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Economies
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Economic Development in Southeast Asia
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Economic Development in Southeast Asia

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (31 July 2016) | Viewed by 72805

Special Issue Editor

Dr. David O. Dapice

E-Mail Website
Guest Editor
1. Emeritus Professor at Department of Economics, Tufts University, 8 Upper Campus Road, Braker Hall, Medford, MA 02155, USA
2. Ash Center for Democratic Governance and Innovation, Harvard Kennedy School, 79 John F. Kennedy Street, Mailbox 74, Cambridge, MA 02138, USA
Interests: development economics; Southeast Asia

Special Issue Information

Dear Colleagues,

Southeast Asia is at a critical juncture. Its growth in the past decade has shifted somewhat from exporting manufactures—which have grown to an extent—to exporting raw materials, often to China. As China’s wages rise and its growth slows, this co-dependence will have to shift to a new paradigm. However, the relatively resource-rich ASEAN economies (Singapore aside) have been slow to upgrade their educational systems, and, in many cases, their institutions. Macroeconomic management has been reasonably good on the whole and FDI inflows have been rising, yet most of the major economies have stayed in the 4%–6% growth range (averaged over the last five years); these figures are much lower than the 7%–9% registered in earlier periods. This coincides, probably not incidentally, with a lack of improvement, or very modest improvement, in governance indicators. Switching to a new “normal” with a need for better management of investment and institutional efficiencies will be hard. These articles explore various aspects of the challenge.

Prof. Dr. David O. Dapice
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

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Published Papers (6 papers)

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Editorial

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87 KiB  
Editorial
Economic Development in Southeast Asia
by David Dapice
Economies 2015, 3(3), 147; https://doi.org/10.3390/economies3030147 - 7 Sep 2015
Cited by 2 | Viewed by 6273
Abstract
Most of the original ASEAN nations in Southeast Asia came out of the Asian Crisis facing slower growth (4%–6% a year) and modest structural change compared to previous decades. [...] Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)

