...THE INTERNATIONAL MONETARY FUND AND EXCHANGE RATE CRISIS MANAGEMENT∗ CHONG-YAH LIM Albert Winsemius Chair Professor of Economics Director, Economic Growth Centre (EGC) School of Humanities and Social Sciences (HSS) Nanyang Technological University (NTU) S3-01B-38, Nanyang Avenue, Singapore 639798 acylim@ntu.edu.sg The article analyzes the limits of the IMF as a global multilateral economic agency to handle serious balance of payments disequilibria. Capital control and growth rates in developing Asia and the twin deficit problem of the United States are also discussed. It also assesses the probability of the reemergence of an exchange rate crisis in Southeast Asia and the wisdom of having an Asian IMF. “Lenin was right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.” — John Maynard Keynes The Economic Consequences of Peace Keywords: Exchange rate crisis; capital control; growth rates in China and ASEAN; East Asian financial crisis; US twin deficits; IMF; AMF. 1. Post-Crisis Per Capita Income A not well-known fact is that all the six economies in Southeast Asia adversely affected by the 1997/1998 financial crisis have not, until today (November 2005), some eight years later, recovered from the pre-crisis per capita income level in US dollar terms (see Table 1). Thailand’s per capita income in 1996 was US$3,084. After the impressive post-crisis recovery eight years later in 2004, it decreased by 18.3% to US$2,519...
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...prevent the carnage soon, the results could be disastrous. Most people have knowledge about global warming and believe it may be a sincere dilemma in the future. What most people don't know is that global warming is currently happening, and we are already experiencing some of what it is capable of doing. Knowing of the harmful effects of global warming, alternative energy sources need to be pursued. Finding and using alternative energy sources may be the only way to stop the increase of global warming. Global Warming is something that is greatly influenced by the energy crisis. Most of global energy production is produced from fossil fuel such as coal, oil and natural gas. The vast majority of fossil fuels generate energy which is used for many purposes for residential, transportation and industrial sectors. The rate of consumption of fossil fuels is higher than their formation and that lead to the oil price crisis. Another concern of fossil fuel combustion is the impact on the environment. Global warming is a significant problem which results in increasing greenhouse gases in the atmosphere. These problems drive people to search for alternative energy such as switching to...
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...trading partner is U.S, Japan and Singapore. Through the background economic of Malaysia, the largest deposits of tin in the 1840s led to Malaysia is being responsible for nearly half of the world’s tin output. Started in the early 20th century, the booming of the country’s agricultural sector is being seen that the rubber is replacing tin as Malaysia main export product. Today, Malaysia is one of the largest exporters of semiconductors and electronic goods. The factories devote about 30% Malaysia’s total manufacturing sector output and there are 40 semiconductor companies operating in Malaysia. By the time, the International multi-national companies have set up assembly and testing units in Malaysia. The important reserves of oil and gas are founded. The oil production occurs near Peninsular Malaysia as well as the regions of Sabah in east Malaysia ad Sarawak. Natural gas production has been steadily rising with several companies engaged in its production. In 2007, the 3rd largest economy in South East Asia and the 29th largest economy in the world was the economy of Malaysia through the purchasing of power parity with gross domestic product. When one of three countries controls the Strait of Malacca and the international trade takes the role in the...
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...21212223252629323435394041 | 9 | CONCLUSION | | 42 | INTRODUCTION Kuala Lumpur Kepong Berhad (KLK) is a Malaysian multinational company involved in plantation, manufacturing, retailing and property development. While plantation remains KLK's core business, it has expanded downstream into resource-based manufacturing, in particular oleochemicals, cocoa processing and rubber processing and employs more than 35,000 employees worldwide. As at 30 September 2011, KLK is listed on the Main Market of Bursa Malaysia Securities Berhad and has a market capitalization of approximately RM22.5 billion. From a humble plantation company established more than 100 years ago in Malaysia and through strategic acquisition and sound management, the Group’s oil palm and rubber plantations today stand at approximately 250,000 hectares in Malaysia and Indonesia. Plantations remain KLK’s core business activity and with replanting in Sabah and vast new plantings in Indonesia progressively brought...
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...needs they desire. Humans need energy to live simply surviving to developing major cities in which to live. Many forms of energy have surfaced over the years, between renewable and non renewable. The task of meeting the needs is one that weighs heavily on the minds of the people which realize that we can’t keep using the sources we have in the ways that we are. We have to consider other resources to energy consumption than non renewable resources. Asia faces the problem that they hold 60 percent of the world’s population.( ) Asia is on the forefront of becoming a more industrialized country which will need more energy consumption and more strain on the resources in which are being used. As the current trends of using; coal, gas, wood or oil as their main source of energy. The resources are going to become scares. Alternate forms of power need to be addressed such as ethanol. It has been reported that the Chinese first started to use natural gas around 200 B.C to produce salt from salt water in evaporators.(DOE, 2007) The production of natural gas is expected to rise 17 percent between 2005 – 2010 with an expected demand rate to raise twenty six percent in the same time frame. As it plans...
