{"title":"BOOK REVIEW: The Political Economy of Southeast Asia: Politics and Uneven Development under Hyperglobalisation, 4th ed., edited by Toby Carroll, Shahar Hameiri and Lee Jones","authors":"Francis E. Hutchinson, Fellow","doi":"10.1355/ae38-2h","DOIUrl":"https://doi.org/10.1355/ae38-2h","url":null,"abstract":"","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"127 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85711803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This paper highlights the importance of small and medium-sized enterprise (SME) development and introduces the theoretical concept of productive value for qualitative analysis of firms. Vietnam's industrial development experience is used as a case study. Although the Vietnamese government has channelled rents and business opportunities towards the state sector, the domestic private sector has been crucial to the country's industrial development. Given this context, this study analyses how Vietnamese SMEs in the private sector generate productive value and overcome market failures that constrain their growth. Research findings demonstrate that most local SMEs in the industrial sectors rely on low pricing strategy to attract buyers. However, those that grow in size frequently go beyond price competition and concentrate on creating new productive value in their production and services. Furthermore, unlike SMEs in developed countries, in Vietnam, firm size is an indicator of productive value and strength. From this perspective, SME development policies in emerging economies must focus on promoting the growth of domestic firms over time.
{"title":"The Political Economy of Small and Medium-Sized Enterprise Development: Characteristics, Productive Value and Market Constraints in Industrial Manufacturing","authors":"C. Ngo, M. Chi","doi":"10.1355/ae37-3d","DOIUrl":"https://doi.org/10.1355/ae37-3d","url":null,"abstract":"Abstract:This paper highlights the importance of small and medium-sized enterprise (SME) development and introduces the theoretical concept of productive value for qualitative analysis of firms. Vietnam's industrial development experience is used as a case study. Although the Vietnamese government has channelled rents and business opportunities towards the state sector, the domestic private sector has been crucial to the country's industrial development. Given this context, this study analyses how Vietnamese SMEs in the private sector generate productive value and overcome market failures that constrain their growth. Research findings demonstrate that most local SMEs in the industrial sectors rely on low pricing strategy to attract buyers. However, those that grow in size frequently go beyond price competition and concentrate on creating new productive value in their production and services. Furthermore, unlike SMEs in developed countries, in Vietnam, firm size is an indicator of productive value and strength. From this perspective, SME development policies in emerging economies must focus on promoting the growth of domestic firms over time.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"291 - 312"},"PeriodicalIF":0.5,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48244893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This paper examines whether Vietnam's experience in reforming its land law supports or contradicts the view that institutional change, in particular the formalization of institutions, is a prerequisite to successful economic growth. The paper explores the reasons for slow, incremental and partial land law reform and analyses the complex interaction between formal and informal institutions on land rights in Vietnam. Using the country as a case study, the paper argues that effective institutions are not preconditions for economic growth; rather institutions evolve alongside economic change in a non-linear, uneven process shaped by interactions between formal and informal institutions. The policy implication is that calls for "good governance" reform or for "strengthening the rule of law" are usually too broad be helpful or even realistic.
{"title":"The Emperor's Law Stops at the Village Gate: Questioning the Primacy of Formal Institutions in Vietnam's Land Law Reform","authors":"Rachel L. Ellett, D. Phan","doi":"10.1355/ae37-3a","DOIUrl":"https://doi.org/10.1355/ae37-3a","url":null,"abstract":"Abstract:This paper examines whether Vietnam's experience in reforming its land law supports or contradicts the view that institutional change, in particular the formalization of institutions, is a prerequisite to successful economic growth. The paper explores the reasons for slow, incremental and partial land law reform and analyses the complex interaction between formal and informal institutions on land rights in Vietnam. Using the country as a case study, the paper argues that effective institutions are not preconditions for economic growth; rather institutions evolve alongside economic change in a non-linear, uneven process shaped by interactions between formal and informal institutions. The policy implication is that calls for \"good governance\" reform or for \"strengthening the rule of law\" are usually too broad be helpful or even realistic.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"233 - 250"},"PeriodicalIF":0.5,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41370421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:Shifts in global trade, technological developments and the COVID-19 pandemic all provide an opportunity for Southeast Asia to grow its digital economy and accelerate economic recovery. Market dynamics are changing, with the rise of online platforms catering to the growing base of digitally literate consumers. Such platforms offer a wide choice of products and services at greater convenience, across borders and through different participants in the supply chain. Existing markets are becoming more competitive and new markets are being created as businesses benefit from digital technologies and draw insights from large volumes of available data. However, as the digital economy expands, sophisticated forms of anticompetitive behaviour are also emerging. Around the world, there are concerns that online platforms are becoming dominant and engaging in harmful conduct, such as collecting and using customer data—without consent—to exclude current and future competitors. Southeast Asia is vulnerable to these concerns, too. Using case studies, this study highlights why such concerns, if left unaddressed, pose a threat to competition in the "new" ASEAN economy.
