Outward FDI of Malaysia: An Empirical Examination from Macroeconomic Perspective

Outward FDI of Malaysia was nearly non-existent prior to 1970s. Nonetheless, recently Malaysia has not only been able to sustain FDI inflows position, but also emerged as the fifth largest investor among the developing economies in Asia region (UNTACD, 2005). This study aims to investigate the selected macroeconomic determinants of outward FDI of Malaysia, namely income, exchange rate and openness. The Johansen and Juselius cointegration test and the vector error correction model are applied in this study to analyze the quarterly data from 1991:Q1 to 2004:Q4. The findings verified that the outward FDI of Malaysia is determined by income, exchange rate and openness of the economy in both the short- and long-run.

THE IMPLICATIONS OF EMERGENCE OF CHINA TOWARDS ASEAN-5: FDI-GDP PERSPECTIVE

The relationship between Foreign Direct Investment (FDI) and Gross Domestic Products (GDP) had become the centre piece of recent researches in identifying the short run and long run implications between the two variables. Using the hypotheses of FDI led GDP and GDP led FDI as theoretical framework, this study intends to analyze the implications of the rise of China towards the ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand from the perspective of FDI and GDP. The cointegration and vector error correlation estimate test results showed that there is a significant positive long run relationship between FDI of China and GDP of ASEAN-5. However, we failed to detect any short run causal relationship among the variables under study.Cointegration; Granger causality; FDI; ASEAN-5

THE IMPLICATIONS OF EMERGENCE OF CHINA TOWARDS ASEAN-5: FDI-GDP PERSPECTIVE

The relationship between Foreign Direct Investment (FDI) and Gross Domestic Products (GDP) had become the centre piece of recent researches in identifying the short run and long run implications between the two variables. Using the hypotheses of FDI led GDP and GDP led FDI as theoretical framework, this study intends to analyze the implications of the rise of China towards the ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand from the perspective of FDI and GDP. The cointegration and vector error correlation estimate test results showed that there is a significant positive long run relationship between FDI of China and GDP of ASEAN-5. However, we failed to detect any short run causal relationship among the variables under study.Foreign Direct Investment; Gross Domestic Product; ASEAN-5; China

Bounds Estimation for Trade Openness and Government Expenditure Nexus of ASEAN-4 Countries

Southeast Asia countries are encountering several challenges as they are moving towards the globalization and trade liberalization era. Due to that, government intervention is essential in ensuring that the economy is resilience against the severe implications of trade openness. Therefore, this study aims to examine the relationship between trade openness and government expenditure of ASEAN-4 countries using the Autoregressive Distributed Lag [ARDL] bounds testing approach that covers a sample period of annually data from 1974-2006. Empirical results indicate that there is an existence of a significant positive long-run linkage between trade openness and government expenditure of all the ASEAN-4 countries under study. This means that government intervention in an open economy is crucial as to cushion the risks associated with trade liberalization.ARDL, ASEAN-4, openness, government expenditure

Economic Integration between ASEAN+5 Countries: Comparison of GDP

This study aims to investigate the causality direction of economic integration among ASEAN countries together with five other neighboring countries, namely Australia, China, Japan, New Zealand and South Korea. The analysis is based on the economic integration of GDP covering the sample period from 1967 to 2007. Empirical results from the Toda and Yamomoto (1995) Granger non-causality tests depicted the existence of bi-directional causality relationships between the GDP of ASEAN and China; GDP of ASEAN and Japan; GDP ASEAN and South Korea, and also GDP of ASEAN and New Zealand. This indicates that there is a great potential for ASEAN countries moving towards higher degree of economic integration via strengthening the relationship with those countries within the region.Toda and Yamomoto; Economic Integration; ASEAN+5

Selected Macroeconomic Determinants of Foreign Direct Investment Outflow of Singapore

