The Asian financial crisis of 1997~1998 was the catalyst for the movement toward regional cooperation between Asian countries, having triggered the common interests and vulnerabilities among the affected nations. As a result, policymakers have resorted to financial integration to unleash their potentials. Nevertheless, this approach is still in its infancy, largely underpinned by the heterogeneity in institutional and structural characteristics of the financial systems between countries. The authorities are cautious, as there is a trade-off between liquidity of capital markets and financial/economic stability. Considering these scenarios, the present study attempts to examine the dynamic relationship between financial integration and growth in Asian regions. Specifically, this study aims to investigate the financial-growth nexus pre-crisis (1980~1995) and post-crisis (1998~2015) as well as throughout the study period (1980~2015). The results of this study show a significant financial-growth relationship pre-crisis, but the impact wanes in the post-crisis and overall time periods. The results indicate to policymakers the heterogeneous characteristics of each country and to what extent financial integration should be emulated from their European counterparts.
The complex global value chains underlying the Regional Comprehensive Economic Partnership (RCEP) raise an important question on the macroeconomic (output, inflation, exchange rate, and interest rate) exposure of ASEAN to output shocks in the non-ASEAN-RCEP members, within the context of expanded regional architecture. This paper uses quarterly data from 1995 to 2018 to estimate a global vector autoregressive (GVAR) model, specially constructed for the RCEP. The GVAR model disentangles the effects and spillovers from output shocks originating in the non-ASEAN-RCEP through various trade channels -direct and indirect, and total exports and foreign value-added (FVA). The model also quantifies the impact of global (the price of oil and materials) shocks on ASEAN through trade linkages. The output shocks in the non-ASEAN-RCEP have persistent effects on output growth in ASEAN when transmitted through the intermediary FVA channel than the export channel. The FVA channel is also important for propagating global shocks in the form of oil and material prices. The findings confirm that output in ASEAN is also highly exposed to output shocks originating in the non-ASEAN-RCEP economies.The FVA trade channel is vital for explaining the spillovers from the regional output shocks and global price shocks.
This paper examines the post selective policy consequences on the university research performance, specifically between research universities (RUs) and non‐research universities (non‐RUs). The evidence shows significant achievement in scientific publications and patenting activities, due to additional funding allocation. Nevertheless, the overall efficiency performance is still low because of lack of efficiency in innovation efficiency and, starting 2010, in value creation efficiency. Non‐RUs are catching up in efficiency gains and have greater efficiency on value creation. This suggests that non‐RUs have concentrated on the revenue generation whereas RUs have picked the easier target, research publications and patenting activities, to justify funding.
Economic liberalization has been the emphasisof adjustment policies in developing countries; ASEAN countries jumped on the bandwagon and espousedeconomic reforms by liberalizingits international trade andfinancial policies. Through the development of free tradeagreement policies such as AEC and RCEP,regional economic integration is accelerating in South East Asia; not leaving behind the less developed member countries such as Cambodia, Lao PDR, Myanmar and Vietnam (CLMV). Hence, the objectives ofthis paper are to examine the dynamic impact of economic liberalization (financial and trade liberalization) on ASEAN’seconomic growth and to assess the possibility of the existence of convergence club between ASEAN and its RCEPcounterparts. Using the annual data covering the period of 1994to 2014, the analysis is based on the Pooled Mean Group (PMG) estimations for liberalization analysis while the Phillips and Sul (2007) methodology is used to assess the economic convergence clubs. The empirical evidence suggests that both trade and financial liberalization play a significant role in ASEAN’seconomic growth. For convergencein RCEP,full sample find an absence of homogenous convergence;as a result, four club convergencesare formed.The result highlights the importance of trade and financial liberalization in enhancing economic growth of ASEANandimpliesthat strong commitments in continuation of liberalization and integration policies arerecommended to promote a sustained economic growth.
The main objective of this paper is to examine the impact of economic liberalisation on economic growth. This paper also explores the relationship between trade and financial liberalisation. The analysis focuses on all ASEAN countries as well as China and India. Using the Generalised Method of Moment (GMM) dynamic panel data analysis, this paper finds that economic liberalisation is significantly related to economic growth in ASEAN6 and CLMV. For ASEAN, China, and India as a whole, trade openness has no significant impact on economic growth. However, a strong financial growth nexus exists. In ASEAN6 and CLMV, the results indicate that economic liberalisation leads to economic growth
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