The Malaysian economy faces turbulence abroad after regime change
|
|
- Kristian Golden
- 5 years ago
- Views:
Transcription
1 The Malaysian economy faces turbulence abroad after regime change The Malaysian economy in 2018 played a role in Malaysia s historic regime change, but not through any sensational economic disruption. The UMNO-led, Barisan Nasional (BN) coalition had ruled continuously since the country s Independence. This BN coalition lost in the 14th General Elections (GE14) but it wasn t an election waged on grounds of economic collapse. There was no economic crisis to speak of, unlike in , and the ringgit was not plummeting. The growth rate dropped to 4.2% in 2016 from a safer 6% in But the economy was on the mend, in so far as the GDP was rising after Annual growth rates were increasing after the 2008 crisis, peaking in The months leading to the elections did see the growth rate slipping, but it was probably not at the root of the dissatisfaction. Other gnawing issues troubled the people. Some of these included the festering 1MDB scandal, the rising cost of living, high household debt, and the high rate of public debt. 1/5
2 There was a deep sense of disillusionment because people felt they were not participating in the country s growth. While Malaysia s growth was satisfactory, the country s prosperity was not felt by the people. A wide range of annoying issues abounded: former prime minister Najib Razak s wife s spending on handbags and diamond rings angered the public; there was a widely-held perception that Malaysia was being sold out to China, and the 1MDB scandal was consuming the patience of the people, what with scathing reports from the United States Department of Justice (DOJ) and related arrests in other jurisdictions.ultimately, these issues helped Barisan Nasional lose GE14. Having won the elections, the new Pakatan Harapan (PH) government led by the nonagenarian Dr Mahathir Mohamad has before it the onerous task of meeting the people s aspirations. It s probably unfair to judge the present government on its economic management. A new government taking over from its predecessor after 60 years cannot be evaluated on what it has, or has not, done in six months. Still, some provisional comments can be made on the decisions of recent months. The star of 2018 s economic landscape is Finance Minister Lim Guan Eng. He has been daring, willing to grab the bull by its horns, and keen on trying to bring new ideas to a staid job. He can be credited in revealing the excesses and ineptness of the previous government in its investments. The rampant accumulation of debt was thrown open for all to see. There is the huge debt burden the country has to carry. The finance minister deviated from international guidelines in reporting by redefining national debt to include federal government debt, contingent liabilities, and lease payments for public-private projects. Not all international organisations adopt the same approach. With this accounting approach, Malaysia was found to have debts in excess of RM1 trillion (A$350 billion). It is debateable if a redefinition was necessary and if it gives a more accurate picture of the nation s economic position. Generally, the argument is that contingent liabilities are contingent upon the projects failing. As long as they don t wind up, and have adequate assets to draw upon, they remain contingent liabilities. When the projects fail, and the projects have inadequate assets at that material time, the liabilities crystalise into debts. Contingent liabilities are not debts, but they can become debts. There is a difference between being and becoming. If this difference was ignored by the new government, there may have been two possible reasons. First, the PH government anticipates the collapse of the projects that the previous government had guaranteed. Two, the PH government wants to ramp up a sense of urgency and signal the onset of a more austere policy-making environment. 2/5
3 The unnecessary debts the new government has inherited has had its effects on foreign policy too. One of the first moves that Dr Mahathir made was to reverse the decision on a few huge infrastructure items. Two projects were cancelled: the RM55 billion (A$19 billion) East Coast Rail Link and the RM9 billion (A$3.03 billion) Multi-Product Pipeline and Trans-Sabah Gas Pipeline. One was undertaken by China Communications and Construction Company and the other by China Petroleum Pipeline Bureau. The High Speed Rail that was supposed to have connected Kuala Lumpur and Singapore was put on hold until Dr Mahathir sought the cooperation of China in reversing earlier decisions that were clearly not judiciously thought through. This will have foreign policy implications, but that is another story. The pullback was a bold but necessary act in view of the inflated price that Malaysia would have otherwise been saddled with. The withdrawal of these projects meant a loss of the resulting multiplier effects. To take such a view would have been short-termist. It would have made bad economic sense too when weighed against the massive interest payments that would have been due. Another abrupt policy intervention was the retraction of the goods and services tax (GST), and having it replaced with the sales and service tax (SST). This decision was prompted by the desire to honour PH s election manifesto which included the promise to do away with the GST. As a policy instrument, the GST has been warmly received in most of the countries around the world. There are valid conceptual reasons why the GST is a good form of taxation. However, the GST was thought to have been the cause of Malaysia s high cost of living. This need not have been true. What was probably at the root was the manner of implementation of the GST and the exercise of anti-competitive forces during the previous regime. These are the factors that may have led to price increases. The removal of the GST left Malaysia s economy grappling with another problem: how would the government deal with the shortfall in such revenue, which was estimated at RM20 billion (A$6.73 billion)? The question of insufficient tax revenue sources plagued analysts prior to the announcement of the Budget 2019, the PH government s first budget. With the high public debt and the constraint on tax revenues, there was speculation that the government would go on a tax collection rampage. There were fears that taxes on inheritances and capital gains would be introduced. But Budget 2019 cleverly side-stepped slipping down the steep slope which would have come about by imposing undue fiscal burden on the people. The budget turned out, largely, to be a sensible one. It surely got the bigger picture right. It s necessary to raise adequate government revenue. At the same time the following constraints 3/5
