What explains divergent investment performances in Asia-Pacific?

Daniel Jeongdae Lee and Noormah Rizwan
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Noormah Rizwan: Macroeconomic Policy and Financing for Development Division, United Nations Economic and Social Commission for Asia and the Pacific

No PB62, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: Subdued investment explained for much of the weak global aggregate demand in the past decade; beyond the near-term impact, it has also contributed to a productivity slowdown and a decline in potential output. While the Asia-Pacific region’s investment performance has been relatively robust, there is considerable heterogeneity within the region. Excluding China, investment performance in the region has been rather weak across a wide range of countries. Attention is needed to long-term drivers of investment. Based on a panel regression of 29 Asia-Pacific economies over the period 1990-2016, macroeconomic stability, financial development and trade openness (but not financial openness) contribute significantly to investment.

Date: 2018
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