Boom-or-Bust Commodities and Industrialization in Pre–World War II Malaya
研究了二战前马来亚在快速增长和高人均收入下工业化程度低的原因，发现经济繁荣时实际汇率恶化，萧条时信贷收缩，对理解东南亚其他地区的工业化不足有参考价值。
This article links the terms of trade, money supply, labor market, and money and credit markets to explore a puzzle in Malayan economic history: why, despite rapid growth and high per capita income, did pre–World War II Malaya industrialize so little? A range of data is drawn together to show how for Malayan manufacturers economic boom was accompanied by precipitate deterioration in the real exchange rate, while in a slump credit contracted sharply and with it the size of the Malayan market for manufactures. Analysis of Malayan experience may be relevant for understanding slight industrialization elsewhere in Southeast Asia.