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"This research answered:

(1) What kind of institutional reforms have been deliberately undertaken by, or forced onto, policy-makers with the goal of transforming political accountability?

(2) What was their impact on the respective democratization processes?

(3) What lessons can be drawn from a comparative perspective?"

"Why have Taiwan, rich parts of China, and Thailand boomed famously, while the Philippines has long remained stagnant both economically and politically? Do booms abet democracy? Does the rise of middle "classes" promise future liberalization? Why has Philippine democracy brought no boom and barely served the Filipino people? This book, unlike most previous studies, shows that both the roots and results of growth are largely political rather than economic. Specifically, it pays attention to local, not just national, power networks that caused or prevented growth in the four places under consideration. Violence has been common in these polities, along with money. Elections have contributed to socio-political problems that are also obvious in Leninist or junta regimes, because elections are surprisingly easy to buy with corrupt money from government contracts. Liberals should pay more serious theoretical attention to the effects of money on justice, and Western political science should focus more clearly on the ways non-state local power affects elections. By considering the effects on fair justice of local money and power (largely from small- and medium-sized firms that emerge after agrarian reforms), this book asks democrats to face squarely the extent to which electoral procedures fail to help ordinary citizens. Students and scholars of Asia will all need this book - as will students of the West whose methods have become parochial. "

"Banyak penelitian telah menunjukkan efek positif dari investasi asing langsung (Inward FDI) pada pembangunan suatu negara. Namun, beberapa penelitian membantah dan menunjukkan efek sebaliknya. Dengan menggunakan sampel lima negara di Asia Tenggara (ASEAN) selama periode 1995-2005, makalah ini menganalisis faktor-faktor penentu kualitas institusional berdasarkan tiga indikator kualitas institusi yang terpisah yaitu: Rule of Law, Government Effectiveness, dan Regulatory Quality. Penelitian ini bertujuan untuk mengetahui peran investasi asing langsung (Inward FDI) terhadap kualitas kelembagaan suatu negara, khususnya di pasar negara berkembang. Oleh karena itu, random effect regressions dengan data sekunder telah diuji. Hasil penelitian menemukan bahwa penanaman modal asing secara parsial berpengaruh positif terhadap indikator- indikator yang digunakan di atas. Namun, beberapa determinan penting dikeluarkan dalam penelitian ini dan menjadi implikasi penelitian.

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Many studies have shown the positive effects of foreign direct investment on a country's development. However, some studies argue and show the opposite effect. Using a sample of five southeast Asia (ASEAN) countries over the period 1995-2005, the paper analyzes determinants of institutional quality based on three separate indicators of institutional quality: Rule of Law, Government Effectiveness, and Regulatory Quality. This research aims to investigate the role of foreign direct investments on a country's institutional quality, specifically in emerging markets. Therefore, random effect regressions with secondary data were run. The research found that foreign direct investments partially affect positively to indicators used above. However, some essential determinants were excluded in this research and became the research's implication."