{"title":"Competition in the New ASEAN Economy","authors":"Nimisha Tailor","doi":"10.1355/ae37-3e","DOIUrl":"https://doi.org/10.1355/ae37-3e","url":null,"abstract":"Abstract:Shifts in global trade, technological developments and the COVID-19 pandemic all provide an opportunity for Southeast Asia to grow its digital economy and accelerate economic recovery. Market dynamics are changing, with the rise of online platforms catering to the growing base of digitally literate consumers. Such platforms offer a wide choice of products and services at greater convenience, across borders and through different participants in the supply chain. Existing markets are becoming more competitive and new markets are being created as businesses benefit from digital technologies and draw insights from large volumes of available data. However, as the digital economy expands, sophisticated forms of anticompetitive behaviour are also emerging. Around the world, there are concerns that online platforms are becoming dominant and engaging in harmful conduct, such as collecting and using customer data—without consent—to exclude current and future competitors. Southeast Asia is vulnerable to these concerns, too. Using case studies, this study highlights why such concerns, if left unaddressed, pose a threat to competition in the \"new\" ASEAN economy.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"313 - 326"},"PeriodicalIF":0.5,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45517814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christopher Choong Weng Wai, A. Jasmin, Adam Manaf Mohamed Firouz
Abstract:Malaysia's long-term development plan Shared Prosperity Vision 2030 broadens the discourse on inequality by drawing attention to the labour income share as an indicator of the inequality between labour and capital owners. However, available evidence shows that anchoring inequality on a higher labour income share that is underpinned by broad-based growth in low value-added activities may be at odds with Malaysia's ambitions of technological upgrading, moving towards higher productivity, and utilizing capital-intensive modes of production. Against this backdrop, this paper makes the argument that the missing piece in this narrative is the labour income dispersion. The effects of labour income on income inequality in Malaysia depend more on the labour income dispersion than the labour income share.
{"title":"Income Inequality in Malaysia: Examining the Labour Income Links","authors":"Christopher Choong Weng Wai, A. Jasmin, Adam Manaf Mohamed Firouz","doi":"10.1355/ae37-3c","DOIUrl":"https://doi.org/10.1355/ae37-3c","url":null,"abstract":"Abstract:Malaysia's long-term development plan Shared Prosperity Vision 2030 broadens the discourse on inequality by drawing attention to the labour income share as an indicator of the inequality between labour and capital owners. However, available evidence shows that anchoring inequality on a higher labour income share that is underpinned by broad-based growth in low value-added activities may be at odds with Malaysia's ambitions of technological upgrading, moving towards higher productivity, and utilizing capital-intensive modes of production. Against this backdrop, this paper makes the argument that the missing piece in this narrative is the labour income dispersion. The effects of labour income on income inequality in Malaysia depend more on the labour income dispersion than the labour income share.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"270 - 290"},"PeriodicalIF":0.5,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42674871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Risk Management Competency Development in Banks: An Integrated Approach by Eric H.Y. Koh (review)","authors":"Lutfey Siddiqi","doi":"10.1355/ae37-3f","DOIUrl":"https://doi.org/10.1355/ae37-3f","url":null,"abstract":"","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"327 - 329"},"PeriodicalIF":0.5,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43356879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
neighbouring countries. Third, leaders across Asia were often quite decisive, introducing large (sometimes drastic) reforms when needed. Supporting all of this, in many countries, governments set out a shared vision of development for the future. These visions, many of which were labelled “plans”, were really broad outlines of the development strategy to be followed rather than serious attempts at formal economic planning. Nevertheless, the broad national visions helped underpin growth, especially when backed by a competent bureaucracy and other strong institutions. Another overarching theme which runs through the study is that the idea that there has been any “Asian consensus” about development policies which is different from the so-called “Washington consensus” is wrong. Rather, it was the pragmatic approach to policy—reinforced by pro-market programmes, state support and workable