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Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors, Yong Sarah Zhou

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis
Table Of Contents
Cover; Contents; I. Introduction; Figures; 1. Emerging Asia: Investment and GDP Growth; 2. Emerging Asia: Credit to the Private Sector; 3. Emerging Asia: Savings and Investment; II. Credit and Investment in Post Crisis Asia: Some Stylized Facts; 4. ASEAN-3: Gross Capital Formation; 5. ASEAN-3: Nontradable Sector Output; 6. ASEAN-3: Loans to the Nontradable Sector; 7. ASEAN-3: Net Exports; III. Why Credit Slump? Why Nontradable Sector Get Hurt Most?; 8. ASEAN-3: Private Capital Flows; IV. Macro Evidence for Nontradable Sector's Credit Constraint; Tables
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (26 p.)
Specific Material Designation
Form Of Item

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