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Financing Southeast Asia's Economic Development

Nick J Freeman

Publication Year: 2003

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.

Published by: Institute of Southeast Asian Studies

Title Page, Copyright

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pp. iii-iv

Contents

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pp. v-vi

List of Tables

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pp. v-vi

List of Figures

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pp. vii-x

Acknowledgements

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pp. xi-xii

Contributors

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pp. xv-xvi

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1. External Financing under Financial Globalization: An East Asian Perspective

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pp. 1-32

In the 1990s, capital account transactions expanded far beyond current account counterparts, across both developed and developing economies.1This new “financial globalization” trend has been produced by two recent developments: financial liberalization and financial innovation.2 Both trends tend ...

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2. Managing the Debt Burden in Southeast Asia

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pp. 33-59

Despite a reputation for being fiscally conservative, governments across the Southeast Asian region have seen rapid increases in their debt to gross domestic product (GDP) ratios over the last few years. More than half the countries have debt/GDP ratios that exceed the 60 per cent Maastricht ...

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3. Commercial Bank Lending and Restructuring in the ASEAN-5 Countries

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pp. 60-96

A number of works in the literature establish the existence of a causal link between finance and growth and development. For example, see Beck and Levine (2001), Gourinchas et al. (2001), Rajan and Zingales (1998), and Levine and Zervos (1998). In addition, a growing body of economic ...

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4. The Challenges of Microfinancing in Southeast Asia

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pp. 97-161

This chapter examines the circumstances of seven Southeast Asian countries in which institutional microfinance has developed to some significant degree. The treatment is broad-brushed, since it is written as a contribution to a wide-ranging discussion of the capacity of financial systems in ...

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5. Opportunities and Trends in the ASEAN Project Finance Environment

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pp. 162-175

Prior to 1990, project financing did not play a significant role in the raising of capital for infrastructure projects in the ASEAN countries (or indeed, in any of the countries in East Asia). Historically, sponsors and developers of East Asian infrastructure projects had either relied on traditional ...

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6. Developing the Role of Venture Capital in Southeast Asia

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pp. 176-194

The development of the venture capital (VC) industry in Southeast Asia is at various stages: from the quite mature stage of Singapore, to the developing stage of Malaysia, Thailand, and some others countries in the region. In addressing this topic, the chapter primarily examines the Malaysian experience ...

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7. Reviving Foreign Direct Investment Inflows in Southeast Asia

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pp. 195-207

East Asia, including Southeast Asia, emerged as the primary success story, albeit nuanced, of the later part of the last century. Rapid rates of growth — in country after country, from Singapore and Malaysia to Korea and China —have led to vast numbers of people (the most ever in a single period of history) being lifted ...

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8. Developing the Fledgeling Debt Securities Markets in Southeast Asia

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pp. 298-244

ASEAN economies have long recognized the importance of developing a deep and broad domestic debt securities market to complement the banking system in efficiently mobilizing and allocating financial resources.1 However, it was only in the early 1990s that they started to make bold steps to build ...

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9. Developing and Deepening the Equity Markets of Southeast Asia

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pp. 245-280

Lessons to be learnt from the Asian financial crisis that struck much of Southeast Asian in 1997–98 are numerous and have now been fairly well rehearsed. One of these lessons is that an over-reliance on just one or two principal sources of financing can pose potential problems for an economy. Throughout ...

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10. Regional Financial Integration in Southeast Asia

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pp. 281-314

For trade in goods, Southeast Asia is effectively a free trade area. When the Agreement for the CEPT (Common Effective Preferential Tariff) Scheme, leading to the ASEAN Free Trade Area (AFTA), first came into effect in 1993, ASEAN countries gave themselves fifteen years to bring all tariffs down to ...

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11. The Role of Multilateral Lending and Development Agencies in Southeast Asia

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pp. 315-342

Multilateral institutions and their lending activity have received close attention since their establishment. The creation of the International Monetary Fund (IMF), the World Bank, and the various regional development banks (such as the Asian Development Bank [ADB]) as international ...

Appendix 1. Project Finance in Southeast Asia’s Water and Sanitation Sector

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pp. 343-348

Appendix 2. Financing Electricity and Gas Supply in Southeast Asia: The Role of Intergovernmental Co-operation

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pp. 349-364

Index

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pp. 365-372


E-ISBN-13: 9789812306128
Print-ISBN-13: 9789812301819

Page Count: 372
Publication Year: 2003

Edition: 1

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Subject Headings

  • Finance -- Southeast Asia -- Congresses.
  • Financial institutions -- Southeast Asia -- Congresses.
  • Southeast Asia -- Economic conditions -- Congresses.
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