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Are Government-Linked Corporations Crowding out Private Investment in Malaysia?

  • Menon , Jayant

    (Asian Development Bank)

  • Ng, Thiam Hee

    (Asian Development Bank)

Private investment in Malaysia has been sluggish since the Asian financial crisis. One explanation is that the growing presence of government-linked corporations (GLCs) has been crowding out private investment. For the first time, we provide empirical evidence on the relationship between GLC presence and private investment. We find that when GLCs are dominant in an industry, investment by private firms is significantly negatively impacted. Conversely, when GLCs do not dominate an industry, the impact on private investment is not seen. To revive private investment in Malaysia, government must not only redress its growing fiscal deficit, but also expedite its program of divestment.

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Paper provided by Asian Development Bank in its series ADB Economics Working Paper Series with number 345.

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Length: 16 pages
Date of creation: 30 Apr 2013
Date of revision:
Handle: RePEc:ris:adbewp:0345
Note: http://www.adb.org/sites/default/files/pub/2013/ewp-345.pdf
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  1. R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
  2. Ann E. Harrison & Margaret S. McMillan, 2001. "Does Direct Foreign Investment Affect Domestic Firms' Credit Constraints?," NBER Working Papers 8438, National Bureau of Economic Research, Inc.
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