, CP 14738, Tlalpan, Distrito Federal, México
Web: http://www.eltrimestreeconomico.com/ Email:


No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:60:y:1993:i:238:p:293-351. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rosa María González Mejía)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.