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This thesis examines characteristics of the economic governance, its levels and changes that were made in response to events in Southeast Asia in 1997/1998. it describes in detail the role of levels of the economic governance during the solution of the asian financial crisis, that exposed its vulnerabilities. In response to the crisis many changes took place. In the region of Southeast Asia these changes were designed to reform the International Monetary Fund, the origin of regional cooperation in the area and reforms in particular countries of the region. The thesis also contains the evaluation of the development of the economic governance in particilar states of Southeast Asia regarding world governance indicators WGI.

Thailand has been one of significant recipients of foreign direct investment (FDI) among developing countries over the last 30 years, and has recorded rapid and sustained growth rates in a number of different industrial categories. Thailand has shown a clear policy transition for foreign investment over time from an import-substitution regime to an export-oriented regime. Before the 1997 Asian Financial Crisis (1985-1996), Thailand had the fastest growing level of exports in manufactured goods among Asian economies. FDI plays a significant role in the Thai economy. Thailand has been pursuing different foreign investment policies at different times depending on the development objectives and economic situation in the country. The main objective of this research is to evaluate the determinants of FDI and foreign portfolio investment (FPI) in Thailand using the extended Gravity Model. Panel data is used to estimate and evaluate the empirical results based on the data for the years 1980 to 2004. It also examines the FDI flows between different locations and their geographical distances in Thailand. The primary research question addresses what factors motivate, attract, and sustain the FDI and FPI in Thailand. In addition, this study also examines the effects of the 1997 Asian Financial Crisis on the inflows of FDI and FPI into Thailand. The results show that the inflows of FDI in Thailand, which are supply-driven, are significantly influenced by its 21 largest investing partners. The 1997 Asian Financial Crisis has no impact on the determinants of the inflows of FDI into Thailand, but positively influences the inflows of FPI into Thailand. Our results also show that increases in GDP and trade between investing partners and Thailand potentially attract more FDI and FPI into Thailand. Investing partners closer to Thailand draw more portfolio investment into Thailand than distant partners – emphasising that distance has a negative impact on the portfolio investment but a negligible impact on the FDI.

The aim of this thesis is to examine empirically the relationship between the exchange rate, the instruments of monetary policy and the measures of economic performance for Indonesia, Korea and Thailand during the pre- and post 1997 Asian financial crisis. The first core chapter (Chapter 2) assesses the possible linkages between the increase in domestic inflation and the exchange rate targeting policy adopted in these countries. Using the cointegration technique and a simple monetarist inflation model, Chapter 2 finds strong evidence that the exchange rate policy that generates a predominant domestic currency undervaluation has caused an increase in the domestic inflation rate for Indonesia and Korea. However, the exchange rate targeting policy that brings about a predominant baht overvaluation especially during the pre-crisis period has lowered Thailand’s inflation. Soon after the outbreak of 1997-crisis, instead of using the exchange rate as the nominal anchor, all three countries have implement their monetary policy around an inflation target following an inflation targeting framework. Owing to this significant structural break, the second core chapter (Chapter 3) uses a Markov-switching VAR framework to determine if the effects of monetary policy shocks have changed across different monetary policy regimes in these economies. Chapter 3 finds that regime switches occur in mid-1997 to 2000 for Indonesia, which coincides with the period after the onset of 1997-crisis and the economic recovery period; and in 1999 for Korea and Thailand, which coincides with the period when the inflation-targeting framework is adopted. From the regime-dependent impulse response functions, the responses of macroeconomic variables to monetary policy shocks have changed significantly across different regimes only for the case of Korea and Thailand. From the above discussions, Chapter 2 found that exchange rate targeting policy caused higher domestic inflation in Indonesia and Korea especially during the pre-crisis period; while Chapter 3 found that inflation targeting policy seemed to cause structural changes in Korea and Thailand. Therefore using a structural VAR framework, the third core chapter (Chapter 4) explores further the role of the exchange rate and inflation targeting policy on the economic performances of these economies during the pre- and post crisis periods. Chapter 4 finds that in the case of Indonesia and Korea, the foreign exchange market does create most of its own shocks during the pre-crisis period but not during the post crisis period. For Indonesia and Thailand, the soft US dollar peg policy during the pre-crisis period has caused additional distortions in the domestic economy. Moreover the role of the exchange rate as a shock absorber has increased during the post crisis period only for the case of Indonesia and Thailand. For all three economies, following the introduction of the inflation targeting policy, domestic short-term interest rates have been adjusted systematically to offset inflationary pressure following the real and nominal shocks. Moreover, in the case of Indonesia and Thailand, the unsystematic part of monetary policy plays a smaller role in explaining the variations in domestic economy during the post crisis period. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1320356 / Thesis (Ph.D.) -- University of Adelaide, School of Economics, 2008

