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

Author

Listed:
  • 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.

Suggested Citation

  • Shandre M Thangavelu & Aekapol Chongvilaivan, 2007. "Post-Crisis Investment Performance of ASEAN Countries : Impact of FDI," EABER Working Papers 21857, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:wpaper:21857
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    File URL: http://www.eaber.org/node/21857
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    References listed on IDEAS

    as
    1. Balasubramanyam, V N & Salisu, M & Sapsford, David, 1996. "Foreign Direct Investment and Growth in EP and IS Countries," Economic Journal, Royal Economic Society, vol. 106(434), pages 92-105, January.
    2. Zadia M Feliciano & Robert E Lipsey, 2017. "Foreign Entry into US Manufacturing by Takeovers and the Creation of New Firms," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(1), pages 1-16, January.
    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 153-171, May.
    4. 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, vol. 8(1), pages 27-40.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Singapore; development; institutions; finance;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • D00 - Microeconomics - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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