01534cas a2200241 a 4500 AALejournalIMF013301 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475533736 1018-5941 BD-DhAAL BD-DhAAL Zhou, Yong Sarah. Explaining ASEAN-3's Investment Puzzle A Tale of Two Sectors / Yong Sarah Zhou. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2013/013 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/013/001.2013.issue-013-en.xml IMF e-Library