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This paper examines patterns and determinants of foreign direct investment (FDI) in Malaysia from a comparative Southeast Asian perspective. There is clear evidence that Malaysia's relative attractiveness for FDI within the region has eroded in recent years; outflow of FDI from Malaysia has consistently surpassed inflow of FDI, a pattern not seen in the other major Southeast Asian countries. The explanation seems to lie with the dualistic investment policy regime and the narrow domestic human capital base. We find no evidence that FDI in Malaysia (or major Southeast Asian countries) is crowded out by an increasing flow of FDI into China. On the contrary, Malaysia is well placed to benefit from a complementary FDI relationship with China as a favoured location of high-end tasks within global production networks. Keywords: Malaysia, Southeast Asia, China, foreign direct investment., I. Introduction Over the past four decades, foreign direct investment (FDI) has played a pivotal role in the rapid growth and structural transformation of Malaysia through export-oriented industrialization. Affiliated companies [...]

The special issue of the ASEAN Economic Bulletin examines a number of policy issues relating to capital flows into Southeast Asia in the aftermath of the global financial crisis. The contributions to this volume address both thematic issues and country studies, examining a wide range of emerging issues relating to the influx of capital flows to the region. The findings and their policy implications offer insights into managing the impacts of crises in general and surges in capital flows in particular, as well as issues relating to post-crisis macroeconomic policy, currency realignment, and regional cooperation. Keywords: Capital flows, global financial crisis, Southeast Asia., I. Introduction This special issue deals mainly with capital flows to Southeast Asia, focussing on its determinants and its impacts, particularly in the aftermath of the global financial crisis. This [...]

Class Wars: A Parable ONCE UPON a time in the land of America, there lived triplet brothers named Tom, Dick, and Harry Class. They were 4 5 years old, had [...]

This paper will summarize the Chief Financial Officers Act (CFO Act) and the Governmental Management Reform Act (GMRA) legislation, the progress made in federal financial management due to these two acts, and the progress that still needs to be made. The changes necessary in federal financial management focus on the weaknesses within the Department of Defense and the Homeland Security Department, as well as addressing the results from the Association of Governmental Accountants' Annual CFO Survey 2008. It is found that the most important changes needed are a reformation of the annual report format in order to increase transparency and usefulness of information as well as the process used to submit annual reports in order to consolidate them into a government-wide financial report., INTRODUCTION Successful federal financial management has been a long-running governmental goal throughout many administrations. The Bush, Sr. administration established the Chief Financial Officers Act of 1990, the first financial management [...]

To authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1467-6281.2009.00283.x Byline: ALLAN BARTON (1) Keywords: Accrual accounting; Financial management reforms; Public choice theory; Public sector Abstract: Accrual accounting has been central to financial management reforms designed to promote greater efficiency, effectiveness and accountability in the Australian public sector. This is the setting for the article; however, the issues covered apply to all nations that have reformed their public sectors over recent years. The results of the reforms have been mixed. While accrual accounting has had some beneficial results for the above purposes, the benefits have been offset by aspects of accounting misuse resulting largely from adoption of the business model of accrual accounting, termination of the former cash accounting system, and adoption of some questionable marketization reforms which appear to be more driven by the objective of reducing the size of government rather than enhancing efficiency of operations. Because Treasury believed that the business model was not appropriate for budget fiscal policy purposes, it introduced a second combined accrual and cash accounting system-the Government Finance Statistics system. The use of two accrual accounting systems reporting different results caused much confusion in parliament. Author Affiliation: (1)Australian National University and University of Sydney Article note: A llan B arton (Allan.Barton@anu.edu.au) is an Emeritus Professor and former Pro Vice Chancellor and Treasurer of the Australian National University and an Honorary Professor of Accounting at the University of Sydney.

Introduction Each year, the DISAM Journal publishes a summary of the legislation that impacts U.S. security assistance and other related international programs. This report is intended to alert all security [...]

This article offers a comparative analysis of the inflationary experiences of Weimar, Germany and post-Soviet Russia, applying theories about money and government budget contraints in the manner of Thomas Sargent and Francois Velde. The comparison looks beyond economic policy itself to the political and social consequences of the two inflationary crises. The parallel is fairly close: close enough to suggest that Russia, despite its recent quiescence, may not have seen the end of its monetary, or political, travails.