Malaysia: Growth, Equity, and Structural Transformation (The Lessons of East Asia)

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She has been an active presenter, discussant and panellist at various conferences in the Asia-Pacific region. Her main research interests are open economy macroeconomics, financial stability and international finance. Triwit earned a Ph. Prior to his Ph.

Donald A. Simon Johnson is the Ronald A. Specifically, Johnson supervises research projects related to blockchain technology, and is a co-founder of the Blockchain Lab course with Michael Casey, Gary Gensler, and Neha Narula. Johnson is not an investor in Bitcoin or any cryptocurrency-related assets or startups, but he helps MIT students and others who want to build better companies. This dual role continues her tradition of combining academics with senior policy positions. From she worked in the U. Jonathan A. Parker is the Robert C. An expert in finance, macroeconomics, and household behavior, he has published on topics such as macroeconomic risks and asset returns, fiscal stabilization policy, national saving, household financial decisions, the measurement of business cycles, and behavioral economics.

During the past 4 years, Dr. He has a Ph.

Economy of Asia

Eli Remolona was the Chief Representative for Asia and the Pacific of the Bank for International Settlements BIS , and was responsible for all BIS business and activity in the Asia-Pacific region, including research, high-level meetings and financial services for central banks and governments. Schoar is an expert in corporate finance, entrepreneurship, and organizational economics, Schoar researches venture capital, entrepreneurial finance, corporate diversification, governance, and capital budgeting decisions in firms.

His research interests broadly span the fields of international finance and applied macroeconomics. Recently, he has studied how central bank communication policies influence the way in which financial markets investors change their portfolios in response to new information about the economy, using high-frequency micro-data on investment funds. He holds a Ph. Massimo Giuliodori. He also holds a M. Hadija has been with ASB since October Prior to joining the dynamic and unconventional team at ASB, Hadija has had 11 years of inter-disciplinary and inter-departmental professional working experience, namely as a university lecturer, college tutor, international school teacher, genetic lab researcher, research historian as well as corporate consultant and trainer.

Now at ASB, she is more than eager to continue to be a part of its energetic and innovative team.

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For four years in a row from to , ZLC has been ranked as the best Logistics education program in Spain. He has over 7 years of professional and academic experience. Javad Feizabadi explores the supply chain and value chain design and capability- driven strategies in the current volatile business environment. Phadnis examines the design and adaptation of business models from the supply chain perspective.

His research falls in the area of strategic decision making and long-range planning, and contributes to the scholarly domains of managerial cognition, dynamic capabilities, scenario planning, and supply chain strategy. His research works have been published in international journals and is an editorial board member for various international journals. In his early career he was a banker and currency trader.

Nabil N. At Harvard, he taught courses in corporate finance, private equity, and corporate governance, for eight years.

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Twenty years later, Joe decided to retire from an intense and successful executive career after he held for ten years the position of MD of an Italian multinational group. James P. Jones and D. Jones , Free Press His Lean Enterprise Institute now works with a wide range of other corporations seeking to implement these ideas around the world. His areas of research are corporate finance, corporate innovation, and financial innovation.

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Yen Teik received his Ph. His research focuses on supply chain strategy and value chain roadmapping, with a particular focus on fast-clockspeed manufacturing industries. His current research examines outsourcing dynamics, with a focus on dynamic models for assessing the leverage among the various components in complex industrial value chains and the principles for value chain design, based on strategic and logistical assessments.

Her work has been published in the Journal of Service Research, a scholarly journal that publishes the highest level of research relating to service. Most recently, he has been studying the production function of socio-emotional, entrepreneurial, and creative skills in educational and labor markets. His research interests include applied microeconomic theory, industrial organization, and empirical microeconomics.

His research focuses on matching theory—the study of how firms and workers, schools and students, and romantic partners, among others, match to one another. Melati Nungsari is an applied microeconomist specializing in industrial organization, market design, labor economics, and public economics. Her primary research involves two-sided matching platforms and how firms can use pricing to resolve externalities on the platform. She also studies issues related to the labor market integration of refugees in host countries such as Malaysia, discrimination in the labor market, and retirement markets.

Melati also studies pedagogical innovations in economics and business education. She is originally from Penang, Malaysia. His main expertise lies in the political economy of development and state-business relations, particularly in the areas of industrial and innovation policies. Lima de Oliveira received his Ph. He holds a M. Ashley Chiampo is an executive coach with over 19 years of experience helping people and organizations attain maximum effectiveness. Her background includes working with CXOs and senior managers in small private companies, international development organizations, and multi-billion dollar publicly traded organizations.

Ray Fung is a senior lecturer at the Asia School of Business. His main expertise lies in strategy making and managerial cognition, particularly in the areas of digital marketing, global branding and new venture marketing. His research is in catalyzing innovators and entrepreneurs in communities from the ground up and to build local entrepreneurship ecosystems. He has conducted workshops on Making, Innovation and Entrepreneurship in different countries for students and professionals.

He is a practitioner of Design Thinking process. What happened in Asia was quite different. These countries did not fall prey to fiscal profligacy. Their main stress points were in the private sector—too much corporate debt, a credit bubble and lax lending standards to crony capitalists. Second, perhaps the biggest flaw in the Asian economic strategy was that their central banks were committed to maintaining a fixed exchange rate against the dollar or currency boards in the case of Hong Kong.

ASEAN explained in 5 minutes

This meant that both foreign investors buying Asian assets as well as regional companies borrowing in dollars thought they had no foreign exchange risk. The result was a gush of hot money on the one hand and a dangerous build-up of dollar liabilities in corporate balance sheets on the other. Asian central banks quickly ran through their foreign exchange reserves in the attempt to defend fixed exchange rates. When they eventually gave up, and allowed their currencies to fall sharply, corporate balance sheets with large dollar borrowings were in tatters.

Third, the Asian crisis showed that financial markets are prone to herd behaviour—and that currency panics can be self-fulfilling. Almost all the affected economies tried to deal with the crisis through massive demand compression, through a combination of higher interest rates and massive budgetary cuts. The idea was to bring capital back into the region. Only Malaysia ignored the rulebook.

It imposed capital controls, a move that was unpopular at the time but has since gained wider acceptance across the world.

Lessons from East Asia - Google книги

Fourth, the deeper roots of the Asian crisis could be found in the economic models that took these countries from poverty to prosperity within a few decades. In , economists Alwyn Young and Lawrence Lau had shown that almost the entire growth in Asian output during the miracle years could be explained by perspiration rather than inspiration. In other words, the main driver of economic growth was the more extensive use of inputs such as labour and capital, rather than innovation or productivity.

Eventually, wages began to outpace productivity, overheated financial markets led to an sharp increase in private sector debt, and excess domestic demand flowed into the trade account in terms of higher imports. The Asian crisis has taught us that economic dislocations can emanate from the private sector rather than the government budget; maintaining fixed exchange rates in a world of free capital flows is almost impossible; currency panics can be self-fulfilling, so capital controls should be used in rare cases as an emergency tool; countries need to think deeply about their economic development models, especially if they have become outdated as they move up the value chain.

The Asian tigers eventually bounced back—but they have never been able to match the performance of the years before the crisis.

The structural transformation of these economies can perhaps best be seen in the story of the Korean chaebol, such as Samsung or Hyundai, which reinvented themselves as engines of global innovation while others, such as Daewoo, were allowed to die. China is in the middle of a similar transition right now. It remains to be seen whether it can change its economic model without severe disruption.