4 have to be taken into account: a weakening external environment, the need to boost domestic consumption, and the people s expectations in regime change. This mix demanded a more flexible budget one that is at least mildly expansionary, and one that takes into account the stark reality of the coming year. The Ministry of Finance deftly executed a budget that suited the bill. It went in for a budget with a deficit of 3.7% of gross domestic product. It also retained the scheme of cash grants for the underprivileged with some modifications. In essence, the Ministry of Finance did not want an austere budget that would bring the economy to a grinding slowdown, since a gloomy external environment is expected next year. There had to be sufficient support to boost domestic demand, and Budget 2019 addresses that in several ways. There s mention of attending to infrastructure and public amenities. The needs of the disadvantaged are not ignored; there are cash grants for them. Households earning a monthly income of RM2,000 and less will receive RM1,000. This will benefit about four million households. Another useful measure was the proposed fuel subsidy. Viewed from the private sector perspective, too, it s a satisfactory budget since it provides some incentives for the small and medium-sized enterprise sector. Some of the incentives in the budget are of token value, like the one-off payment of RM500 for pensioners receiving less than RM1,000. The measures for healthcare do not seem to be comprehensive, at first glance. The details regarding coverage are unclear. It has yet to be spelt out how the insurance companies will participate in this programme. In any case, the M40 (the middle 40% of the population) is also in dire need of health coverage. The budget is a reminder that a public health financing scheme, long overdue, is urgently needed. In at least one respect, the budget has attempted to be innovative, that is, in the initiative to build affordable housing. The budget proposes that this be done through crowdfunding. The proposed scheme requires first-time house buyers pay only 20% of the cost of a house, with the remaining cost borne by investors using a P2P framework. Several questions come to mind. First, if a buyer can produce 20%, generally, it should not be too difficult to obtain a loan from a bank. This begs the question, why then crowdfunding? Second, it is not obvious what aspect of the home ownership problem the crowdfunding mechanism is trying to solve. Crowdfunding works well when the supply of capital is limited and more sources need to be tapped. In Malaysia, the constraint lies more with the consumer, with affordability, than with the supply of credit. Further, the crowdfunding project is being launched, in a manner of speaking, on an experimental basis. The scheme would be open to first-home buyers for homes within the RM300, ,000 range before being extended in scope. One would expect the government to be a guardian of conservatism in the use of financial instruments, preferring to use what has been tried and tested, than to play the role of a behavioural economist. 4/5
5 Dr Mahathir has been reserved in his judgment, commenting that he wants to see the house, the owner and the investor. He added cryptically that the proof of the pudding is in the eating, implying that he would not be convinced until he saw evidence of the scheme s success. Daim Zainuddin, former finance minister and head of the Council of Eminent Persons, has been equally cautious, calling it a well-intentioned initiative in which studies will have to be carried out. The current government has its hands full in dealing with the enormous financial mismanagement of the previous BN government. This in itself is a good first step to establish a culture of good governance. But firms steps will have to be taken to ensure that there are enough institutional processes to block any such recurrence. At the moment, it does not appear that there has been a thorough revamp of all such processes, vital as they will be to avoid discriminatory practices, corruption, and cronyism. There are areas where the government has taken firm action and there are others where it has been tentative. The Budget 2019, for instance, has been a balance of attempts at innovativeness and sensibility. But the economic direction for the next few years is not yet clear. Maybe it s a reflection of the fact that the new government knows what should not be done, but is still finding its way around what should be done. It s also possibly grappling with the challenge of doing things differently to the previous regime. How, for instance, will Malaysia define its trade or industrial policy? What will the new sources of growth and tax revenue be? These are questions that the PH government will have to discuss and decide upon. One expects the New Malaysia economy to be based on firm ethical and institutional foundations, as well as clear economic thinking, in determining the country s direction. 5/5 Powered by TCPDF (
Contents The best of MYR appreciation may be over A clear victory but muddled future And more economic risks ahead But some positives
Economic and Financial Analysis Global Economics Article Malaysia: Mahathir returns, uncertainty lingers The lingering political and economic uncertainty ahead leads us to revise our end-2018 USD/MYR forecast
More informationMalaysia Outlook. 100 days later, what should we expect after this? Thursday, August 23, Highlights
Malaysia Outlook 100 days later, what should we expect after this? Highlights Thursday, August 23, 2018 Manifesto promises may probably require a longer time period to be delivered Debt can risk weighing
More informationKey Note Speech for REHDA CEO Series By YB Lim Guan Eng, Finance Minister of Malaysia 24 September 2018 Sunway Putra Hotel, Kuala Lumpur
Key Note Speech for REHDA CEO Series By YB Lim Guan Eng, Finance Minister of Malaysia 24 September 2018 Sunway Putra Hotel, Kuala Lumpur YBhg Datuk Jeffrey Ng Tiong Lip, Chairman of REHDA Institute YBhg
More informationAn Oil Price Increase Is Not Enough for Russia
An Oil Price Increase Is Not Enough for Russia January 12, 2018 Though crude oil prices are expected to hover around $60 a barrel in 2018 and 2019, that s not enough to buoy Russia s economy. By Jacob
More informationNumber 2: The UK Spending Deficit What is it and must it be eliminated now?
