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Mahathir and the Markets: Globalisation and the Pursuit of Economic Autonomy in Malaysia

Of the countries affected by the recent economic crisis in East Asia, Malaysia has attracted particular attention. Malaysian policymakers have consistently flouted conventional wisdom about the most appropriate ways of managing the crisis, in particular, and national economies, more generally, in an era characterised by increased international integration, both economic and political. Not only has Malaysia, under the leadership of its Prime Minister, Datuk Seri Dr. Mahathir Mohamad, refused to adhere to the neoliberal orthodoxy of liberalisation and financial opening, but the Malaysian government embarked upon a systematic counter-offensive designed to mitigate the influence of external economic forces and retain a degree of national policy autonomy. Author: Beeson, Mark. Publication: Pacific Affairs, Sep 22, 2000.

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Panel Tests of Stochastic Convergence in the States of Malaysia: Some Empirical Evidence

The paper uses two panel unit root procedures to test stochastic convergence for 14 states in Malaysia, for the period 1960-2003.  Stochastic convergence implies that idiosyncratic country-specific factors cannot explain long-run economic growth, and that shocks to relative regional real per capita Gross Domestic Product (GDP) have temporary effects. In this case, real per capita GDP differentials between states are stationary. Thus, stochastic convergence implies that regional differences across states are not persistent, and that long-run movements in a state's GDP are driven by common technology shocks. The result indicates that the null hypothesis of no convergence in GDP per capita across the 14 states in Malaysia can be rejected. From the policy perspective, this study suggests that previous regional development policies were able to reduce income disparity between the 14 states in Malaysia.  Source: ICFAI Journal of Industrial Economics; May2008, Vol. 5 Issue 2, p21-30, 10p.  Authors: Habibullah, Muzafar Shah & Sivabalasingam, V.

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Malaysia's Competitiveness Ranking Confirms Our Economic Policies

MALAYSIA’S drop of one position in the World Economic Forum’s (WEF) recently announced Global Competitiveness Index (GCI) must be seen for what it really is – not one step backwards but many forward in terms of global confidence in the economic policies and future of the country.  Publication: New Straits Times, 28 September 2006.  Author: Wong, Steven C M. 

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