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Journal of Southeast Asian Economies (JSEAE)

Vol. 20 (2003) through current issue

The Journal of Southeast Asian Economies (JSEAE) is a peer-reviewed journal focusing on economic issues pertaining to countries in the region – defined as the ten members of the Association of Southeast Asian Nations (ASEAN) and East Timor. JSEAE welcomes articles using orthodox economic approaches as well as those of a more heterodox nature. Oriented at both researchers and policy-makers, the journal seeks to reconcile the ideals of relevance, methodological rigour, and accessibility.

JSEAE is published three times a year, in April, August, and December. Each issue includes: articles based on original research; research notes; review articles; and book reviews. Once a year, the Journal publishes a Special Issue devoted entirely to a topic of import for the region.

JSEAE was published under its former title of ASEAN Economic Bulletin through Volume 29, Number 3, December 2012, (E-ISSN: 1793-2831, Print ISSN: 0217-4472).

Published by: Institute of Southeast Asian Studies


E-ISSN: 2339-5206
Print ISSN: 2339-5095

Submission Guidelines

Submissions of articles to ASEAN Economic Bulletin are welcome. We particularly encourage article submissions from young professionals, including those who have recently completed their Ph.D. or are at an advanced stage in their doctoral research.

Articles should be of contemporary economic interest and have clear policy relevance. They should be pertinent to the Association of Southeast Asian Nations (ASEAN) or its member countries. Each article should be between 3,000 and 6,000 words in length. Articles should also be of an acceptable standard of English (i.e., they should be clear and comprehensible). The broad format should be scholarly, but tables, figures, citations, footnotes, and quotations should be kept to a minimum level essential for the analysis or descriptions intended. Articles must be accompanied by an abstract of approximately 100 words.

Articles submitted to the journal should be original contributions and should not be under consideration by any other publication. They are subject to external blind refereeing. Electronic submissions are preferred and should be sent as an e-mail attachment to: aeb@iseas.edu.sg. Alternatively, articles can be sent by post, in duplicate, together with a soft copy in a diskette to:

The Co-editors
ASEAN Economic Bulletin
Institute of Southeast Asian Studies
30 Heng Mui Keng Terrace,
Pasir Panjang
Singapore 119614

For more information, please contact the Co-editors at e-mail: aeb@iseas.edu.sg

Indexing/Abstracting

  • Asian Pacific Economic Literature
  • Business Source Elite
  • Corporate ResourceNet
  • EconLit
  • Expanded Academic ASAP
  • InfoTrac Custom Journals
  • International Bibliography of Book Reviews of Scholarly Literature (IBR) Print/Online/CD-ROM
  • International Bibliography of Periodical Literature (IBZ), Print/Online/CD-ROM
  • Journal of Economic Literature
  • OneFile
  • PAIS International
  • Peace Research Abstracts
  • ProQuest Information and Learning
  • Resources for Economists
  • South-East Asia Product Database
  • World Affairs Online.

Editorial Board

Volume 32, Number 1, April 2015

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Cassey Lee

Co-Editors

Sanchita Basu Das

Jayant Menon

Reza Y. Siregar

Tham Siew Yean

Assistant Editor

Reema Bhagwan Jagtiani

Book Review Editor

Michael Yeo Chai Ming

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Sean Turnell
Macquarie University, Sydney

Shahid Yusuf
George Washington University, Washington, D.C.

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 31, Number 3, December 2014

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Co-Editors

Sanchita Basu Das

Jayant Menon

Reza Y. Siregar

Tham Siew Yean

Assistant Editor

Reema Bhagwan Jagtiani

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Sean Turnell
Macquarie University, Sydney

Shahid Yusuf
George Washington University, Washington, D.C.

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 31, Number 2, August 2014

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Co-Editors

Sanchita Basu Das
Cassey Lee
Jayant Menon
Reza Y. Siregar
Tham Siew Yean

Assistant Editor

Reema Bhagwan Jagtiani

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Sean Turnell
Macquarie University, Sydney

Shahid Yusuf
George Washington University, Washington, D.C.

