Effects of financial liberalization on four Southeast Asian financial markets, 1973-94

Article Abstract:

Financial liberalization has helped economic growth by facilitating real sector transitions and domestic and foreign savings in four Southeast Asian countries, Malaysia, Singapore, Indonesia and Thailand. Malaysia and Singapore achieved higher levels of openness and efficiency in financial markets due to the introduction of full convertibility on current and capital accounts in 1978. Indonesia and Thailand achieved such benefits late due to their less open financial environment till 1988-1990. Other developing countries are following the path to economic growth through financial reforms.

Analysis, International aspects, Economic development

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The prospects of an ASEAN free trade area

Article Abstract:

The establishment by the Assn. of South East Asian Nations (ASEAN) of the ASEAN Free Trade (AFTA) in Jan. 1993 ushered in a new era in regional economic cooperation for this predominantly political entity. However, the AFTA is quite limited in its coverage of commodities and does not measure up to the provisions of the NAFTA in terms of trade liberalization. Nonetheless, the AFTA represents an important step and its limitations mainly arise from its nature as a regional trading arrangement, which is clearly inferior to a multilateral trading system such as the NAFTA.

Association of Southeast Asian Nations

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Trade and financial market reforms in ASEAN

Article Abstract:

Assn of Southeast Asian Nations members (ASEAN-4) Indonesia, Malaysia, Thailand and the Philippines enjoyed domestic economic growth through the influx of foreign investments from 1986-1995. The open capital markets of these countries were achieved without the needed privatization of industries. Thus, industries were unable to efficiently compete with foreign players. The ASEAN-4 is expected to overcome the imbalance in their capital and trading environments through the implementation of the ASEAN Free Trade Area's Common Effective Preferential Tariff.

Planning, Capital market, Capital markets, International trade regulation

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