Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors
| Autor: | Yong Sarah Zhou |
|---|---|
| Rok vydání: | 2013 |
| Předmět: |
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Monetary economics Investment (macroeconomics) Recession Tobin's q Financial crisis Economics Emerging markets Bank credit Association of Southeast Asian Nations Asia Corporate investment Credit Cross country analysis Indonesia Malaysia Investment Private investment Thailand Tobin’s Q asian crisis capital markets pre-crisis financial crisis General Earth and Planetary Sciences Macro China Capital market General Environmental Science media_common |
| Zdroj: | IMF Working Papers. 13:1 |
| ISSN: | 1018-5941 |
| DOI: | 10.5089/9781475533736.001 |
| Popis: | 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. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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