"Salah satu tujuan dari pelaksanaan AFTA adalah untuk meningkatkan investasi masuk ke kawasan Asia Tenggara. Pasar yang semakin luas, esklusif dan terintegrasi, serta kebijakan perdagangan yang diskriminatif merupakan insentif bagi perusahaan diluar kawasan ASEAN untuk mengubah sistem bisnisnya dari perdagangan menjadi investasi di dalam kawasan. Berdasarkan penimbangan tersebut, tesis ini bertujuan untuk mengklarifikasi adanya pengamh positif dari pembcrlakuan AFTA terhadap arus FDI masuk ke kawasan ASEAN terutama arus FDI masuk dari Negara-negara diluar ASEAN. Selain itu, tesis ini juga bertujuan untuk mencari tahu faktor-faktor lain yang berpengaruh terhadap arus FDI masuk ke negara-negara anggota ASEAN. Untuk menjawab pemiasalah penelitian, tesis ini menggunakan model ekonometri dengan analisis data panel. ndonesia, Malaysia, Thailand dan Filipina merupakan obyek dari pcnelitian ini dan dipilih bcrdasarkan beberapa kriteria seperti besar kecilnya perekonomian, wakiu pelaksanaan AFTA dan tarif eksternal yang diterapkan. Data yang digunakan adalah data tahunan dari tahun 1998 sampai dcngan 2007. Setelah melalui semua prosedur estimasi dengan menggonakan Metodc Efek Tetap (MET), tesis ini menyimpulkan bahwa penerapan AFTA telah memberikan pengaruh positif terhadap arus FDI masuk ke kawaan ASEAN, teruma FDI masuk dari Negara diluar ASEAN. Hal ini menunjukkan bahwa penerapan AFT A telah memberikan insentif kepada perusal1aan diluar kawasan ASEAN untuk merelokasi usaha mereka sebagai akibat dari diskrirninasi kebijakan perdagangan yang harus mereka terima apabila tetap menjual produk dari Iuar kawasan ASEAN. Penelitian ini juga menemukan bahwa walaupun pangsa pasar dan intensitas perdagangan antar anggota ASEAN tcrbukti memiliki pengaruh positif terhadap arus FDI masuk ke kawasan ASEAN, tetapi pengaruh dari dua variabel sepeninya tidak mencukupi atau tidak seimbang. Dari koefisicn pada dua variabel tersebut dikctahui bahwa untuk mendapatkan FDI masuk dalam jumlah tertentu dibutuhkan meningkatan pangsa pasar dan perdagangan intra ASEAN dalam jumlah yang lebih besar. Studi ini menduga bahwa infrasruktur adalah salah satu penyebab dari masalah tcrscbut. Selain itu, Studi ini juga menemukan bahwa variabel fundamental makroekonomi yang Yialam hal ini direpresentasikan oleh tingkat suku bunga dan inflasi terbukti memiliki pengaruh terhadap arus FDI masuk kc negara ASEAN walaupun arahnya adalah negatifi Berdasarkan kesimpulan yang ada, penelitian ini menyarankan kepada pemerintah negara-negara ASEAN untuk tidak tcrburu-buru menurunkan tarif eksternal terhadap negara diluar ASEAN dan lebih baik untuk meningkatkan komitmcn dalam memperluas cakupan produk yang dimasukkan dalam kerangka AFT A. Selain itu, penerapan kebijakan ekonomi makro yang tepat harus juga menjadi perhatian untuk menjadikan kawasan ASEAN semakin menarik bagi investor

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One of the objectives of the implementation of AFTA is to enhance Foreign Direct Investment across region. The exclusive enlarged and more integrated market, as well as the discriminatory trade policy taken by outsider firm give incentive to them to change the pattem of' their business from trading becomes investment. Therefore, this study, hypothetically, expected that the implementation of AFTA has positive impact on FDI inflows to ASEAN countries, especially those from non member countries. More over, the study is intended to find out other factors determining FDI inflows to ASEAN countries.

To meet the objective, the study employ econometric model with pooled data analysis. Indonesia, Malaysia, Thailand and the Philippines were the object of this study that picked under some criterions such as the size ofthe economy, the time- frame of implementation of AFTA and the extemal tariff applied on. The Data being used was annually data fiom 1998 to 2007. After all technical process of estimating the model using Fixed Effect Method, the study was confirmed that the implementation of AFTA has given positive impact on FDI inflows to ASEAN countries, especially FDI inflows from non ASEAN member countries. It implies that AFTA has provided an incentive for outsider firm to invest inside region due to the discriminatory trade treatment they take. The study also founded that even though market size and the intensity of trade among ASEAN members are confirmed to have positive impact on FDI inflows, but the impact is likely inadequate or imbalance. This was concluded from the coefficient of those two variables and from the R-square ofthe estimation result of the model. We guessed that the lack of infrastructure was the one of the triggers of this problem.

The study also founded that fundamental macroeconomic variable, hereby represented by interest rate differential and inflation, also confirmed to have influence on FDI inflows to ASEAN countries. Based on the conclusion of the study, we suggest to the ASEAN eountry?S government to not to be hurry to alleviate discriminatory trade policy having imposed to non member countries and keep trying to expand product covered under AFT A. In addition, the appropriate attention of the govemment on the fundamental macroeconomic condition represented by setting up eligible policy is the action needed to make ASEAN to be more attractive for F DI."