Economics: the plain truth A series of plain briefings for Reps and Activists Number 2: The UK Spending Deficit What is it and must it be eliminated now? By squeezing families and businesses too hard,
More informationPOLICY BRIEFING Adult Social Care funding and eligibility criteria
Adult Social Care funding and eligibility criteria Date: 23 May 2011 Author: Christine Heron, LGiU Associate Overview The Dilnot Commission on the Funding of Care and Support commissioned a study into
More informationGlobal Financial Crisis and China s Countermeasures
Global Financial Crisis and China s Countermeasures Qin Xiao The year 2008 will go down in history as a once-in-a-century financial tsunami. This year, as the crisis spreads globally, the impact has been
More informationAmBank Group Reports Net Profit of RM1,132 million for FY18
Media Release 31 May 2018 AmBank Group Reports Net Profit of RM1,132 million for FY18 AMMB Holdings Berhad (AmBank Group or the Group) today announced the results for the financial year ended 31 March
More informationAtradius Country Report
Country Report Malaysia December 21 Kuala Lumpur Overview General information Most important sectors (% of GDP, 29) Capital: Kuala Lumpur Services: 44 % Government type: Constitutional monarchy Industry:
More informationBudget 2017 Curbing Prime Ministerial slush funds a national priority
Budget 2017 Curbing Prime Ministerial slush funds a national priority By Liew Chin Tong DAP National Political Education Director and MP for Kluang Dr. Dzulkefly Ahmad Strategy Director, Parti Amanah Negara
More informationSaudi Arabia Turns to Asia for Investment
Saudi Arabia Turns to Asia for Investment March 1, 2017 The kingdom is facing financial strain and looking for new sources of cash. By Xander Snyder King Salman of Saudi Arabia visited Malaysia on Feb.
More informationMANAGER S REPORT 30 September 2018 Performance Review From 7 May 1998 (date of launch: 16 April 1998) to 30 September 2018, the Pacific Dana Aman registered a total return of 409.74%, while its composite
More information- BY NOR MOHAMED YAKCOP-
LARIBA 8 th ANNUAL SYMPOSIUM AND AWARDS PROGRAMME IN ISLAMIC BANKING AND FINANCE PASADENA, CALIFORNIA, USA (16.6.2001) AN ANALYSIS OF DR. MAHATHIR MOHAMAD S PROPOSAL TO TAX THE RICH COUNTRIES TO FINANCE
More informationFeel No Pain: Why a Deficit In Times of High Unemployment Is Not a Burden
Issue Brief September 2010 Feel No Pain: Why a Deficit In Times of High Unemployment Is Not a Burden BY DEAN BAKER* With the economy suffering from near double-digit unemployment, public debate is dominated
More informationANDREW MARR SHOW 16 TH JULY 2017 JOHN McDONNELL
1 ANDREW MARR SHOW 16 TH JULY 2017 JOHN McDONNELL AM: Can I ask you first of all, if you re a public sector worker and you re watching this programme what can you expect from a Labour government? JM: We
More informationPOST-GE14. Market Outlook 13 MAY 2018
-GE14 Market Outlook FORWARD Your Investments Market Outlook e-market Outlook 01 GE14 Equity & Fixed Income Strategy Following the victory for the opposition Pakatan Harapan ("PH") in Malaysia that ends
More informationBudgets and Taxes Toolkit: Frequently Asked Questions
Budgets and Taxes Toolkit: Frequently Asked Questions This document is not intended to provide the right answers to questions you might be asked, but rather as illustrations of how to work with values
More informationSTEERING THE NIGERIAN ECONOMY OUT OF RECESSION
STEERING THE NIGERIAN ECONOMY OUT OF RECESSION FDIs are sure looking to invest in unstable markets where they can wait for stability to return. But sadly, this is not so for uncertain Frontiers because
More informationShould Obama withdraw the Stimulus Package NOW?