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...variables, import and export of Asia The degree of impact of China’s slowdown on Malaysian companies vary depending on the price competitiveness, availability of substitution, type of business and the management’s ability to minimise the impact (Malaysia Chronicle, 2015). 1. Export The slowdown in China’s economy will ultimately impact Malaysia’s exports demand. China is Malaysia’s second largest export market, accounting for 15 percent of its export economy (Springfield, n.d.), Malaysia-China two-way trade topped $100 billion in 2014 (Kurlantzick, 2015). Both goods and services industries are affected in line with slowdown in China’s domestic demand, namely key export products such as electronic component, transport equipment and palm oil, manufacturing sector; and services industries including trading, shipping and tourism which are externally oriented (Singapore Business Review, 2013). Slowdown in China’s economic growth also weakened its currency, thus consumers will consumed more locally-produced goods as imported goods becomes more expensive (Kok, 2015). 2. Import 1% drop in China’s growth rate is due to 4% appreciation in RMB as an act of shifting demand from export to consumption and 1% increase in wage. As labour cost and RMB becomes more expensive, China exports price rises, thus Malaysia import price increases, contributing to capital outflow and increased CPI (Bokyeong, n.d.). 3. Growth The fall in exports also caused slowdown in growth when loans are...
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...International Markets Bureau MARKET ANALYSIS REPORT | AUGUST 2011 Foodservice Profile Malaysia Source: Shutterstock Foodservice Profile Malaysia EXECUTIVE SUMMARY Malaysia is a developing economy located in Southeast Asia. It is ideally located for export business to Indonesia, China and India, and will likely benefit from the strong economic growth predicted for these countries in the coming years. Malaysia also has a young population and increasing wealth of its own. Because of these factors, Malaysia is poised to become a major consumer of agri-food and seafood products in the near future. This growing demand for agri-food and seafood products, as well as the changing demographics and culture of the country, will likely spur growth in an already fastgrowing consumer foodservice industry. While there exist significant differences among Malaysian demographics (Malaysia is culturally diverse), there remain some common themes. Malaysia as a whole is becoming more urban, and remains characterized by a young and growing workforce. The leading sectors in the Malaysian consumer foodservice industry are the café/bar segment, the full-service restaurant segment and the fast food segment. These three segments of the foodservice market account for over half of sales in both value and volume terms. However, there are opportunities to be found in the smaller sectors of the market as well. Malaysia has a strong tourism industry and this is reflected in the large number of...
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...market development. This has transformed Malaysia into one of the most dynamic business environments in South East Asia. Malaysia has a mixed economy with active participation in business by both the private and public sector. Although traditionally a commodities-led economy, services have contributed to the country's recent economic growth and now comprise the largest sector of the economy. Primary economic activities in Malaysia include manufacturing, export trade, services, tourism, and commodities such as petroleum, palm oil, natural rubber and timber. Information technology is also a growing industry. Despite being adversely affected by the economic crisis, the economy contracted by 1.7 per cent in 2009, the economy quickly recovered, experiencing positive growth rates in the years following; furthermore, growth is expected to remain resilient in 2015/16. The major trading partners of Malaysia are United States, Singapore, Japan, People's Republic of China, Thailand, Hong Kong, South Korea Germany, and Indonesia. While this guide makes reference to some of the most common issues investors might face, it must be noted that certain industries, such as the financial services sector, are subject to special regulations. For the avoidance of...
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...people in 2010. Having low standard of living with a national income of $3600 per person, this makes Indonesia rank 147th in the world for income level. This classifies it as a low-middle income economy by the World Bank. Indonesia’s low level of income means that it suffers from a relatively high incidence of poverty, around 30% of the population lives on less than $US1.25 per day. Indonesia suffers from low levels of economic development. According to the United Nations, Indonesia’s HDI of 0.734 is below 110 other economies. Income Inequality in Indonesia, as measured by its Gini index of 37.56, is similar to other economy in the region such as Malaysia and Vietnam. The distribution of income is more equal than in many countries, such as Thailand, the Philippines, or major economies such as China or the United States. This is part of the reason why Indonesia does better in international comparisons of economic development than it does in measures of income or economic growth. In previous decades, Indonesia was considered a developing economy, and later, as a newly industrialised economy. Indonesia is now considered as an emerging economy because of its strong growth performance and prospect, growing...
