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ASEAN’s newer member countries in two financial crises: Impact, response and lessons

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  • Jayant Menon

Abstract

ASEAN has been through two major financial crises in the last quarter century: the 1997-98 Asian Financial Crisis (AFC) and the 2008-09 Global Financial Crisis (GFC). Although there is a voluminous literature covering the original five members, it has largely ignored the newer members – Brunei Darussalam, Cambodia, Lao PDR, Myanmar and Vietnam (BCLMV). For the first time, a systematic analysis of the experience of the newer members of ASEAN relating to the AFC and the GFC focusing on impact, policy response and lessons is provided. Their participation in regional financial cooperation initiatives in helping prevent or mitigate the impact of future crises, and how these initiatives need to be enhanced to better serve them is also considered.

Suggested Citation

  • Jayant Menon, 2021. "ASEAN’s newer member countries in two financial crises: Impact, response and lessons," Departmental Working Papers 2021-27, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2021-27
    as

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    File URL: https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2022-01/acde_td_menon_2021_27.pdf
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    References listed on IDEAS

    as
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    7. Jayant Menon & Hal Hill, 2014. "Does East Asia Have a Working Financial Safety Net?," Asian Economic Journal, East Asian Economic Association, vol. 28(1), pages 1-17, March.
    8. Friska Parulian, 2009. "Global Financial Crisis and Policy Responses in Southeast Asia : Towards Prudent Macroeconomic Policies," Working Papers PB-2009-04, Economic Research Institute for ASEAN and East Asia (ERIA).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Asian Financial Crisis; Global Financial Crisis; ASEAN; Brunei Darussalam; Cambodia; Lao PDR; Myanmar; Vietnam.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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