Should Obama withdraw the Stimulus Package NOW? Rohit There has been quite a debate in the United States about the economy recovering from the worst crisis it has witnessed since the Great Depression of
More informationWELCOME REMARKS BY TAN SRI AMIRSHAM A AZIZ CHAIRMAN OF BURSA MALAYSIA AT INVEST MALAYSIA 2017 SHANGRI-LA, KUALA LUMPUR 25 th JULY 2017
WELCOME REMARKS BY TAN SRI AMIRSHAM A AZIZ CHAIRMAN OF BURSA MALAYSIA AT INVEST MALAYSIA 2017 SHANGRI-LA, KUALA LUMPUR 25 th JULY 2017 Bismillahhirahman Nirrahim Assalammualaikum Warahmatullahi Wabarakatuh
More informationWorks and Pensions Select Committee Inquiry into the Pensions Regulator and Pension Protection Fund May Submission from:
Works and Pensions Select Committee Inquiry into the Pensions Regulator and Pension Protection Fund May 2016 Submission from: The Pensions Action Group (PAG) STILL STRIPPED OF OUR PENSIONS We very much
More informationFinal Exam: 14 Dec 2004 Econ 200 David Reiley
Your Name: Final Exam: 14 Dec 2004 Econ 200 David Reiley You have 120 minutes to take this exam. There are a total of 100 points possible, on 5 multiple-choice questions, and 2 multi-part essay questions.
More informationInternational Journal of Business and Economic Development Vol. 4 Number 1 March 2016
A sluggish U.S. economy is no surprise: Declining the rate of growth of profits and other indicators in the last three quarters of 2015 predicted a slowdown in the US economy in the coming months Bob Namvar
More informationRecommendations for the Special Joint Committee on Deficit Reduction
Recommendations for the Special Joint Committee on Deficit Reduction The Criteria Any Deficit Plan Must Meet and a Recommendation that Does So By Michael Ettlinger and Michael Linden September 2011 Introduction
More informationExplaining risk, return and volatility. An Octopus guide
Explaining risk, return and volatility An Octopus guide Important information The value of an investment, and any income from it, can fall as well as rise. You may not get back the full amount they invest.
More informationComprehensive Immediate Policy Package
Comprehensive Immediate Policy Package Easing Public Anxiety (Summary by the Cabinet Office) August 29, 2008 Joint Meeting of the Government and the Ruling Parties Council on the Comprehensive Immediate
More informationQUESTIONS FOR RACHID SEKAK ECONOMIST
QUESTIONS FOR RACHID SEKAK ECONOMIST Question 1 The decline in oil prices for almost three years has resulted in a weakening of Algeria's financial position, both internally and externally: a significant
More informationOCR Economics A-level
OCR Economics A-level Macroeconomics Topic 3: Application of Policy Instruments 3.5 Approaches to policy and macroeconomic context Notes Explain why approaches to macroeconomic policy change in accordance
More informationBoom & Bust Monthly Insight Video: What the Media Won t Say About the ACA
Boom & Bust Monthly Insight Video: What the Media Won t Say About the ACA Hi, I m Rodney Johnson, co-editor of Boom & Bust and Survive & Prosper. Welcome to the February 2014 educational video. February
More informationWhy the Australian dollar s rise against the yen won t last
Why the Australian dollar s rise against the yen won t last Author Min, Byung-Seong Published 2013 Journal Title The Conversation Copyright Statement The Author(s) 2013. This is an Open Access article
More informationEconomic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
Economic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times FT-ANZ RMB Growth Strategy Series 24 th June Sydney Economic puzzles
More information22 nd Year of Publication. A monthly publication from South Indian Bank.