institutions—that contributed to success in Asia. The summary in Chapter 1 explains how these processes reinforced each other: “Markets, prices and competition are critical for the efficient allocation of resources and the creation of entrepreneurial incentives. The state is needed to establish strong institutions, intervene where markets fail to work efficiently and promote social equity. Strong institutions ensure orderly functioning of markets and accountability of the state”. It is true, as Western academic and media critics of Asian governments frequently point out, that these policies have often been adopted in a patchy way. There are still significant distortions in pricing and competition policies in many developing countries in Asia. Implementation of policies is often weak because of state failure. And greater attention to social equity is needed in many countries. Yet, overall, the improvements in these areas across developing Asia in the last fifty years has been remarkable. There is a long way to go. Developing Asia has made a good start. Hopefully, there will be many more improvements in the five decades to come. In the meantime, this book is the best and most up to day survey of the factors underpinning the success of development in Asia in the last half-century.
{"title":"Automotive Industrialisation: Industrial Policy and Development in Southeast Asia by Kaoru Natsuda and John Thoburn (review)","authors":"T. S. Yean","doi":"10.4324/9780429445354","DOIUrl":"https://doi.org/10.4324/9780429445354","url":null,"abstract":"neighbouring countries. Third, leaders across Asia were often quite decisive, introducing large (sometimes drastic) reforms when needed. Supporting all of this, in many countries, governments set out a shared vision of development for the future. These visions, many of which were labelled “plans”, were really broad outlines of the development strategy to be followed rather than serious attempts at formal economic planning. Nevertheless, the broad national visions helped underpin growth, especially when backed by a competent bureaucracy and other strong institutions. Another overarching theme which runs through the study is that the idea that there has been any “Asian consensus” about development policies which is different from the so-called “Washington consensus” is wrong. Rather, it was the pragmatic approach to policy—reinforced by pro-market programmes, state support and workable institutions—that contributed to success in Asia. The summary in Chapter 1 explains how these processes reinforced each other: “Markets, prices and competition are critical for the efficient allocation of resources and the creation of entrepreneurial incentives. The state is needed to establish strong institutions, intervene where markets fail to work efficiently and promote social equity. Strong institutions ensure orderly functioning of markets and accountability of the state”. It is true, as Western academic and media critics of Asian governments frequently point out, that these policies have often been adopted in a patchy way. There are still significant distortions in pricing and competition policies in many developing countries in Asia. Implementation of policies is often weak because of state failure. And greater attention to social equity is needed in many countries. Yet, overall, the improvements in these areas across developing Asia in the last fifty years has been remarkable. There is a long way to go. Developing Asia has made a good start. Hopefully, there will be many more improvements in the five decades to come. In the meantime, this book is the best and most up to day survey of the factors underpinning the success of development in Asia in the last half-century.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"38 1","pages":"156 - 158"},"PeriodicalIF":0.5,"publicationDate":"2020-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49365758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This study presents an empirical analysis of the impact of the US unconventional monetary policy and its normalization on the dynamics of relatively volatile capital inflows (i.e., portfolio equity, portfolio debt securities, and bank and money market) into the Philippines using monthly data from January 2008 to March 2016. Results are obtained using a structural vector autoregression (SVAR) model, interacting both “push” and “pull” factors of capital inflows into the SVAR system. Overall, results show that the effects of these US monetary policy shocks on the aforementioned volatile capital inflows are minimal when scaled in terms of gross domestic product (GDP). The findings also suggest that, of the three volatile capital inflows, the impact of these shocks is more pronounced on portfolio debt securities, as well as on bank and money market inflows. Meanwhile, the impact on portfolio equity inflows is very limited. Additionally, the persistence of these shocks is seen to last from one to six months.
