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This study examines the effect of family ownership structure on capital market development in four Association of Southeast Asian Nations (ASEAN) countries, namely, Thailand, Malaysia, Indonesia, and the Philippines using panel data analysis. The results indicate that greater family influence in the stock exchange has detrimental effect on capital market development. The results can be considered valid as three alternative capital market development indicators, namely stock market capitalization, total share value traded, and number of companies listed are used.

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The issue of convergence is an ongoing debate. How the world trading systems (multilateral and regional trade arrangements) affect the speed of convergence of GDP per worker and total factor productivity (TFP) is an unaddressed issue in the literature. Hence, the objective of this paper is to examine the impact of multilateral and regional trading systems on the speed of convergence drawing sample from five ASEAN countries, over the 1976 to 2000.  Source: International Research Journal of Finance & Economics; 2006 Issue 5, p52-63, 12p. Authors: Onwuka, Kevin Odulukwe, Baharumshah Ahmad Zubaidi & Habibullah, Muzafar Shah.

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A harmonised or converged group of economies would ensure meaningful economic collaboration within that group. This study evaluates if ASEAN-5, namely, Indonesia, Malaysia, the Philippines, Singapore and Thailand is converging in time. The long run macroeconomic relationship of ASEAN-5 is measured by their respective real gross domestic product. Subsequently, the time-varying convergence of ASEAN-5 is examined. In time, the empirical findings suggest that all ASEAN-5 are compatible but Malaysia, the Philippines and Thailand are relatively more co-ordinated, economically. Hence, Malaysia, the Philippines and Thailand could be the driving force of ASEAN's regional coalition. In order to accelerate regional co-operation efforts, Malaysia, the Philippines and Thailand should formulate reasonable and workable integration guidelines.  Source: International Research Journal of Finance & Economics; 2007 Issue 8, p97-106, 10p. Authors: Hway-Boon Ong & Muzafar Shah Habibullah.  [Download]
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Economists generally accept the proposition that the optimal level of holding international reserves is mandatory, to ensure the stability of balance of payment. However, examining the determinants of international reserves is an important challenge not yet satisfactorily confronted by the profession in developing countries, especially ASEAN countries. Based on a dataset covering five ASEAN countries and using bounds testing approach proposed by Pesaran et al. (2001), this paper provides strong evidence that long-run reserve demand in ASEAN-Five can be characterized as a stable function of imports, uncertainty and the opportunity cost of holding reserves with strong economies of scale.  Source ICFAI Journal of Industrial Economics; May2008, Vol. 5 Issue 2, p7-20, 14p. Authors: Kim-Lan Siah & Chee-Keong Choon.  [Download]
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