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank
More informationTranscript of Ed Davey interview
Transcript of Ed Davey interview PLEASE NOTE "THE ANDREW MARR SHOW" MUST BE CREDITED IF ANY PART OF THIS TRANSCRIPT IS USED THE ANDREW MARR SHOW INTERVIEW: ED DAVEY, MP ENERGY AND CLIMATE CHANGE SECRETARY
More informationGCE A level 1134/01 ECONOMICS EC4
GCE A level 1134/01 ECONOMICS EC4 P.M. TUESDAY, 10 June 2014 2 hours 1134 010001 ADDITIONAL MATERIALS In addition to this examination paper, you will need a 12 page answer book. INSTRUCTIONS TO CANDIDATES
More information? Big decisions, tough choices
2017/18 2021/22? Big decisions, tough choices Your chance to influence the next five years of life in Bristol and help with a 92m budget challenge Our five year challenge I am writing this open letter
More informationEconomics Standard level Paper 2
Economics Standard level Paper 2 Tuesday 5 May 2015 (morning) 1 hour 30 minutes Instructions to candidates Do not open this examination paper until instructed to do so. You are not permitted access to
More informationRestructuring the EU banking system
Restructuring the EU banking system Memorandum 9 April 2013, Brussels Arlene McCarthy Member of the European Parliament, rapporteur on reforming the structure of the EU banking sector The culture has not
More informationDBS Focus Malaysia: Beyond the election and politics
Economics DBS Focus Malaysia: Beyond the election and politics Group Research 4 May 218 Irvin Seah Senior Economist In the previous election in 213, PM Najib s coalition won 133 out of a total of 222 parliamentary
More informationPROPERTY INSIGHTS. Market Overview. Short term pain for long term gain; post-election euphoria. Kuala Lumpur Quarter 2, 2018
PROPERTY INSIGHTS Kuala Lumpur Quarter 2, 2018 Short term pain for long term gain; post-election euphoria Market Overview Malaysia s GDP growth moderated to 5.4 per cent in Q1 2018. Improved labour market
More informationChina is not a market economy according to EU law. And there is no indication that it will suddenly become a market economy any time soon.
A PRAGMATIC APPROACH TO CHINA MES: WAIT FOR THE WTO TO DECIDE Why mitigating options don t work, the risks of a unilateral interpretation of the Protocol and the key pillars of an effective antidumping
More informationResolution INVESTING IN YOUTH: FIVE CLEAR DEMANDS IN THE CRISIS
Resolution INVESTING IN YOUTH: FIVE CLEAR DEMANDS IN THE CRISIS ADOPTED BY THE COUNCIL OF MEMBERS/ EXTRAORDINARY GENERAL ASSEMBLY BRAGA, PORTUGAL, 17-20 NOVEMBER 2011 1 COMEM Introduction While the unprecedented
More informationECO 209Y MACROECONOMIC THEORY AND POLICY
Department of Economics Prof. Gustavo Indart University of Toronto December 4, 2013 ECO 209Y MACROECONOMIC THEORY AND POLICY Term Test #2 LAST NAME FIRST NAME STUDENT NUMBER Indicate your section of the
More information7. Monetary Trends and Policy
Quarterly Monitor No. 36 January March 214 47 7. Monetary and Policy Inflation has been stable for the past two quarters at about the lower level of the target corridor but the National Bank of Serbia
More informationPeninsula Malaysia Voter Survey 4 th Quarter 2008 January 2009
Peninsula Malaysia Voter Survey 4 th Quarter 2008 January 2009 1 MERDEKA CENTER FOR OPINION RESEARCH 901B Diamond Complex, 43650 Bandar Baru Bangi, Selangor, MALAYSIA Tel: 603 8210 1488/1499 Fax: 603 8210
More informationgrowth but still remains at approximately 1.5% of potential GDP.
THE UK ECONOMY IN FOCUS/APPLICATIONS Reminder of key objectives: Low and positive inflation (inflation rate target of 2%/- 1%) Sustainable growth of real GDP (no target) falling unemployment (no target)
More informationChina: The Long and Short of Economic Reform
Global Economics Monthly July 2014 China: The Long and Short of Economic Reform Robert Kahn, Steven A. Tananbaum Senior Fellow for International Economics O V E R V I E W Bottom Line: China looks on track
More informationChapter 33: Public Goods
Chapter 33: Public Goods 33.1: Introduction Some people regard the message of this chapter that there are problems with the private provision of public goods as surprising or depressing. But the message
More informationGovernment Intervention during the Asian Crisis
Government Intervention during the Asian Crisis From 990 to 997, Asian countries achieved higher economic growth than any other countries. They were viewed as models for advances in technology and economic
More informationEconomic Theories & Debt Driven Realities
Economic Theories & Debt Driven Realities March 11, 2019 by Lance Roberts of Real Investment Advice One of the most highly debated topics over the past few months has been the rise of Modern Monetary Theory
More informationExemplar for Internal Assessment Resource Economics Level 2
Exemplar for internal assessment resource Economics 2.6A for Achievement Standard 91227 Exemplar for Internal Assessment Resource Economics Level 2 Resource title: Government policies that could lift the