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...TOPIC: ANALYSIS OF MALAYSIA’S ECONOMIC CRISIS 2015 PREPARED BY: TUN MUHAMMAD FALIQ AIZAT 900711-08-6343 PREPARED FOR: MISS YASOTHA DATELINE: 7/12/2015 ANALYSIS OF MALAYSIA’S ECONOMIC CRISIS 2015 A Tough Year This year has seen changes across the entire spectrum of the Malaysian body politic and economy. Unlike in earlier years of Prime Minister Dato’ Seri Najib Tun Razak’s six-and-a-half year tenure, Malaysia’s economy is now seen to be in trouble, with contracting growth, rising inflation, continued high levels of capital flight, declining consumer and investor confidence, and a depreciating currency. Malaysia faces an unfavourable global environment. The slowdown of the Chinese economy, Malaysia’s largest trade partner, has contributed to a sharp decline in Malaysia’s GDP growth. While the US economy has begun a recovery, it has not filled the vacuum as a driver of growth left by China’s slowdown. Four regional economies are seen to be under strain – Singapore, Indonesia, Thailand and Malaysia. The broad decline of Southeast Asian currencies to the US dollar and drops in exports has cast a pall over the region. Global drops in oil and gas prices (now at levels less than half of those prevailing a year ago) have had a special impact on Malaysia; Government revenues from petroleum had accounted for almost 40 per cent of total revenue. The fall in other commodity prices, including those of rubber and palm oil, have affected export earnings, all contributing...
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...MASTERPLAN ACCELERATION AND EXPANSION OF INDONESIA ECONOMIC DEVELOPMENT 2011-2025 R EPUBLIC OF I ND ON ES IA Doc. Wijaya Karya Masterplan for Acceleration and Expansion of Indonesia Economic Development © Copyright Coordinating Ministry For Economic Affairs, Republic of Indonesia Published by Editor Design by : Coordinating Ministry For Economic Affairs : Deputy Minister for Coordinating Infrastructure and Regional Development, Coordinating Ministry For Economic Affairs : IndoPacific Edelman First Published 2011 All Rights Reserved Coordinating Ministry For Economic Affairs, Republic of Indonesia Masterplan for Acceleration and Expansion of Indonesia Economic Development Jakarta: Coordinating Ministry For Economic Affairs, 2011 212 pages; 28 x 30 cm ISBN 978-979-3754-14-7 Masterplan aCCeleratIOn anD eXpansIOn OF InDOnesIa eCOnOMIC DeVelOpMent 2011-2025 Coordinating Ministry For Economic Affairs Republic of Indonesia 6 Masterplan P3EI Abstract Doc. Astra Otoparts Doc. Wijaya Karya Doc. Wijaya Karya Table of Contents Preface from The President of Republic of Indonesia Abstract Historical Breakthrough in the Making of MP3EI 1. The Self-Sufficient, Advanced, Just, and Prosperous Indonesia A. Preface B. Acceleration and Expansion of Indonesia Economic Development C. Indonesia’s Position Within The Regional and Global Dynamics D. Indonesia’s Potential and Challenges E. Acceleration of Economic Transformation - A New Way of Working...
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...UNILEVER 2 1.1 Company Background: Unilever 2 1.2 Overview of Unilever Indonesia 3 1.3 Unilever Indonesia Foundation 3 1.4 Overview of Dove Products 4 1.5 Environmental Record 5 CHAPTER 2 CASE STUDY: UNILEVER VS GREENPEACE 7 2.1 Indonesia Palm Oil Plantation 7 2.2 Unilever Palm Oil Suppliers 11 2.3 Environment Destruction Caused by Palm Oil Plantations 14 2.3.1 Deforestation 15 2.3.2 Destruction of Orang Utan Habitat 17 2.4 The Impact to Unilever 18 CHAPTER 3 CASE ANALYSIS 19 3.1 Ethical Theory 19 3.1.1 The Stockholder Theory 19 3.1.2 The Stakeholder Theory 20 3.1.3 The Social Contract Theory 20 3.2 Triple Bottom Line 21 3.2.1 People 21 3.2.2 Planet 22 3.2.3 Profit 22 3.3 Environmental Issues of Business Ethics 22 3.3.1 Business and Ecology 23 3.3.2 The Ethics of Environmental Protection 24 3.3.3 Who Should Pay the Cost of Environmental Damage 24 3.3.4 Regulation 24 3.3.5 The Value of Nature 24 3.4 Ethical Issues 25 3.4.1 Environment Destruction 26 3.4.2 Violating the RSPOs Principles 28 3.4.3 Unilever Failure of Screening its Suppliers’ Code of Conduct 30 3.4.4 Government Neglect of the Environment Issue 30 CHAPTER 4 CONCLUSION AND RECOMMENDATION 32 APPENDIX 1 Climate and Biodiversity Impacts of Unilever Palm Oil Suppliers in Kalimantan 35 APPENDIX 2 Dove Onslaugt(er) Video Capture 36 APPENDIX 3 Picture of People Support on the Greenpeace Campaign 37 Bibliography 38 WHAT LIES BENEATH THE BEAUTY An ethical case of Dove against Greenpeace in Indonesia...
