1. Comments on Intra-Asian Flows: Trends, Patterns and Determinants by Rabin Hattari and Ramkishen S. Rajan K.C. Fung University of California, Santa Cruz

2. Comments This is an excellent paper; very organized and clearly written and very informative The paper discusses in details the data, the trend, characteristics of intra-Asian FDI. In addition, it provides a very interesting empirical study of the determinants of intra- Asian FDI outflows

3. Comments Among its merits, the paper provides a very clear and informative discussion of the definition and sources of FDI data It highlights some very important characteristics of intra-Asian FDI For example, Hong Kong is an exceptional provider of FDI

4. Comments Malaysia is South Asia’s preferred destination It seems that the most significant Intra-Asian FDI is still East Asia-East Asia and East Asia- Southeast Asia The paper also discusses various important motives of FDI outflows—including resource- seeking, market-seeking, efficiency-enhancing and may be seeking relief from exchange rate pressures

5. Comments I only have a few suggestions and questions Why exclude Japan? Stocks vs. flows in the regressions A fair amount of FDI outflows are to Bermuda and Virgin Islands and other tax havens—problems with the data?

6. Comments Outliers (as pointed out in the paper)— Hong Kong, China, Singapore Do these observations affect the empirical results? For the empirical studies, should we think of outflows or inflows? Why does the exchange rate change sign from equation 1 to equation 2?

7. Comments What about the corruption index? The literature seems to focus quite a bit on this Real GDP growth or GDP endogenous? What about labor costs or relative labor costs? In conclusion, I recommend this paper highly