More informationSuite 8, 166 Brighton Rd Scarborough 6019 Western Australia. Tel
SMATS Services (Australia) Pty Ltd Suite 8, 166 Brighton Rd Scarborough 6019 Western Australia Tel +61 8 9205 6868 ABN 37 141 112 807 Tax Agent Number 62364 000 Credit Licence 385201 Global Headquarters
More informationIMF economist: Crisis begins with inequality
Mikael Feldbaum, Michael Kumhof IMF economist: Crisis begins with inequality An interview with Michael Kumhof Published 9 March 2012 Original in Swedish Translation by Erik MacQueen First published in
More informationComparative Analysis of Economic Policies in Korea and Malaysia after the Financial Crisis
American Journal of Applied Sciences 2 (9): 1315-1320, 2005 ISSN 1546-9239 2005 Science Publications Comparative Analysis of Economic Policies in Korea and after the Financial Crisis Seok Yoon Research
More informationKEY GUIDE. The key stages of financial planning
KEY GUIDE The key stages of financial planning What can financial planning do for you? Financial planning has witnessed significant change, so it is not surprising that most people are unclear about what
More informationSocial Security Reform: National Saving and Macroeconomic Performance in the Global Economy
Social Security Reform: National Saving and Macroeconomic Performance in the Global Economy Dr. N. Gregory Mankiw Chairman Council of Economic Advisers at the Council on Foreign Relations January 18, 2005
More information2017 VCE Economics examination report
General comments The 2017 VCE Economics examination was the first for the new VCE Economics Study Design (2017 2021). The examination was generally well handled by the majority of students. Most students
More informationA-level ECONOMICS Unit 4 The National and International Economy
A-level ECONOMICS Unit 4 The National and International Economy Thursday 23 June 2016 Afternoon Time allowed: 2 hours Materials For this paper you must have: an AQA 12-page answer book a calculator. Instructions
More informationSingapore Economic Review Conference (SERC) 2007
Singapore Economic Review Conference (SERC) 2007 2-4 th August 2007 Meritus Mandarin Hotel, Singapore Keynote Address by Professor Joseph Stiglitz, 2001 Nobel Laureate in Economics Global Financial Integration,
More informationDr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank
Dr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank Looking to the future What comes next in terms of European financial integration? Speech at the South African Institute for International
More informationExam Number. Section
Exam Number Section MACROECONOMICS IN THE GLOBAL ECONOMY Core Course ANSWER KEY Final Exam March 1, 2010 Note: These are only suggested answers. You may have received partial or full credit for your answers
More informationEconomic Outlook Summer 2014
Economic Outlook Summer 2014 An Expanding Global Economy FROM ANTHONY CHAN, PHD, CHIEF ECONOMIST FOR CHASE Positive signs ahead, with caution due to geopolitical unrest There have been many positive signs
More informationChina and its Impact on the World. Cheng Li The Brookings Institution September 6, 2016
China and its Impact on the World Cheng Li The Brookings Institution September 6, 2016 Outline 1. The Current Economic Slowdown 2. Political Context and Major Initiatives under Xi Jinping 3. China s Development
More informationEmerging Trends in Real Estate
Emerging Trends in Real Estate The global outlook for 2014 By common consensus in the three Emerging Trends reports, intense competition for prime real estate is forcing investors to move up the risk curve
More informationCredit outlook is for longer-term investment
4 Credit outlook is for longer-term investment João Carlos Ferraz Chief Planning Officer of the Brazil s National Bank for Economic and Social Development Liliana Lavoratti, from Rio de Janeiro So far
More informationRESOURCES FOR INVESTMENT IN AFFORDABLE HOUSING IN SCOTLAND
RESOURCES FOR INVESTMENT IN AFFORDABLE HOUSING IN SCOTLAND CHARTERED INSTITUTE OF HOUSING SCOTLAND (CIH) AND SHELTER SCOTLAND SUBMISSION TO THE SCOTTISH GOVERNMENT SPENDING REVIEW 2012-2015 Shelter Scotland
More informationWrestling with Something Else : Why this Gold Bear Market Is Different
Wrestling with Something Else : Why this Gold Bear Market Is Different May 15, 2015 by Frank Holmes of U.S. Global Investors Earlier this week, I had the pleasure to appear on Jim Puplava s Financial Sense
More informationRestructuring of Malaysia s economy Post-GE14 International Factors and Perspectives Impacting Malaysia s 2019 Economic Outlook
Restructuring of Malaysia s economy Post-GE14 International Factors and Perspectives Impacting Malaysia s 2019 Economic Outlook Yeah Kim Leng Professor of Economics Sunway University Business School 24
More informationWSJ: So when do you think they could realistically conclude these negotiations on the first review?
