ASEAN Economic Bulletin Vol. 10/1 (Jul 1993)

Contents

• Preliminary pages

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• ARTICLES
• Emerging Equity Markets: Tapping into Global Investment Flows, by Ingo Walter, author see abstract
  In recent years, many developing countries have undertaken important, policy reforms, including measures intended to stimulate domestic and international investor interest in locally issued and traded shares, in order to professionalize local equity markets and mobilize investor capital for future, more complex stages of economic growth. This study assesses emerging-market characteristics, specifically market capitalization, trading volumes, turn-over ratios and cross-border equity flows. It then links these developments to international investor interest, particularly in the light of the low correlations that exist between the return performance of emerging and developed equity markets and the resulting unusually high value to asset-holders of international portfolio diversification. We then identify the principal quantitative and structural factors that appear to explain the differential growth and development of emerging equity markets, both conceptually and empirically, using straight-forward pooled regression methodology. Policy options for improving the functioning of emerging equity markets and their linkage into one of the most rapidly evolving dimensions of global capital flows are discussed.
• Exports and Total Capital Inflows as Sources of ASEAN Economic Dynamism: Policy Issues for the Future, by Mangat Ram Aggarwal, author see abstract
  This study examines theoretically and empirically the behavioural relation between exports, particularly foreign capital inflows, and economic growth in the member countries of the Association of Southeast Asian Nations (ASEAN) during the last two decades, and suggests a pragmatic approach for the coming decade, under the current international economic scenario, for achieving the goal of overall faster economic growth with equity.
• Sources of Comparative Advantage in the International Trade of the ASEAN Countries, by Dean A DeRosa, author see abstract
  The new ASEAN Free Trade Area raises important questions about the economic efficiency and welfare benefits of preferential trading arrangements among developing countries that are related fundamentally to the complementarity of relative endowments of productive resources between countries. Econometric investigation of the sources of comparative advantage in ASEAN trade with a large sample of industrial and developing countries indicates that greater economic gains should be expected from expanding ASEAN trade relations on a non-discriminatory, multilateral basis than from expanding them on a preferential, regional basis.
• ASEAN as a Model for Third World Regional Economic Co-operation?, by Hans C Blomqvist, author see abstract
  The purpose of this article is to evaluate the usefulness of the Association of Southeast Asian Nations (ASEAN) to its members and to what extent it may be used as a model for regional co-operation by other Third World countries. The direct impact of ASEAN on economic development in Southeast Asia cannot be considered of decisive importance to date. However, ASEAN was instrumental in preserving peace and stability in the region, which probably was a crucial factor conducive to the favourable developments. The patient, gradual deepening of relations between the member countries also seems to have prepared the ground for more substantial future co-operation and integration. The main lesson for other countries is probably the fact that ASEAN was able to accomplish a great deal for the very reason that its ambitions were realistic and not overly far-reaching in the first place.
• Comparative Economic Growth: Catching Up in East Asia, by Bernhard Heitger, author see abstract
  This article examines Japan's catching up with the West. It is argued that Japan after the war could benefit from a large technological gap, i.e. bring into production a large backlog of technological innovations pioneered by the technological leader. Favourable socioeconomic conditions for Japans "social capability" to successfully exploit best-practised technologies as well as strong investment efforts characterized the shining example of the Japanese. The Asian Newly Industrialized Countries (NICs) seem to have followed similar strategies of economic development. Their economic success advises other countries to adopt outward-oriented policies in economic development and thus to join the convergence club.
• Total Factor Productivity Growth in Malaysian Resource Based Industries, by Maisom Abdullah, Mohamad Ariff Hussein, authors see abstract
  Alternative estimates of Total Factor Productivity (TFP) growth in forty-three five-digit Malaysian resource based industries are measured using the popular Gallop-Jorgenson Model. The results confirm various suggestions that productivity levels in Malaysian manufacturing industries are below those of their competitors in other countries. The five-digit sectoral analysis provides a number of interesting observations, i.e. consumer goods industries, export-oriented industries and downstream activities tend to experience relatively higher TFP growth levels than capital-intensive industries with excess capacities and heavily protected industries. Empirical evidence of Malaysian resource based industries seem to confirm findings in other countries.
• DOCUMENTATION: First Consultative Meeting for the Promotion of Foreign Direct Investment in ASEAN Countries. Memorandum of Understanding among Authorities of ASEAN Countries Responsible for Investment Promotion. Jakarta, 8-9 February 1993

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• DOCUMENTATION: Joint Press Release on the Meeting of ASEAN and Indian Senior Officials on the Establishment of Sectoral Dialogue Relations between ASEAN and India, New Delhi, 16-17 March 1993

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• DOCUMENTATION: Press Communiqu of the Development Committee of the Boards of Governors of the World Bank and the IMF, Washington, 1 May 1993

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• DOCUMENTATION: Summary of Pacific Economic Outlook 1993-94

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• BOOK REVIEW: Banking on the Rural Poor, by David S Gibbons and Shukor Kassim, by Ponniah Arudsothy , author

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• BOOK REVIEW: Indonesia Assessment 1991, edited by Hal Hill, by Umar Juoro, author

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• BOOK REVIEW: Pacific Basin Industries in Distress: Structural Adjustment and Trade Policy in Nine Industrialized Economies, edited by Hugh Patrick and Larry Meissner, by Rolf J Langhammer, author

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• BOOK REVIEW: Human Resources Development in South Asia, edited by Sirajuddin H Salleh and Sant B Gurung, by B N Ghosh, author

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• BOOK REVIEW: Burning Question: Environmental Limits to Energy Growth in Asian-Pacific Countries during the 1990s, edited by K V Ramani, Peter Hills and Grace George; and Energy Policy Implications of hte Climatic Effects of Fossil Fuel Use in the Asia-Pacific Region, by UNESCAP Energy Policy Implications of the Climatic Effects of Fossil Fuel Use in the Asia-Pacific Region. By United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), by Shankar Sharma (A), author

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• Conferences, Workshops, and Seminars

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• DOCUMENTATION: ASEAN Chronology 1993

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• Some Recent Publications

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