摘要 1980年代至90年代初期，東亞各國成為全球經濟重要的發展區域之一，泰國、馬來西亞、印尼、菲律賓等繼亞洲四小龍之後成為亞洲地區成長迅速的新興開發中國家。然而，自1995年起，東南亞各國經濟開始出現衰退現象，1997年7月泰國更出現泰銖貶值，匯價劇跌，造成泰國股市的崩盤，傳染性的匯率貶值壓力延伸至菲律賓、馬來西亞、印尼與新加坡，甚至連東北亞的韓國，日本、台灣與香港也受波及，使得整個東亞地區幾乎都遭受到金融風暴的衝擊。 因此本研究針對1984至2002年的東亞國家，採用資料包絡分析法探討亞洲金融風暴對東亞各國效率的影響，利用Malmquist指數計算分析生產力變動的來源，以研究東亞各國在歷經金融風暴後如何調整其生產力及效率。 本研究依東亞各國受金融風暴影響的程度分為金融風暴國以及非金融風暴國兩大群組，實證結果顯示，東亞地區國家之整體技術效率值以及純技術效率值於金融風暴發生後有提升的現象，相較於金融風暴國於風暴前後之整體技術效率值以及生產力變動有顯著差異，非金融風暴國則未發生此一現象。本研究利用國內固定資本形成毛額作為投入要素與實質國內生產毛額作為產出項所構成的效率前緣曲線圖，分析解釋前述現象，發現金融風暴國在風暴前確實有投資過剩的問題，風暴後金融風暴國效率的提升來自於調整其生產規模、減少不當投資。 此外，本研究發現中國大陸的生產力在金融風暴後有逐年衰退的趨勢，其主要原因是來自於規模變動的不利影響，意味著中國大陸在展現高度經濟成長的同時，似乎已產生供給過剩的現象，是否會為日後的經濟發展帶來隱憂，甚至成為二次亞洲金融風暴的起源，值得注意。 / Abstract From the1980s to early 1990s, East Asia became one of the most important areas in developing the global economy. Thailand, Malaysia, Indonesia, and Philippine’s economy grew up fast and became the newly developing country following the Four little Dragons in Asia. However, since 1995, the economy of various countries in Southeast Asia began to decline. In July 1997 Thailand’s Thai Baht and exchange rate depreciated dramatically and crash of the Thai stock market. Then the Tai Baht currency depreciation rapidly spread to Philippine, Malaysia, Indonesia and Singapore; even South Korea, Japan, Taiwan and Hong Kong were involved in the crisis. As a result, the whole East Asia nearly all suffered this financial storm. Today, most of Asian countries are recovered from the Asia crisis. In order to analyze how East Asian countries to overcome the Asian financial crisis and adjust their productivity and efficiency, this study uses a panel data of 15 East Asian countries through 1984 to 2002 to apply data envelopment analysis (DEA) to assess the effects of the Asia financial crisis and measure the Malmquist productivity index to analyze the sources of the change in efficiency. The study breaks down the East Asian countries into two groups, Asian-crisis countries and non-Asian-crisis countries, depending on the extent to which they were affected by the Asian financial crisis. The major findings of this paper are as follows. The full samples denote that after crisis era the overall technical efficiency and the pure technical efficiency are higher than that of before crisis era. The further analysis demonstrates that such phenomenon only can be found in Asian-crisis group. This study constructs a two dimensions efficiency frontier curve graph by using gross fixed capital formation and gross domestic product as input and output proxy to analyze the efficiency change to help to explain the above phenomenon. The frontier efficiency curves find that the Asian-crisis countries indeed have over investment problem before the crisis, and the improvement of efficiencies after crisis is due to successful downsizing, such as reducing production scale and improper investments. In addition, this study illustrates that the productivity change in China has a tendency of declining over the last couple of years. The main reason comes from the unfavorable change in scale efficiency. The high economic growth accompanies over supply in China which reveals the similar phenomenon in Asia-crisis countries before the crisis. Therefore, it is worth to take a notice that whether the growth phenomenon in China becomes the source of the second Asian financial crisis in the future.

The main goal of this thesis is to describe and analyse methods, which were used by countries affected by the Asian financial crisis to resolve related problems and also analyse how these solutions affected public debt. For this purpose I chose three Asian countries, Thailand, Indonesia and South Korea. These countries have one in common, their governments decided to establish Asset Management company to resolve problems of bank sector. This thesis describes how they were successful in their aspirations and fallout of financial crises on choosen countries.