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...ScienceDirect Energy journal homepage: www.elsevier.com/locate/energy Oil palm biomass as a sustainable energy source: A Malaysian case study S.H. Shuit, K.T. Tan, K.T. Lee*, A.H. Kamaruddin School of Chemical Engineering, Universiti Sains Malaysia, Engineering Campus, Seri Ampangan, 14300 Nibong Tebal, Pulau Pinang, Malaysia a r t i c l e i n f o a b s t r a c t Article history: Received 24 October 2008 Received in revised form 13 May 2009 Accepted 14 May 2009 Available online 13 June 2009 It has been widely accepted worldwide that global warming is by far the greatest threat and challenge in the new millennium. In order to stop global warming and to promote sustainable development, renewable energy is a perfect solution to achieve both targets. Presently million hectares of land in Malaysia is occupied with oil palm plantation generating huge quantities of biomass. In this context, biomass from oil palm industries appears to be a very promising alternative as a source of raw materials including renewable energy in Malaysia. Thus, this paper aims to present current scenario of biomass in Malaysia covering issues on availability and sustainability of feedstock as well as current and possible utilization of oil palm biomass. This paper will also discuss feasibility of some biomass conversion technologies and some ongoing projects in Malaysia related to utilization of oil palm biomass as a source of renewable energy. Based on the findings presented...
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...486 Drewnowski Nutrition Volume 16, Numbers 7/8, 2000 24. Ferro-Luzzi A, Sette S. The Mediterranean diet: an attempt to define its present and past composition. Eur J Clin Nutr 1989;43:1329 25. Galeno C. La dieta dimagrante. Palermo, Italy: Flaccovio, 1989 26. de Baldach U. Theatrum sanitatis. Liber magistri. Codice Casanatense 4182. Parma, Italy: FM Ricci, 1970 27. Curionem I. Medicina salernitana: id est conservandae bonae valetudines praecepta. Frankfurt, Germany: Kempffer M, 1628 28. Cornaro L. L’arte di vivere a lungo. Discorsi sulla vita sobria. Venice, Italy: Brogiollo, 1620 18. Braudel F. Civilisation materielle, economie et capitalisme (XV–XVIII siecle). Les structures du quotidien. Paris: Librairie Armand Colin, 1979:135 19. Salaman RN. The history and social influence of potato. Cambridge: Cambridge University Press, 1985:250 20. Mancini F. Il problema della alimentazione maidica. Ricerca Sci 1954:24;53 21. Guggenheim KY. Paracelsus and the science of nutrition. J Nutr 1993;123:1189 22. McCollum EV. A history of nutrition. Boston: Houghton Mifflin, 1957 23. Willet WC, Sacks F, Tricopoulou A, et al. Mediterranean diet pyramid: a cultural model for healthy eating. Am J Clin Nutr 1995;61(suppl):1402S Nutrition Transition and Global Dietary Trends Adam Drewnowski, PhD From the Departments of Epidemiology and Medicine and the Nutritional Sciences Program, University of Washington, Seattle, Washington, USA Poverty and wealth have profound effects on the global...
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...pART 1 NEW ECONOMIC MODEL FOR MALAYSIA NEW ECONOMIC MODEL FOR MALAYSIA pART 1 High Income Rakyat Quality of Life Inclusiveness Sustainability NEAC National Economic Advisory Council Level 5 & 11, Menara Usahawan Persiaran Perdana, Precinct 2 Federal Government Administrative Centre 62652 PUTRAJAYA MALAYSIA NATIONAL ECONOMIC ADVISORY COUNCIL NEAC www.neac.gov.my NEAC NATIONAL ECONOMIC ADVISORY COUNCIL CHAPTRE NEW ECONOMIC MODEL F O R M A L AY S I A 1 Part I: Strategic Policy Directions Copyrights Reserved All rights reserved. No part of this publication may be reproduced, stored in retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording and/or otherwise without the prior permission of: Secretary National Economic Advisory Council Level 5 & 11, Menara Usahawan Persiaran Perdana, Precinct 2 Federal Government Administrative Centre 62652 PUTRAJAYA Tel.: 03-8888 6512/ 8888 6513 Fax: 03-8888 4638/ 8888 4177 Email: secretariat.neac@pmo.gov.my www.neac.gov.my Sales copies are obtainable from: Percetakan Nasional Malaysia Berhad Jalan Chan Sow Lin 50554 Kuala Lumpur Tel.: 03-9236 6888 Fax: 03-9222 4773 Email: cservice@printnasional.com.my __________________________________ Cover design and layout by Percetakan Nasional Malaysia Berhad Preface This report is the first of two documents by the National Economic Advisory Council (NEAC) on the New Economic Model (NEM). This report presents...
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