Finance Governance And Economic Performance In Pacific And South East Asia

'. . . this is an interesting and valuable collection of papers that addresses a highly topical area of research. The quality of writing is high in the main and the econometric methodology and models transparent. The appendices to many of the empirical chapters provide detailed information about data sources as well as model results. The book should be required reading for researchers and graduate students in this field, and the review papers provide valuable teaching material. It will be especially useful for those concerned with the contribution of governance structures to economic performance, financial crises and the still-disputed relationship between growth and financial liberalization.' - Jenifer Piesse, Asia Pacific Business Review Finance, Governance and Economic Performance in Pacific and South East Asia focuses on key aspects of government policy, financial systems and their links to the economic miracle in Pacific and South East Asia. It also considers the financial crises that have affected those economies and their economic progress. The contributors examine the success of governance in the form of government involvement with the macroeconomy, and with the deregulation of markets in general. Attention is drawn not only to the need for further liberalisation, but also the need to introduce regulatory structures to produce orderly markets.

This volume is a compilation of important papers relating to the financial, governance and political economy structures of the region, using a variety of methods and topics. Following the Asian crisis and subsequent global financial upheavals, policymakers and academics issued cries for institutional reform at the state and firm level; in many cases, reform was actually implemented rather than simply rhetorical. This volume begins by addressing issues relating to corporate governance within firms located in East Asia and as entities participating in corporate ownership elsewhere. Next, the key issues of globalization are directly addressed, including foreign direct investment into the region, integration among Southeast Asian countries and with the rest of Asia, and multinational enterprise investment strategies in Asia following initial entry decisions. Finally, the macroeconomic policies of state actors, and the effects of economic growth are examined. Contents:Introduction and Overview (Tony Cavoli, Siona Listokin and Ramkishen S Rajan)Entrepreneurship and Governance:Convergence in the Ownership and Governance of East Asian Firms (En-Te Chen, Stephen Gray and John Nowland)Asian and Non-Asian Institutional Investors and Proxy Access Proposals (Siona Listokin)Integration and Investment:Post-Foreign Entry Decisions by Global Retailers in Asian and Non-Asian Markets: Like or Unlike? (Sonia Ketkar)Intra-ASEAN FDI Flows and the Role of China and India: Trends and Determinants (Rabin Hattari, Ramkishen S Rajan and Shandre Thangavelu)Extent of Real Financial Integration in Asia: Some Patterns and Stylized Facts (Tony Cavoli)The Global Financial Crisis, Rise of China, and Changes in the Geographical Location of Control of Large Listed Companies (Ron McIver)Macroeconomic Policy:Intervention and Exchange Rate Regime Choice in Asia: Does the US Dollar Still Matter? (Tony Cavoli and Ramkishen S Rajan)Financial Instability Prevention (Andrew Hughes-Hallett, Jan Libich and Petr Stehlik) Readership: Academics, researchers, regulators and policymakers interested in economics, business and public policy in Asia. Keywords:Corporate Governance;Globalization;East Asian Firms;Financial Integration;Global Financial Crisis;Exchange Rate;Financial StabilityKey Features:An interdisciplinary approach to important issues in the regionAnalytically/Empirically based with a strong policy orientationOriented to Asia more generally, rather than just ASEAN, or East Asia

Investors are increasingly integrating environmental, social, and governance (ESG) issues into their investment decisions. Currently, more than half of managed assets in Europe are linked to ESG factors, while in Japan, ESG investment has grown dramatically in recent years. In principle, ESG investment can help to bridge the gap between profit-driven investment and economic and social sustainability in Asia and the Pacific. However, a number of challenges, such as unclear and varied sustainable investment criteria, untested impacts on corporate value and social issues, and the lack of quality data cloud the potential for increasing ESG investment. This book aims to contribute to developing a framework for future analysis and monitoring to ensure the growth of ESG investment.

This book examines the various policy options open to the ten countries of the region for improving and diversifying their financial resources. The Asian financial crisis exposed the vulnerabilities of Southeast Asia’s bank-based finance sector, and illustrated the pressing need to develop a more robust and multi-faceted financial infrastructure across the region. Looking ahead, sustained economic development in Southeast Asia will be constrained unless the region can embrace new sources of capital. Authored by experts in their respective fields, the chapters of this book examine such issues as the region’s current debt burden, the region’s banking sector since the 1997–98 crisis, micro-financing efforts in the region, new opportunities in project financing, developing venture capital capabilities, reviving foreign direct investment inflows, creating bond markets, developing the region’s lacklustre equity markets, and the potential benefits of financial integration.

What is the relationship between globalization and economic security? This is a keen new engagement with this key question, which uses detailed conceptual exploration and empirical analysis.

This book is aimed at readers who have limited or even no knowledge of the policy work carried out by Goh Keng Swee on the development of Singapore and the decisive influence his thinking continues to have on contemporary Singapore governance. The book further explores how Dr. Gohs developmental thinking and practices may be utilized by policy makers in developing economies within the Southeast Asian region and further abroad. His work in fact makes clear that developmental success is transferable between nations given the presence of pragmatic policy makers. Ultimately, the central aim of this book is to encourage further study and consideration of the words and work of one of Southeast Asias premier thinkers on development.

This book analyzes the institutional underpinnings of East Asia's dynamic growth by exploring the interplay between governance and flexibility. As the challenges of promoting and sustaining economic growth become ever more complex, firms in both advanced and industrializing countries face constant pressures for change from markets and technology. Globalization, heightened competition, and shorter product cycles mean that markets are increasingly volatile and fragmented. To contend with demands for higher quality, quicker delivery, and cost efficiencies, firms must enhance their capability to innovate and diversify. Achieving this flexibility, in turn, often requires new forms of governance--arrangements that facilitate the exchange of resources among diverse yet interdependent economic actors. Moving beyond the literature's emphasis on developed economies, this volume emphasizes the relevance of the links between governance and flexibility for understanding East Asia's explosive economic growth over the past quarter century. In case studies that encompass a variety of key industrial sectors and countries, the contributors emphasize the importance of network patterns of governance for facilitating flexibility in firms throughout the region. Their analyses illuminate both the strengths and limitations of recent growth strategies and offer insights into prospects for continued expansion in the wake of the East Asian economic crisis of the late 1990s. Contributions by: Richard P. Appelbaum, Lu-lin Cheng, Stephen W. K. Chiu, Frederic C. Deyo, Richard F. Doner, Dieter Ernst, Eric Hershberg, Tai Lok Lui, Rajah Rasiah, David A. Smith, and Poh-Kam Wong.

Pacific Asia has witnessed arguably the most dynamic economic growth and social transformation in the world since 1945. Exploring this extraordinary pace of development this book explains the various factors that lie behind it.