Research

Jump to: Editorial

1394 KiB  
Article
Leaning against the Wind Policies on Vietnam’s Economy with DSGE Model
by Phuc Huynh, Trang Nguyen, Thanh Duong and Duc Pham
Economies 2017, 5(1), 3; https://doi.org/10.3390/economies5010003 - 18 Jan 2017
Cited by 5 | Viewed by 9262
Abstract
The global financial crisis of 2007–2008 had a negative impact on many countries, including Vietnam. Many policies have been applied to stabilize the macro-economic indicators. However, most of them are based on old qualitative models, which do not help policy makers understand deeply [...] Read more.
The global financial crisis of 2007–2008 had a negative impact on many countries, including Vietnam. Many policies have been applied to stabilize the macro-economic indicators. However, most of them are based on old qualitative models, which do not help policy makers understand deeply how each one affects the economy. In this paper, we investigate a quantitative macro-economic approach and use leaning against the wind policies with the Dynamic Stochastic General Equilibrium model (DSGE) to find a better way to understand how policies stabilize the Vietnamese economy. Based on the framework of Gerali et al., we calibrate the hyper-parameter for Vietnam financial data and do the comparison between the standard Taylor rule and the cases in which we add asset price and credit elements. The results show that the credit-augmented Taylor rule is better than the asset-price-augmented one under the technology shock and contrary to the cost-push shock. Moreover, the extended simulation result shows that combining both asset-price and credit rules on the model is not useful for Vietnam’s economy in both types of shock. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
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747 KiB  
Article
Technical Efficiency and Its Determinants of Rice Production in Cambodia
by Sokvibol Kea, Hua Li and Linvolak Pich
Economies 2016, 4(4), 22; https://doi.org/10.3390/economies4040022 - 3 Oct 2016
Cited by 49 | Viewed by 11769
Abstract
The present study aims to measure the technical efficiency and establish core factors affecting rice production in Cambodia. A four‐year dataset generated from the central government document “Profile on Economics and Social” of 25 entire provinces between 2012 and 2015 and the stochastic [...] Read more.
The present study aims to measure the technical efficiency and establish core factors affecting rice production in Cambodia. A four‐year dataset generated from the central government document “Profile on Economics and Social” of 25 entire provinces between 2012 and 2015 and the stochastic production frontier model (SFA) was applied. The results indicated that the level of output (quantity) of Cambodian rice production varied according to the different level of capital investment in agricultural machineries, total rice actual harvested area, and technical fertilizer application within provinces. Furthermore, evidence revealed that the overall mean efficiency of rice production is 78.4%, which implies that there is still room to further improve technical efficiency given the same level of inputs and technology. More importantly, the findings revealed that irrigation, production techniques and amount of agricultural supporting staff are the most important influencing factors of rice production’s technical efficiency in Cambodia. In conclusion, the present study strongly recommends the development of irrigation systems and good water management practices to be considered and bring about more effective actions by the central government as well as related agencies for improving rice production in Cambodia in addition to capital investment and improving technical skills of supporting staff and rural farmers. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
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801 KiB  
Article
Foreign Direct Investment, Trade, and Economic Growth: An Empirical Analysis of Bangladesh
by Mohammed Ershad Hussain and Mahfuzul Haque
Economies 2016, 4(2), 7; https://doi.org/10.3390/economies4020007 - 15 Apr 2016
Cited by 53 | Viewed by 20325
Abstract
The study reveals that there is a relationship between foreign direct investments, trade, and growth rate of per capita GDP for Bangladesh with the help of annual time series data for 1973 to 2014. The Vector Error Correction Model (VECM) analysis shows that [...] Read more.
The study reveals that there is a relationship between foreign direct investments, trade, and growth rate of per capita GDP for Bangladesh with the help of annual time series data for 1973 to 2014. The Vector Error Correction Model (VECM) analysis shows that there is a long-term relationship between these variables. To check the validity of the VECM model, we did a few post-estimation diagnostic tests, and found that the residuals of the regressions have a normal distribution and do not show any auto-correlation. The trade and foreign investment variables have a significant impact on the growth rate of GDP per capita. Because FDI and trade are two important components of economic growth in Bangladesh, it is important to frame policies that promote growth and reduce the barriers for capital flows. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
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250 KiB  
Article
Drivers of Growth in the Travel and Tourism Industry in Malaysia: A Geweke Causality Analysis
by Tan Khee Giap, Sasidaran Gopalan and Ye Ye
Economies 2016, 4(1), 3; https://doi.org/10.3390/economies4010003 - 26 Feb 2016
Cited by 22 | Viewed by 12010
Abstract
The travel and tourism industry has been growing in importance for several developing countries. It has not only generated considerable foreign exchange revenues but has also contributed to the overall output and socio-economic development of these countries. Within the Asia and Pacific region, [...] Read more.
The travel and tourism industry has been growing in importance for several developing countries. It has not only generated considerable foreign exchange revenues but has also contributed to the overall output and socio-economic development of these countries. Within the Asia and Pacific region, data for 2014 indicates that Malaysia was ranked very highly at no. 26 out of the 184 countries in the world in terms of the relative importance of the contribution of the travel and tourism industry to its national output. In this light, this paper aims to undertake an empirical examination of the factors driving international tourist arrivals into Malaysia. The paper attempts to identify the causal determinants of the growth of the travel and tourism industry, using quarterly data from 2000 to 2012, under a Geweke causality framework. The empirical results suggest Malaysia’s government expenditures on tourism promotion as well as infrastructure investments such as enhancing airport facilities are causal and significant determinants of growth in the travel and tourism industry. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
259 KiB  
Article
Falling Behind, Forging Ahead and Falling Behind Again: Thailand from 1870 to 2014
by Anne Booth
Economies 2016, 4(1), 1; https://doi.org/10.3390/economies4010001 - 22 Jan 2016
Cited by 8 | Viewed by 11890
Abstract
The paper argues that Thailand’s economic and social development from the late 19th century to the early 21st century presents a puzzle. For much of the period from 1870 to 1940, the country’s economic growth was slow, and the economy remained agricultural, with [...] Read more.
The paper argues that Thailand’s economic and social development from the late 19th century to the early 21st century presents a puzzle. For much of the period from 1870 to 1940, the country’s economic growth was slow, and the economy remained agricultural, with little diversification into modern industry or services. It was the only Southeast Asian country to escape direct colonization, and yet it did not use its relative freedom from colonial control to embark on a programme of accelerated economic, social and political modernization. The contrast with Meiji Japan has been made by several Thai and foreign scholars, but Thailand’s growth was also slow in comparison with several neighbouring countries under colonial control. Only in the late 1950s did economic growth start to accelerate and by 1996, per capita GDP was well ahead of other ASEAN countries except Malaysia and Singapore. The paper explores the reasons for the accelerated growth, looking particularly at the role of government. The paper also examines the reasons for the growth collapse of 1997/1998, and the slower economic growth since then. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
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