Transcript of interview with Klaus Regling, Managing Director, ESM Published in the Wall Street Journal, 12 April 2016 Klaus Regling, the managing director of the European Stability Mechanism, the eurozone
More informationReviewing In Force (Pre Regulation) Corporate Split Dollar Plans
Reviewing In Force (Pre Regulation) Corporate Split Dollar Plans In force split dollar plans (that have been grandfathered from the 2003 split dollar regulations) may have numerous issues that need to
More informationCHAPTER 1 INTRODUCTION
CHAPTER 1 INTRODUCTION 1 Chapter 1 1.1 Introduction The social changes in the diminishing role of the extended family and the ageing of the population in both developed and emerging market economies have
More informationMarch Trade Ideas: «Fairly Soon» Means May or June
March Trade Ideas: «Fairly Soon» Means May or June Author: Nick Korzhenevsky, senior analyst with AMarkets Company Summary: The Fed continues with its hawkish rhetoric but cautious actions. Three rate
More informationGLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE
GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual
More informationEconomics Higher level Paper 2
Economics Higher level Paper 2 Tuesday 5 May 2015 (morning) 1 hour 30 minutes Instructions to candidates Do not open this examination paper until instructed to do so. You are not permitted access to any
More informationALLAYING INVESTORS PESSIMISM
Date: 12 November 2018 ALLAYING INVESTORS PESSIMISM Focus Malaysia (10 November 2018) By Ismitz Matthew De Alwis STRIKING a balance between ensuring growth amid global uncertainties and committing to fiscal
More informationCountry Risk Analysis
SEB MERCHANT BANKING COUNTRY RISK ANALYSIS December 11, 2014 Analyst: Martin Carlens. Tel: +46-8-7639605. E-mail: martin.carlens@seb.se Economic growth has bottomed, sentiment is rising following the elections
More informationSUMMARY OF THE LEUVEN BRAINSTORMING EVENT ON COLLECTIVE REDRESS 29 JUNE 2007
SUMMARY OF THE LEUVEN BRAINSTORMING EVENT ON COLLECTIVE REDRESS 29 JUNE 2007 COLLECTING THOUGHTS AND EXPERIENCES ON COLLECTIVE REDRESS The event was opened by Commissioner Meglena Kuneva who gave a key-note
More informationTutorial letter 102/3/2018
ECS2602/102/3/2018 Tutorial letter 102/3/2018 Macroeconomics 2 ECS2602 Department of Economics Workbook: Activities for learning units 1 to 9 Define tomorrow 2 IMPORTANT VERBS As a student, you should
More informationThe Future of Retirement Why family matters
The Future of Retirement Why family matters India Fact Sheet 2 The Future of Retirement Introduction HSBC s The Future of Retirement programme is a leading independent study into global retirement trends.
More informationThe yellow highlighted areas are bear markets with NO recession.
Part 3, Final Report: Major Market Reversal Model This is the third and final report on my major market reversal model. This portion of the model focuses on the domestic and international economy. I ve
More informationChina s Currency: A Summary of the Economic Issues
Order Code RS21625 Updated July 11, 2007 China s Currency: A Summary of the Economic Issues Summary Wayne M. Morrison Foreign Affairs, Defense, and Trade Division Marc Labonte Government and Finance Division
More informationEast Asia Crisis of Econ October 8, Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo
East Asia Crisis of 1997 Econ 7920 October 8, 2008 Team 5 Bryan Darch Svend Egholm Paramdeep Singh Sarah Zullo The East Asian currency crisis of 1997 caused severe distress for the countries of East Asia
More information1 of 6 9/25/2018, 11:49 AM
1 of 6 9/25/2018, 11:49 AM 2 of 6 9/25/2018, 11:49 AM New Delhi: Fuel prices in India hit all-time highs on Monday, with a litre of petrol costing more than 90 in Mumbai, stoking inflation fears and adding
More informationPOLICY BRIEFING The Private Finance Initiative: Treasury Select Committee report
The Private Finance Initiative: Treasury Select Committee report Date: 23 August 2011 Author: Janet Sillett Overview In a statement accompanying the publication of the Treasury Select Committee's report
More informationRural Health Advocacy Project Submission on the Medium Term Budget Policy Statement 2015: More bad news for human resources for health (Version 1)
Rural Health Advocacy Project Submission on the Medium Term Budget Policy Statement 2015: More bad news for human resources for health (Version 1) For additional information or comment on this submission
More information1 ANDREW MARR SHOW, JOHN McDONNELL, 20 TH NOVEMBER, 2016
