This book titled 2017 Annual Competitiveness Analysis and Impact of Exchange Rates on Foreign Direct Investment Inflows to ASEAN Economies recount the development experience of ASEAN over the past 50 years, describe the long-term mega-trends which will shape ASEAN's development trajectory, and propose a development vision with actionable policy recommendations for ASEAN to become the fourth-largest economy in the world by 2030.
Into its fifth edition, the book updates the annual economic competitive analysis for ASEAN-10 conducted by the Asia Competitiveness Institute (ACI). It also introduces an innovation to the institute's methodological framework which is the use of Shapley values to come up with objective weights for indicators, sub-environments and environments in the competitiveness index. This methodological innovation not only adds an element of objectivity in terms of the assignment of weights, but also validates the robustness of results obtained from the competitiveness studies over the past years.
Recognising the importance of foreign direct investment (FDI) to growth and development in the region, the book also presents an empirical investigation of the drivers of FDI inflows, with specific focus on the effects of exchange rate and its volatility. For a group of economies looking to leverage on FDI and trade to transform themselves into the fourth-largest economy in the world, it is important for ASEAN to achieve high external competitiveness, especially in terms of the member states' real effective exchange rates (REER). These research findings make important academic and policy contributions by teasing out the relationship between REER levels, volatility and FDI in the ASEAN context.
Finally, the book collates speeches by academics and policy-makers on issues of key interests to the future development of ASEAN. It contains the reflection on the ASEAN Charter by Professor Tommy Koh, Ambassador-at-Large at the Ministry of Foreign Affairs of Singapore. Moreover, the discussions on the One Belt One Road initiative and its implication for the region by Mr K Shanmugam, Minister for Home Affairs and Minister for Law of Singapore; and Professor Liew Mun Leong, Chairman of Surbana Jurong and Changi Airport Group as well as Provost Chair and Professor of NUS make this book a valuable compendium for policy-makers, thinkers, and anyone who has an interest in Southeast Asia and the Asia-Pacific.
Sample Chapter(s)
Foreword
Chapter 1: Economic Development in ASEAN: Past, Present and Future
Contents:
- Economic Development in ASEAN: Past, Present and Future
- The ASEAN Charter at 10: Prospects and Retrospect
- 2017 Update on Annual Competitiveness Analysis for ASEAN-10
- Impact of Real Effective Exchange Rates on Foreign Direct Investment Inflows to ASEAN Economies
- One Belt One Road Initiative: Global and Geo-economic Perspectives
- Concluding Remarks and Future Research Agenda
Readership: Researchers and advance graduates studying ASEAN developmental economics.
Tan Khee Giap is a Co-Director of the Asia Competitiveness Institute (ACI) and Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. He is also the Chairman of the Singapore National Committee for Pacific Economic Cooperation. Upon graduating with a PhD from University of East Anglia, England, in 1987 under the Overseas Research Scheme awarded by the Committee of Vice-Chancellors and Principals of the Universities of the United Kingdom, he joined the banking sector as a treasury manager and served as secretary to the Assets and Liabilities Committee for three years, thereafter he taught at the Department of Economics and Statistics, National University of Singapore, 1990–1993. Dr Tan joined Nanyang Technological University in 1993 and was Associate Dean, Graduate Studies Office, 2007–2009.
Dr Tan has consulted extensively with the various government ministries, statutory boards and government-linked companies of Singapore government including Ministry of Finance, Ministry of Trade & Industry, Ministry of Manpower, Housing & Development Board, Civil Aviation Authority of Singapore, Singapore Tourism Board, Trade Development Board, Maritime Port Authority, Ministry of Information, Culture & Arts, Economic Development Board, Ministry of National Development, Media Development Authority, Ministry of Environment and Water Resources, Singapore Design Council, Ministry of Community Development, Youth & Sports, Singapore Press Holdings, Yayasan Mendaki, StarHub, CapitaLand and Great Eastern Life. He has also served as a consultant to international agencies such as the Asian Development Bank, Asian Development Bank Institute, United Nations Industrial Development Group, World Bank Group, World Gold Council, ASEAN Secretariat, Central Policy Unit of Hong Kong, Kerzner International, Las Vegas Sands and Marina Bay Sands.
