Currency, Credit and Commerce: Early Growth in Southeast Asia

In this collection of essays Professor Drake draws together theoretical reflection and applied studies in the important areas of international trade and investment, the provision and management of national money and the emergence of markets for equity shares and bonds in Southeast Asia. They provide insights into the processes of economic development, with broader applicability beyond Southeast Asia. Using both theoretical and empirical analysis, the book shows the importance of acceptable/convertible money in underpinning and promoting economic development, and of a sustained surplus on the balance of international payments for growing the supply of money. It also looks into securities markets in the later stage of development when funds for investment depend on collective rather than individual sources.