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The Determinants of Foreign Direct Investment in Malaysia: A Revisit
Chee-Keong Choong,SIEW-YONG LAM 연세대학교 동서문제연구원 2010 Global economic review Vol.39 No.2
The paper re-examines the determinants of foreign direct investment (FDI) in Malaysia, for the period 1970 2006. The cointegration results show that market size of both Malaysia and China have major, and a statistically significant impact, on FDI inflow to Malaysia. The results seem to support the argument that foreign investors tend to be more attracted to the country with a higher growth rate of gross domestic product (GDP) because it indicates a larger potential demand for their products. In addition, the results also demonstrate that openness level of the country has a positive and statistically significant effect on FDI inflow, which supports the hypothesis that FDI can be attracted to a country with more liberalized economic reforms. Finally, the results show that literacy rate (human capital development) has significant positive effect on FDI inflow. The finding suggests the need for labor force expansion and education policy to raise the stock of human capital in the country. Using Granger causality test, we also find that there exist unidirectional causality from real GDP of both Malaysia and China, degree of openness and literacy rate to FDI inflow.
T.K. JAYARAMAN,Chee-Keong Choong,PRAVINESH CHAND 중앙대학교 경제연구소 2016 Journal of Economic Development Vol.41 No.2
Foreign aid and remittance inflows have been playing major roles in the economic growth and development of Pacific island countries (PICs). However, the relationship between these international capital inflows and export competitiveness of PICs has not been adequately studied. It is generally held that such capital transfers tend to hurt exports, a phenomenon known as Dutch disease. The objective of this paper is to examine the validity of the Dutch disease hypothesis in PICs with a case study of Fiji. Employing the bounds testing procedure, this empirical study reveals that inflows of both foreign aid and remittances have been contributing to the appreciation of Fiji’s currency. The study establishes the validity of the Dutch disease hypothesis as far as Fiji is concerned.
A Single Currency for Pacific Island Countries: a Revisit
( T. K. Jayaraman ),( Chee Keong Choong ) 세종대학교 경제통합연구소 2009 Journal of Economic Integration Vol.24 No.2
This paper re-visits the subject of a common currency for the Pacific region, comprising 14 Pacific island countries (PICs) and the region`s two advanced countries, Australia and New Zealand. The PICs are highly dependent on Australia and New Zealand for trade in goods and services and aid inflows. Earlier studies on regional common currency, which dealt with certain aspects of the optimum currency area conditions, took into consideration three kinds of shocks, namely shocks in world output, domestic output and price levels. Since PICs` growth is influenced by regional developments to a larger degree than by world developments, this paper takes into consideration regional shocks, in addition to shocks in global and national outputs. Using variance decomposition analysis in this paper we investigate whether PICs and the region`s two advanced countries could be suitable candidates for a currency union.
Public Debt and Economic Growth in the South Pacific Islands : A Case Study of Fiji
T.K. Jayaraman,Chee-Keong Choong 중앙대학교 경제연구소 2006 Journal of Economic Development Vol.31 No.2
Growing public debt of Fiji has been causing concerns all around. As part of countercyclical measures, the Government stepped up public expenditure from 2001 in response to the adverse consequences of the 2000 civilian coup, which witnessed a decline in investor confidence, resulting in a steep fall in private sector investment. Expansionary fiscal policy measures in the annual budgets of 2001 to 2004 as well as unforeseen natural disaster management expenditures have pushed the ratio of outstanding public debt to national output beyond the level of 50%. This paper seeks to examine the nexus between debt and growth in Fiji
Economic Integration in the Indian Subcontinent: A Study of Macroeconomic Interdependence
( T K Jayaraman ),( Chee Keong Choong ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2012 Journal of Economic Integration Vol.27 No.4
The South Asian Association of Regional Cooperation (SAARC) marked its Silver Jubilee in 2010. The SAARC`s charter, which was signed by Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka in 1985, has many similarities to the founding charters of similar regional associations signed elsewhere. While other regional associations have made substantial progress, SAARC has yet to produce notable results. In the context of growing global economic interdependence, it is of interest to assess how far economic growth in each of the SAARC economies has influenced growth in other member countries. Adopting a vector autoregression (VAR) methodology, this paper investigates macroeconomic interdependence in the South Asian region with a view to evaluating its readiness to forge ahead with its integration efforts. The findings of the study reveal that India has been influencing economic growth in the region, as its output variability has been affecting outputs in other member countries. If SAARC has to become successful as a regional bloc, India as the biggest gainer from trade and investment relationships should take some bold steps, which would represent some readiness to part with some of the gains derived by way of trade surpluses.