{"title":"Malaysia’s Investment Malaise: What Happened and Can It Be Fixed?","authors":"Jayant Menon","doi":"10.2139/SSRN.2122184","DOIUrl":"https://doi.org/10.2139/SSRN.2122184","url":null,"abstract":"Private investment in Malaysia has never fully recovered from the impact of the Asian financial crisis (AFC). Both domestic and foreign investment have remained lackluster post-AFC; while foreigners continue to shun Malaysia, it seems even domestic investors are fleeing as well, with Malaysia having become a net exporter of capital since 2005. The crucial questions are: what happened and can it be fixed? We argue that the investment malaise can be attributed to two interrelated factors: (i) distortions introduced by the New Economic Policy (NEP) and its reincarnates, and (ii) the widespread presence and overbearing influence of government-linked corporations (GLCs) that deter new investment. While the impacts of both factors may have been masked during the heady days leading up to the AFC, this is no longer the case in the current competitive environment where residency options for both capital and skilled labor are much greater. Fixing the problem requires addressing the distortions of the NEP and curtailing the influence of the GLCs. Although there have been a few recent moves to dilute the NEP, some of these measures have already been reversed. Similarly, while there has been an active program of divestment from GLCs, there have also been GLC acquisitions in new sectors, making it more of a diversification than a divestment program. Malaysia’s investment malaise can be fixed, but not in this way.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133647124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Brief Comparison between the Economic Progress of China and India","authors":"Clark Liu","doi":"10.2139/SSRN.2111279","DOIUrl":"https://doi.org/10.2139/SSRN.2111279","url":null,"abstract":"This article makes a brief comparison between China and India economic progress.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115816073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Engaging Small and Medium Enterprises in Production Networks: Firm-Level Analysis of Five ASEAN Economies","authors":"G. Wignaraja","doi":"10.2139/ssrn.2071547","DOIUrl":"https://doi.org/10.2139/ssrn.2071547","url":null,"abstract":"The Association of Southeast Asian Nations (ASEAN) small and medium enterprises (SMEs) are under scrutiny for their engagement in production networks following recent emphasis on increasing intra-regional trade, rebalancing, and inclusive growth in Asia. Using a data set covering 5,900 firms in five ASEAN economies at different stages of development, this paper analyses the participation of SMEs in production networks, determinants, and policy implications. It finds that although large firms dominate production network engagement in ASEAN economies, there are signs that SMEs have modestly increased their participation since the late-1990s. This is linked to firm-specific factors (e.g., firm size, foreign ownership, skills, technological capabilities, and access to credit) as well as a supportive business environment. Tackling residual supply-side and policy constraints can further the participation of ASEAN SMEs in production networks.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"180 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116456790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Chosen Tax-Related and Economic Aspects of Choosing the Method of Equity Financing in Relation to Thin Capitalisation in the Countries of OECD","authors":"D. Gajewski","doi":"10.5709/CE.1897-9254.36","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.36","url":null,"abstract":"The present publication is concerned with the process of thin capitalization in the countries of OECD. Two methods for financing companies are discerned in relation to this phenomenon, i.e. debt and equity financing. The tax-related consequences of the method of equity financing of companies are assessed against thin capitalization. It is the very tax policy of companies that has a direct influence on the economic consequences of the functioning of these companies. The process of taxation of the phenomenon of thin capitalization may be highly varied depending on the adopted method. Tax-related consequences demonstrate how complicated this process is irrespective of the country in which it takes place. The issue is even more complicated in the case of taxation of this process in companies conducting cross-border activity.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125675248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Is Black Market Exchange Rate a Good Indicator of Equilibrium Exchange Rate? A Simple Test with Evidence from South Asia","authors":"M. Emran, Forhad Shilpi","doi":"10.2139/ssrn.1552885","DOIUrl":"https://doi.org/10.2139/ssrn.1552885","url":null,"abstract":"The black market exchange rate premium is widely used in the empirical literature as an indicator of trade and exchange rate distortions. This paper presents a simple test of the null hypothesis that the black market exchange rate is a reliable indicator of the equilibirum exchange rate. The evidence from India and Sri Lanka rejects the null, and thus raises serious doubts about the validity of the current empirical practice.","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"315 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124254351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Abnormal Returns After Large Stock Price Changes: Evidence from Asia-Pacific Markets","authors":"T. Nguyen, V. Pham, Thuy-Duong Tô","doi":"10.1016/S1569-3767(07)00010-6","DOIUrl":"https://doi.org/10.1016/S1569-3767(07)00010-6","url":null,"abstract":"","PeriodicalId":214141,"journal":{"name":"INTL: Emerging Asian Markets (Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114283501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}