{"title":"The Impact of the US Unconventional Monetary Policy and Its Normalization in the Philippines: A Capital Flow Perspective","authors":"Ivy G. Sabuga, Jacinta Bernadette Rico Shirakawa","doi":"10.1355/ae37-2b","DOIUrl":"https://doi.org/10.1355/ae37-2b","url":null,"abstract":"Abstract:This study presents an empirical analysis of the impact of the US unconventional monetary policy and its normalization on the dynamics of relatively volatile capital inflows (i.e., portfolio equity, portfolio debt securities, and bank and money market) into the Philippines using monthly data from January 2008 to March 2016. Results are obtained using a structural vector autoregression (SVAR) model, interacting both “push” and “pull” factors of capital inflows into the SVAR system. Overall, results show that the effects of these US monetary policy shocks on the aforementioned volatile capital inflows are minimal when scaled in terms of gross domestic product (GDP). The findings also suggest that, of the three volatile capital inflows, the impact of these shocks is more pronounced on portfolio debt securities, as well as on bank and money market inflows. Meanwhile, the impact on portfolio equity inflows is very limited. Additionally, the persistence of these shocks is seen to last from one to six months.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"135 - 162"},"PeriodicalIF":0.5,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44140322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Evolving ASEAN: Vision and Reality","authors":"V. Chheang","doi":"10.1355/ae37-2g","DOIUrl":"https://doi.org/10.1355/ae37-2g","url":null,"abstract":"","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"13 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74339863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This paper examines the impact of currency appreciation and firm heterogeneity on exports from ASEAN, which appears to have the potential to replicate China’s export-driven growth miracle. It tries to fill the gap in literature related to exchange rate fluctuations and firm heterogeneity in Southeast Asia, specifically focusing on the “zero-trade” problem. Four main findings emerge from this study. First, contrary to conventional wisdom, exchange rate appreciation does, in fact, discourage exports by ASEAN-based companies. Second, firm responses to currency appreciation vary significantly. While SMEs and first-time exporters are more sensitive to exchange rate movements, other exporters can mitigate these risks through foreign and domestic affiliations (although foreign ownership proves to be more helpful). Third, firms whose exports consist of foreign inputs are less affected by local currency appreciation. And fourth, companies in the services sector are more sensitive to currency appreciation than those in manufacturing.
{"title":"Impact of Exchange Rate and Firm Heterogeneity on Exports: Empirical Evidence from Four ASEAN Economies","authors":"Yizhe Xie, Youngmin Baek","doi":"10.1355/ae37-2e","DOIUrl":"https://doi.org/10.1355/ae37-2e","url":null,"abstract":"Abstract:This paper examines the impact of currency appreciation and firm heterogeneity on exports from ASEAN, which appears to have the potential to replicate China’s export-driven growth miracle. It tries to fill the gap in literature related to exchange rate fluctuations and firm heterogeneity in Southeast Asia, specifically focusing on the “zero-trade” problem. Four main findings emerge from this study. First, contrary to conventional wisdom, exchange rate appreciation does, in fact, discourage exports by ASEAN-based companies. Second, firm responses to currency appreciation vary significantly. While SMEs and first-time exporters are more sensitive to exchange rate movements, other exporters can mitigate these risks through foreign and domestic affiliations (although foreign ownership proves to be more helpful). Third, firms whose exports consist of foreign inputs are less affected by local currency appreciation. And fourth, companies in the services sector are more sensitive to currency appreciation than those in manufacturing.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"37 1","pages":"199 - 223"},"PeriodicalIF":0.5,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43821993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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