Explaining ASEAN-3's Investment Puzzle a Tale of Two Sectors ePub (Adobe DRM) download by Yong Sarah Zhou

Explaining ASEAN-3's Investment Puzzle a Tale of Two Sectors

INTERNATIONAL MONETARY FUND
Publication date: January 2013
ISBN: 9781475545562
Digital Book format: ePub (Adobe DRM)

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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.
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