1 ANDREW MARR SHOW, 20 TH NOV 2016 RT HON JOHN McDONNELL AM: I m joined by one of the Queen s Privy Councillors. The former republican firebrand and now Shadow Chancellor, John McDonnell. Congratulations
More informationCBI Scotland Annual Dinner 2012
CBI Scotland Annual Dinner 2012 6 September 2012 António Horta-Osório Chief Executive, Lloyds Banking Group plc Good evening everyone. Thank you so much for coming this evening. I am delighted that Lloyds
More informationECONOMICS U$A 21 ST CENTURY EDITION PROGRAM #25 MONETARY POLICY Annenberg Foundation & Educational Film Center
ECONOMICS U$A 21 ST CENTURY EDITION PROGRAM #25 MONETARY POLICY ECONOMICS U$A: 21 ST CENTURY EDITION PROGRAM #25 MONETARY POLICY (MUSIC PLAYS) ANNOUNCER: FUNDING FOR THIS PROGRAM WAS PROVIDED BY ANNENBERG
More informationA TALE OF FOUR TAXES
A TALE OF FOUR TAXES Industry analyst PRANAY NARVEKAR examines the direct and indirect tax structures in place in the four major midstream centres Belgium, Israel, Dubai and India. Charles Dickens, in
More informationDC Pension Default Investments Meeting The Needs of Members. 14 May 2014
DC Pension Default Investments Meeting The Needs of Members 14 May 2014 Agenda Our approach to pensions Some questions to consider: 2 The Company Finmeccanica is a world-class high technology leader in
More informationInterview with Klaus Regling, Managing Director, ESM Published in Politis (Cyprus), 8 November 2015
Interview with Klaus Regling, Managing Director, ESM Published in Politis (Cyprus), 8 November 2015 Politis: The main goal of the programme is to restore confidence in Cyprus. Is this mission complete?
More informationA Call for Tighter Controls in the Foreign Exchange Market - A Look at the Tobin Tax
A Call for Tighter Controls in the Foreign Exchange Market - A Look at the Tobin Tax Daniel Kearns James Tobin wrote a paper in 1978 in response to the writings of other economists who had, for 20 years
More informationMacro Note. Malaysia: PH Government 30-Day Report Card
Global Economics & Markets Research Email: GlobalEcoMktResearch@uobgroup.com URL: www.uob.com.sg/research Macro Note Malaysia: PH Government 3-Day Report Card Tuesday, 12 June 218 Julia Goh Senior Economist
More informationTime is money in supplier payments
Time is money in supplier payments Executive summary Slow supplier payments are a persistent and growing problem. The detrimental effects on small businesses are well documented, but the impacts are not
More informationIntroduction to Economics. MACROECONOMICS Chapter 3 Business Cycles, Unemployment and Inflation
Introduction to Economics MACROECONOMICS Chapter 3 Business Cycles, Unemployment and Inflation contents 3.1 3.2 3.3 3.4 3.5 3.6 Causes of Business Cycles Reasons for the Insufficiency of Aggregate Demand
More informationKey Features of The Budget 2013 MALAYSIA A Taxation Perspective Prepared By Chew Por Yan, Angeline Managing Partner ACT Partners Date 16 October 2012
Title Key Features of The Budget 2013 MALAYSIA A Taxation Perspective Prepared By Chew Por Yan, Angeline Managing Partner ACT Partners Date 16 October 2012 The Prime Minister cum Finance Minister of Malaysia,
More informationDiscussion of Seidman-Lewis and Auerbach-Hasset. Charles Steindel 1. Federal Reserve Bank of New York
Discussion of Seidman-Lewis and Auerbach-Hasset Charles Steindel 1 Federal Reserve Bank of New York In a world of low inflation and low nominal interest rates the counter-cyclical ability of monetary policy
More informationExam #3 (Final Exam) Solution Notes Spring, 2011
Economics 1021, Section 1 Prof. Steve Fazzari Exam #3 (Final Exam) Solution Notes Spring, 2011 MULTIPLE CHOICE (5 points each) Write the letter of the alternative that best answers the question in the
More informationKEY GUIDE The key stages of financial planning
Kelvin Financial Planning Ltd KEY GUIDE The key stages of financial planning Financial planning is a relatively new profession, so it is not surprising that most people are vague about what financial planners
More informationMid-Term Review of 11 th Malaysian Plan
Dr. Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my Shafiz Jamaluddin Economic Analyst 03-2088 8399 shafiz@bankislam.com.my Nor Jannah Abdullah FSTEP Trainee 03-2088
More informationTOWARDS FURTHER RESEARCH IN DEMOGRAPHICS
TOWARDS FURTHER RESEARCH IN DEMOGRAPHICS Masaaki Shirakawa Aoyama-Gakuin University December 19, 2014 Societal Ageing and the Japanese Economy, Symposium hosted by the Graduate School of Economics and
More information