The role of Foreign Direct Investment (FDI) outflow has become significant and essential for sustainable economic growth in Southeast Asia region particularly Singapore. The saturation of the domestic resources accumulation and as export-led regime, the government of Singapore introduced the regionalization policy in the 1990s to encourage abroad investment. Due to that, this study aims to investigate the determinants of Singapore FDI outflows from the perspective of selected macroeconomics variables namely income, trade openness, interest rate and exchange rate. This study adopted the Johansen and Juselius cointegration test and Granger causality based on vector error correction model to investigate the annually data from 1975 to 2007. Empirical results indicated that FDI outflow of Singapore is positively associated with income while inverse linkage with trade openness, interest rate and exchange rate in the long run. Moreover, exchange rate has the tendency to have greater influence towards the FDI outflow of Singapore in relative to the other determinants. Meanwhile, income, trade openness and interest rate portrayed causality linkage towards FDI outflow of Singapore, except for exchange rate in the short run. The continuous commitment towards economic integration in the East Asia region via the Free Trade Area has further contributed to the expansion of FDI outflow of Singapore in the future.FDI outflow, trade openness, vector error correction model

Selected Macroeconomic Determinants of Foreign Direct Investment Outflow of Singapore

The role of Foreign Direct Investment (FDI) outflow has become significant and essential for sustainable economic growth in Southeast Asia region particularly Singapore. The saturation of the domestic resources accumulation and as export-led regime, the government of Singapore introduced the regionalization policy in the 1990s to encourage abroad investment. Due to that, this study aims to investigate the determinants of Singapore FDI outflows from the perspective of selected macroeconomics variables namely income, trade openness, interest rate and exchange rate. This study adopted the Johansen and Juselius cointegration test and Granger causality based on vector error correction model to investigate the annually data from 1975 to 2007. Empirical results indicated that FDI outflow of Singapore is positively associated with income while inverse linkage with trade openness, interest rate and exchange rate in the long run. Moreover, exchange rate has the tendency to have greater influence towards the FDI outflow of Singapore in relative to the other determinants. Meanwhile, income, trade openness and interest rate portrayed causality linkage towards FDI outflow of Singapore, except for exchange rate in the short run. The continuous commitment towards economic integration in the East Asia region via the Free Trade Area has further contributed to the expansion of FDI outflow of Singapore in the future.FDI outflow, trade openness, vector error correction model

FDI-trade nexus: empirical analysis on ASEAN-5

This paper investigates the dynamic linkages between FDI and trade of ASEAN-5 countries using the Autoregressive Distributed Lag (ARDL) bounds testing approach. Empirical results suggest that FDI and import are complement to each other in long run but import tends to substitute FDI in short run. Conversely, export tends to substitute FDI in long run, however, complementary linkage was found between FDI and export in short run.FDI; Trade; Autoregressive Distributed Lag (ARDL)

Harmonic chirp imaging method for ultrasound contrast agent

Coded excitation is currently used in medical ultrasound to increase signal-to-noise ratio (SNR) and penetration depth. We propose a chirp excitation method\ud for contrast agents using the second harmonic component of the response. This method is based on a compression filter that selectively compresses and extracts the second harmonic component from the received echo signal. Simulations have shown a clear increase in response for chirp excitation\ud over pulse excitation with the same peak amplitude. This was confirmed by two-dimensional (2-D) optical observations of bubble response with a fast framing camera. To evaluate the harmonic compression method, we applied it to\ud simulated bubble echoes, to measured propagation harmonics, and to B-mode scans of a flow phantom and compared it to regular pulse excitation imaging. An increase of approximately 10 dB in SNR was found for chirp excitation. The\ud compression method was found to perform well in terms of resolution. Axial resolution was in all cases within 10% of the axial resolution from pulse excitation. Range side-lobe levels were 30 dB below the main lobe for the simulated bubble echoes and measured propagation harmonics. However,\ud side-lobes were visible in the B-mode contrast images

Spatial conductivity mapping of carbon nanotube composite thin films by electrical impedance tomography for sensing applications

This paper describes the application of electrical impedance tomography (EIT) to demonstrate the multifunctionality of carbon nanocomposite thin films under various types of environmental stimuli. Carbon nanotube (CNT) thin films are fabricated by a layer-by-layer (LbL) technique and mounted with electrodes along their boundaries. The response of the thin films to various stimuli is investigated by relying on electric current excitation and corresponding boundary potential measurements. The spatial conductivity variations are reconstructed based on a mathematical model for the EIT technique. Here, the ability of the EIT method to provide two-dimensional mapping of the conductivity of CNT thin films is validated by (1) electrically imaging intentional structural defects in the thin films and (2) mapping the film’s response to various pH environments. The ability to spatially image the conductivity of CNT thin films holds many promises for developing multifunctional CNT-based sensing skins.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/58135/2/nano7_31_315501.pd