Front Matter Page
Asia and Pacific Department
Contents
Abstract
I. Introduction
A. Literature Review
II. Data and Stylized Facts
A. Aggregate Stylized Facts
B. Firm Level Analysis
III. External Financing Dependence
IV. Empirical Analysis
A. Models
B. Results
V. Conclusion
References
Appendix I. Figures
Figure A1. Corporate Saving in ASEAN5, 2000–2017
Figure A2.1. U.S.: Net Saving by Industry
Figure A2.2. ASEAN5: Net Saving by Industry
Figure A3.1. Export-Orientation of Manufacturing Industries in ASEAN5, 2006–2016
Figure A3.2. Export-Orientation of the Manufacturing Sector by Country, 2006–2016
Figure A4.1. Capital Account Openness, 2000–2017
Figure A4.2. Capital Account Openness in ASEAN5, 2000–2017
Figure A5. Exchange Rate Movements in ASEAN5, 2000–2018
Figure A6.1. Credit-to-GDP Ratio, 2000–2017
Figure A6.2. Credit-to-GDP Ratio in ASEAN5, 2000–2017
Figure A6.3. Total Capitalization, 2000–2017
Figure A6.4. Spread between Lending and Deposit Rates, 2000–2017
Figure A6.5. Total Capitalization, 2000–2017
Figure A6.6. Concentration of the Largest Three Banks, 2000–2017
Figure A7. Firm’s Profit and Saving Trends
Figure A8. USA: External Financing Dependence by Age (Number of years since IPO)
Figure A9. Choice between NYSE and NASDAQ
Figure A10. External Financing Dependence by Industry
Figure A11. USA: Evolution of External Financing Dependence by Industry
Appendix II. Tables
Table A1: Data Coverage
Table A2: Firm growth and Financial System Development
Table A3: Firm/industry Characteristics and Net Saving
Table A4. Net Saving Rate: KA Openness, External Financing Dependence, and Export Orientation
Table A5. Interaction between KA Openness and External Financing Dependence by Export Orientation
Table A6: Net Saving Rate: ER Flexibility, External Financing Dependence, and Export Orientation
Table A7: Banking Sector Efficiency, Competitiveness, and Net Saving
Table A8: Political Stability and Net Saving