Front Matter Page
Asia and Pacific Department
Authorized for distribution by Roberto Cardarelli
Contents
I. Introduction
II. Investment Trends in Asia
A. Recent Developments
B. Investment Levels and Composition in Asia
III. What Drives Investment in Asia?
A. Explaining the Fall in Aggregate Investment
B. Why Has the Composition of Investment Changed?
IV. Policy Implications: How Can Asia Facilitate Rebalancing Through Investment?
A. Policies Suggested by Empirical Results
B. Meeting Infrastructure Needs
V. Summary
References
Figures
1. Selected Asia: Gross Fixed Capital Formation (GFCF) and Gross Saving, 1993–2009
2. Export-Oriented Asia: Contribution to Change in Average Share of GFCF in GDP
3. Selected Asia: Change in Investment by Type
4. Phone Connections, 1995, 2005, Latest
5. Electricity Generation, 1995, 2005, Latest
6. Firm-Level Investment Rate, 2000–07
7. Composition of Investment by Sector, 1990, 2000, and 2007
8. NIEs: Firm-Level Investment Rate, by Size and by Sector, 2000 and 2008
9. Export-Oriented Asia: GFCF––Change in Share versus Change in Relative Price
10. Corporate Sector Leverage: 2000–08
11. Uncertainty: Stock Price Deviation, 2000–08
12. NIEs, Japan: Relative Change in Fundamentals
13. Effective Corporate Tax Rates in OECD
14. Size of the Corporate Bond Market, Selected Asian Economies, 2009.
15. Venture Capital Investment: Selected Advanced Economies, 2006
Tables
1. Selected Financial Indicators for Firms, 1990–97 and 2000–07
2. Determinants of Private Investment Spending
3. Exchange Rate Effects
4. Effect of Infrastructure on Private Investment Spending
5. Asia: Investment Equations
6. NIEs and Japan: Changes in Fundamentals, 1990–97 versus 2000–07 by Firm and Type
7. International Comparators: Investment Equations.
8. How Would an Improvement in Fundamentals Affect Investment in Asia?