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Bhanupong Nidhiprabha

Board to stimulate the US economy lowered interest rates and pushed capital outflows to developing countries. Asset price bubbles were natural consequences of such measures. Capital inflows would lead to currency appreciation that may have an adverse impact on exchange rate movements. EXCHANGE RATE REGIMES The switch from a fixed regime to a managed float regime is illustrated in Figure 12.23. The value of the baht was allowed to move in a narrow band, providing time for the private sector to adjust to foreign exchange volatility. The Bank of Thailand did not fight

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Asia Rising

Growth and Resilience in an Uncertain Global Economy

Edited by Hal Hill and Maria Socorro Gochoco-Bautista

The centre of global economic activity is shifting rapidly towards Asia, driven by a combination of the economic dynamism of China, India and other middle-income Asian countries, and sluggish growth in the OECD economies. The rapid growth and rising global prominence has raised a range of major challenges for Asia and for the rest of the world. This comprehensive, forward-looking book examines these issues through in-depth studies of major Asian economies and an analysis of the key development policy options.
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Siow Yue Chia

, 29.5 per cent by the central government in the form of direct grants and interest rate subsidies, and 39.8 per cent by bank lending. In addition to the fiscal stimulus, the PBC adopted a highly expansionary monetary policy. In the first half of 2009, bank credit increased by RMB7.3 trillion, compared with the annual increase of RMB3.18 trillion in 2006 and RMB3.63 trillion in 2007. M2 grew at a record rate relative to GDP, so that the interbank money market M3037 - HILL 9781781007976 PRINT.indd 319 18/12/2012 14:47 320 Asia rising was flooded with liquidity

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Frank Rodriguez

. What has changed there, and perhaps elsewhere, is that the trend is no longer close to the underlying expansion of the economy plus a measure of demographic growth. Rather, the growth rate has been displaced downwards and become negative, because to the positive impacts on volumes of economic activity and demography needs to be added the negative impact of e-substitution. Understanding E-substitution Nikali (1995) modeled the effect of a number of teleservices (for example, telefax) on letter mail, in two steps: first, a diffusion model (as a logistic curve), where

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Hal Hill and Maria Socorro Gochoco- Bautista

ASEAN neighbors, and agriculture is relatively more important. In fact, the lower-middle income developing Asian story broadly resembled that of low-income economies in general. The IMF (2010) concluded that real per capita GDP growth stayed positive in two-thirds of these countries. The main effects of the GER were transmitted not so much through movements in terms of trade and interest rates, as in previous occasions, as through a sharp contraction in export demand, FDI, and remittances. Growth was supported by countercyclical fiscal policy, an unusual outcome for

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Vance L. Martin, Chris J. Paterson, Heikki Nikali and Qiubang Li

as Direct Mail are included. Instead of treating the cyclical and structural change effects as two separate components, a natural generalization is to develop general equilibrium type models linking these, and indeed other, letter volume drivers under a single unifying system. Given that different letter volume segments are exposed to different types of substitution occurring at differing speeds, it is important to recognize the impact that an adverse economic shock might have on accelerating movements towards the electronic alternatives. This is especially the

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Claire Borsenberger, Sébastien Bréville and Aurélie Dehais

4. Price comparisons in the parcel industry: a new approach based on the hedonic price theory* Claire Borsenberger,† Sébastien Bréville‡ and Aurélie Dehais§ ** †† ‡‡ 1 INTRODUCTION E-commerce activity is expanding, and the parcel sector is increasingly of interest to the European Commission, who studied in particular the EU cross-border parcels market and will publish a Green Paper on cross-border parcel prices in 2012. Opened to competition for many years, a part of the parcels sector is subject to the Universal Service Obligation (USO), notably to an

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Tham Siew Yean

in the economy (Sukhdave 2011b; Hannoun 2007). Interest rate targeting by means of the Overnight Policy Rate has been used since 1996 to achieve price stability. Figure 8.2 shows that inflation continues to be well managed after the AFC, with an average inflation rate of 2.2 per cent from 1999 to 2010. The use of monetary policy to manage price stability is also supported by the use of non-inflationary sources of financing for financing government expenditure (Thillainathan 2011). The Employee Provident Fund (EPF) is a national pension fund with mandatory

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Emmanuel S. de Dios and Geoffrey M. Ducanes

performance. Even the most basic growth theories will suggest that an economy’s level of maturity, as captured for example by per capita income, will affect its rate of investment.1 Wide differences in investment outcomes have been noted in Table 2.1. Such growth potential and trajectories also will differ depending on resource endowments, the size of internal markets, and other factors. Beyond this, however, the nature of investing actors themselves will differ across countries, as will the factors, both narrowly economic and financial as well as institutional, that

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Edited by Michael A. Crew and Paul R. Kleindorfer

In our increasingly technology-focused world, demand for traditional postal services is steadily shrinking. This timely volume examines the many challenges that the worldwide postal sector is facing as a result of growing electronic competition, and offers expert recommendations for reshaping postal structures to strengthen their competitiveness in an electronic age.