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 31, Number 1, April 2014

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Co-Editors

Sanchita Basu Das
Cassey Lee
Jayant Menon
Reza Y. Siregar
Tham Siew Yean

Assistant Editor

Reema Bhagwan Jagtiani

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Sean Turnell
Macquarie University, Sydney

Shahid Yusuf
George Washington University, Washington, D.C.

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 30, Number 3, December 2013

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Co-Editors

Sanchita Basu Das
Aekapol Chongvilaivan
Lee Poh Onn
Jayant Menon

Assistant Editor

Reema Bhagwan Jagtiani

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Cassey Lee
University of Wollongong, Australia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Reza Y. Siregar
ASEAN+3 Macroeconomic Research Office (AMRO), Singapore

Tham Siew Yean
Universiti Kebangsaan Malaysia

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 30, Number 2, August 2013

Chairperson

Tan Chin Tiong

Managing Editor

Francis E. Hutchinson

Co-Editors

Sanchita Basu Das
Aekapol Chongvilaivan
Lee Poh Onn
Jayant Menon

Assistant Editors

Thanut Tritasavit
Reema Bhagwan Jagtiani

Production Editor

Rahilah Yusuf

International Advisory Committee

Richard Barichello
The University of British Columbia, Canada

Anne Booth
University of London, U.K.

Le Dang Doanh
Central Institute for Economic Management, Vietnam

Hal Hill
The Australian National University

Fukunari Kimura
Keio University, Japan/Economic Research Institute for ASEAN and East Asia, Indonesia

Cassey Lee
University of Wollongong, Australia

Michael G. Plummer
Johns Hopkins University, Italy

Euston Quah
Nanyang Technological University, Singapore

Ramkishen S. Rajan
George Mason University, USA

Razeen Sally
National University of Singapore

Reza Y. Siregar
ASEAN+3 Macroeconomic Research Office (AMRO), Singapore

Tham Siew Yean
Universiti Kebangsaan Malaysia

Juzhong Zhuang
Asian Development Bank, Philippines

Volume 30, Number 1, April 2013

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 29, Number 3, December 2012

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 29, Number 2, August 2012

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 29, Number 1, April 2012

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 28, Number 3, December 2011

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 28, Number 2, August 2011

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 28, Number 1, April 2011

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 27, Number 3, December 2010

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 27, Number 2, August 2010

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 27, Number 1, April 2010

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 26, Number 3, December 2009

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 26, Number 2, August 2009

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 26, Number 1, April 2009

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 25, Number 3, December 2008

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 25, Number 2, August 2008

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 25, Number 1, April 2008

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 24, Number 3, December 2007

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 24, Number 2, August 2007

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 24, Number 1, April 2007

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 23, Number 3, December 2006

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 23, Number 2, August 2006

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

Volume 23, Number 1, April 2006

Chairperson

K. Kesabapany

Co-Editors

Nick J. Freeman
Denis Hew
Sakulrat Montreevat
Rahul Sen

Book Review Editor

Lee Poh Onn

Assistant Editors

Chang Chiou Yi
Ng Boon Yian

Production Editor

Rahilah Yusuf

International Advisory Committee

Florian A. Alburo, Professor of Economics, School of Economics, University of the Philippines, Diliman
Mohamed Ariff, Executive Director, Malaysian Institute of Economic Research
Hal Hill, H. W. Arndt Professor of Southeast Asian Economics, Research School of Pacific and Asian Studies, Asia Pacific School of Economics and Management, The Australian National University
Rolf J. Langhammer, Vice-President, The Kiel Institute for the World Economy, Germany
Peter Petri, Dean, Graduate School of International Economics and Finance, Brandeis University, USA
Hadi Soesastro, Executive Director, Centre for Strategic and International Studies, Indonesia
Chalongphob Sussangkarn, President, Thailand Development Research Institute
Tan Kong Yam, Head, Department of Business Policy, Faculty of Business Administration, National University of Singapore
Shujiro Urata, Professor of Economics, School of Social Sciences, Associate Dean of Academic Affairs, Waseda University, Japan
John Wong, Research Director, East Asian Institute, National University of Singapore
Woo Wing Thye, Department of Economics, University of California, Davis, USA

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