National Intellectual Capital and the Financial Crisis in Indonesia, Malaysia, The Philippines, and Thailand (SpringerBriefs in Economics Book 17)

In the first decade of the twenty-first century, the biggest event of worldwide proportion was the 2008 global financial crisis, which was caused primarily by ineffective governance, failed surveillance systems, and implementation flaws. While fiscal and monetary policies succeeded in pulling many countries out of a financial freefall, most economies have performed beneath pre-recession levels as governments continued to struggle with their finances. Examining the financial crisis from the viewpoint of intangible assets provides a different perspective from traditional economic approaches. National Intellectual Capital (NIC), comprised mainly of human capital, market capital, process capital, renewal capital, and financial capital, is a valuable intangible asset and a key source of national competitive advantage in todays knowledge economy. The authors—pioneers in the field—present extensive data and a rigorous conceptual framework to analyze the connections between the global financial crisis and NIC development. Covering the period from 2005 to 2010 across 48 countries, the authors establish a positive correlation between NIC and GDP per capita and consider the impact of NIC investment for short-term recovery and long-term risk control and strategy formulation. Each volume in a series of SpringerBriefs on NIC and the financial crisis provides in-depth coverage of the impact of the crisis, the aftermath, future prospects, and policy implications for a regional cluster. This volume focuses on Indonesia, Malaysia, The Philippines, and Thailand Foreword I 5 Foreword II 7 Foreword III 9 Preface I 11 Preface II 14 Executive Summary 16 Contents 19 List of Figures 21 List of Tables 24 Appendices 25 Abstract 26 1 Introduction 27 Economic Background 29 2 Impact of the 2008 Global Financial Crisis 32 Comparisons of the Four Countries 32 Indonesia 36 Malaysia 38 The Philippines 39 Thailand 41 3 National Intellectual Capital Development of the Four Southeast Asian Countries 44 National Intellectual Capital Development 44 Human Capital 46 Market Capital 46 Process Capital 47 Renewal Capital 48 Financial Capital 49 NIC 49 The Relationship Between Each Individual Capital and GDP Per Capita (ppp) 50 Long-Term and Short-Term National Intellectual Capital 56 Dynamics of National Intellectual Capital in Three Time Periods 59 3-Dimensional National Intellectual Capital Trajectory 65 4 Beyond the 2008 Global Financial Crisis 79 Indonesia 80 Malaysia 81 The Philippines 82 Thailand 83 5 Future Perspective and Policy Implications 86 Prospects 86 Indonesia 87 Malaysia 88 The Philippines 88 Thailand 89 Challenges 91 Indonesia 91 Malaysia 93 The Philippines 94 Thailand 95 Policy Implications 96 Concluding Remarks and Emerging Insights 100 Appendix 1 Summary of the Main Stimulus Packages of the Four Southeast Asian Countries 102 Appendix 2 Important Meetings Held by World Leaders to Address the 2008 Global Financial Crisis 107 Appendix 3 Indicators in Each Type of Capital 109 Appendix 4 Definition of the 29 Indicators 110 Appendix 5 48 Countries by Cluster and by Continent 112 Appendix 6 National Intellectual Capital Scores and Ranking for 48 Countries (2005–2010) 114 Appendix 7 Country Profile: Additional Statistics 117 Appendix 8 Fiscal Stimulus for Selected ASEAN Countries 118 Glossary 119 References 122 Author Index 126 Subject Index 128 Front Matter....Pages i-xxxi Introduction....Pages 1-5 Impact of the 2008 Global Financial Crisis....Pages 7-18 National Intellectual Capital Development of the Four Southeast Asian Countries....Pages 19-53 Beyond the 2008 Global Financial Crisis....Pages 55-61 Future Perspective and Policy Implications....Pages 63-78 Back Matter....Pages 79-111 Carol Yeh-yun Lin ; Leif Edvinsson ; Jeffrey Chen ; Tord Beding. Includes Bibliographical References And Indexes.