No description available.

[Truncated abstract] The Asian Financial Crisis was a wake-up call to the South Korean economy that a change to its economic structure was needed. Prior to the Crisis, South Korea enjoyed healthy economic growth and low unemployment. With the onset of the Crisis, Korea experienced severe recession. Unemployment levels soared and turnover in the labour market became commonplace. The Korean government enacted a series of policies and succeeded in combating unemployment in the short-term. To the present time, unemployment levels have been lowered, albeit with job instability and insecurity. A more effective longer-term solution is needed to increase the resilience of this NIE. The role of inter-sector labour mobility as a policy tool to combat unemployment using the relevant determinants of mobility has not been explored in Korea (Asia), although it has been debated at length in the West since the 1980s. Part of the reason for this lies in the lack of longitudinal data to facilitate appropriate research. Recently, such data have been made available by the Korean Labour Institute (KLI). This thesis extends research into the labour mobility-unemployment relationship to South Korea. The priority is to establish whether a mobility-unemployment relationship exists in Korea, and to obtain a thorough understanding of the factors affecting sectoral mobility in this country in order to facilitate the crafting of potential tools for addressing the unemployment problem. The thesis is organised into two parts. ... The main finding is that whilst the monetary variables and worker/industry characteristics impact male and female mobility differently, sectoral unemployment and sectoral shock affect male and female mobility similarly. The thesis is summarised and some policy measures provided in the sypnosis. It is argued that the 'new' mobility-unemployment phenomenon appears to have emerged in Korea after the Crisis, whereas it had been a feature of Western economies in much earlier time periods. Traditional monetary and fiscal policies are inadequate when it comes to combating unemployment in the presence of this mobility-unemployment phenomenon. A combination of macro-policies, given the relevance of the ADH, and micro-policies, given the validity of the SSH, is required. The multi-dimensional nature of mobility implies that the micro policies to control or reduce mobility rates using the relevant variables (to alleviate unemployment) should cover measures related to monetary wages, labour market groups and sector performance. The sypnosis notes a dearth of Asian studies on sectoral mobility, possibly due to the lack of longitudinal data. The collection of quality longitudinal data for other Asian countries, so that research along the lines conducted in the thesis could be undertaken for other NIEs, was seen as being of vital importance. With such data, the standard of research on Asian economies can be at par with that of the Western countries, and the apparently considerable potential benefits of microeconomic policies via sectoral mobility for Asia could be realised.

1978年中國大陸實行改革開放政策，造就中共30餘年來高度的經濟增長率，中共在1990年代中期確立社會主義市場經濟的發展體制，結合有中國特色的社會主義和西方的市場經濟體制，時至今日中共仍然在調整社會主義（國家）和市場經濟體制之間的權力關係，中共政府雖然接受市場經濟體制在資源配置的作用，但代表社會主義的中共政府，仍牢牢掌握對整體經濟的宏觀調控能力，但對於中共而言，更加複雜多變的政經環境以及融入世界經貿體系的因素，改變社會主義和市場經濟體制對於資源配置的作用程度。 本論文從1997年亞洲金融危機和2008年國際金融危機的爆發，造成中國大陸經濟發展的困境、提出的應對措施和發展目標的轉變，檢視中共使用宏觀經濟調控政策中，財政政策和貨幣政策的差異。另外在金融危機後，中共又是如何在堅持社會主義（國家）的控制能力，以及提昇市場經濟的作用程度之間，做出適當的調整，以配合宏觀經濟調控政策達成經濟增長、調整結構、促進改革等目標的平衡發展。

The aim of this research is to show the effects of financial liberalisation on emerging market economies, how these economies removed restrictions on financial institutions so that they can be globally integrated, and to show the flow of international finance in and out of a country. This research also illustrates how the financial system in these economies moved from being government-led to being market-led. The main finding of this research is that many countries failed to reap the benefits of liberalisation because of weaknesses in the regulatory structure, undercapitalised banks, volatile markets and contagion effects. The research concludes that the long-term gains of liberalisation certainly supersede short-term instability of liberalisation. Thus, for financial liberalisation to have predominantly positive effects, attention should be drawn to the importance of a more prudent regulatory and supervisory environment. Furthermore, financial liberalisation must be accompanied by a sound institutional infrastructure, proper conduct of monetary and fiscal policies, a reduction in corruption, and an increase in transparency. In addition, liberalisation should be a gradual process whereby the right measures are taken in the right sequence. / Economics / M. Comm. (Economics)