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Inversión y Ajuste Macroeconómico: El Caso del Este de Asia

One of the most impressive features of the succesfull East Asian economies has been their ability to mantain very high rates of investment. Beyon any doubt, this factor has been crucial in determinig their growth performance over the past three decades. This paper attempets to expalin the evolutionn of investment in four East Asian economies: Korea, Singapore, Thailand and Malaysia. In particular the aim is to identify the determinants of private investment, and to measure its response to different variables. It is found that private investment in these countries is explained well by a handful of variables. on the one, hand an increase in GDP growth, public investment or credit availability exert a positive and significant influence over private investment. On the other hand, higher external debt, real interest rates or real exchange rate variability are a clear desincentive to private investment.