Dr Tan is the lead author for more than 20 books, serving as journals editor and published widely in international refereed journals. He is the associate editor of the journal Review of Pacific Basin Financial Markets and Policies (US) and is on the editorial advisory board of the journal Competitiveness Review (UK). His current research interests include Cost of Living and Purchasing Power Index for World's 105 Cities, Global Liveable Cities Index, Ease of Doing Business Index and competitiveness analysis on sub-national economies of China, India, Indonesia and Association of South East Asian Nations.
Dr Tan was Deputy President of the Singapore Economic Society, 2004. He served in the 2002 Economic Review Committee (ERC), served as Chairman of the Task Force on Portable Medical Benefits (PMB), served as the Deputy Chairman of the IPS Forum for Economic Restructuring (IFER) in 2003 and served as a member of the Resource Panel of the Government Parliamentary Committee for Transport, Government Parliamentary Committee for Finance and Trade & Industry and Government Parliamentary Committee for Defence and Foreign Affairs since 2007. Dr Tan is currently an Independent Director of the publicly listed BreadTalk Group, Boustead Projects, TEE Land and Chengdu Rural Commercial Bank.
Luu Nguyen Trieu Duong is a Research Associate at the Asia Competitiveness Institute (ACI), Lee Kuan Yew School of Public Policy (LKYSPP), National University of Singapore (NUS). Luu graduated from NUS with a Second Upper Class Honours Bachelor of Social Sciences in Economics. A recipient of the ASEAN Undergraduate Scholarship, Luu was placed on the Dean's List and Dean's Scholar List on multiple occasions during his course of study. Luu's research interests include international economics, growth and development, applied econometrics and public economics. At ACI, Luu is the coordinator of research projects on econometric modelling of domestic and external engines of growth; the effects of exchange rate movements and volatility on exports as well as growth slowdown analysis by income thresholds for ASEAN economies. Furthermore, he coordinates ACI's research on city-level cost of living, wages and purchasing power for expatriates and ordinary residents. He also helps to oversee the ASEAN research cluster. Throughout the course of his work at ACI, he has co-authored journal articles, books and editorial-opinions on growth dynamics, cost of living and ASEAN economic development.
Chuah Hui Yin is a Research Assistant at the Asia Competitiveness Institute (ACI), Lee Kuan Yew of Public Policy (LKYSPP), National University of Singapore (NUS). Hui Yin holds a Master's Degree in Development Studies from London School of Economics (LSE). She was a recipient of Commonwealth Scholarship nominated by LSE. Prior to that, Hui Yin graduated with a first-class honours Bachelor degree in Economics from University of Malaya. At ACI, Hui Yin works on research related to international trade, ASEAN economies and small and medium enterprises. Her research interests include development studies and public policy.
Nguyen Duy is a Research Assistant at the Asia Competitiveness Institute (ACI), Lee Kuan Yew School of Public Policy (LKYSPP), National University of Singapore (NUS). Duy received his Bachelor (Honours) degree in Biology with first class honours from NUS and was also a recipient of the ASEAN Undergraduate Scholarship. His most recent publications are: How Do Exchange Rates Affect Foreign Direct Investment Inflows? and Impact of Real Effective Exchange Rate Movements and Volatility on Foreign Direct Investment Inflows into Indonesia: An Empirical Assessment. His research interests and current research tasks being assigned in ACI are quantitative estimations such as Vector Error Correction Model and competitiveness ranking and Simulation Studies for ASEAN-10. He is also being involved in building and computing survey data for small and medium enterprises in Singapore and maintaining the data matrix for Cost of Living, Wages and Purchasing Power Index for expatriates and ordinary residents in 105 cities across the world.