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Transmission Channels of Economic Shocks in ASEAN


  • Ruperto Majuca

    (School of Economics, De La Salle University, Philippines)

  • Jesson Pagaduan

    (School of Economics, De La Salle University, Philippines)


This Policy Brief is based on ERIA Discussion Paper 2013-18 titled “Managing Economic Shocks and Macroeconomic Coordination in an Integrated Region: ASEAN Beyond 2015”. It examines the transmission of economic shocks both from the rest of the world into the ASEAN region and into a typical ASEAN member state (AMS). “Typical” here means representative AMSs, e.g., Singapore for a developed country, Philippines or Indonesia for ASEAN-5 economies and Viet Nam for the CLMV (Cambodia, Lao PDR, Myanmar, Viet Nam), where Viet Nam was chosen for data availability reasons. This paper looks into the trade and financial linkages of a typical AMS and employs a specialised type of vector autoregression (VAR) model to decompose the shocks into trade shocks, financial shocks, and commodity price shocks. The Brief concludes with an analysis of the implications for macroeconomic policy coordination in the region.

Suggested Citation

  • Ruperto Majuca & Jesson Pagaduan, 2015. "Transmission Channels of Economic Shocks in ASEAN," Working Papers PB-2014-08, Economic Research Institute for ASEAN and East Asia (ERIA).
  • Handle: RePEc:era:wpaper:pb-2015-01

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    References listed on IDEAS

    1. Asian Development Bank (ADB), 2013. "Asian Economic Integration Monitor March 2013," ADB Reports RPS135470-3, Asian Development Bank (ADB), revised 05 Nov 2013.
    2. Asian Development Bank (ADB) & Asian Development Bank (ADB) & Asian Development Bank (ADB) & Asian Development Bank (ADB), 2012. "Asian Economic Integration Monitor July 2012," ADB Reports RPS124758-3, Asian Development Bank (ADB), revised 26 Jun 2013.
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    Cited by:

    1. Tan, Madeleine Sui-Lay, 2016. "Policy coordination among the ASEAN-5: A global VAR analysis," Journal of Asian Economics, Elsevier, vol. 44(C), pages 20-40.
    2. KIMURA Fukunari & CHEN Lurong & ILIUTEANU Maura Ada & YAMAMOTO Shimpei & AMBASHI Masahito, 2016. "TPP, IPR Protection, and Their Implications for Emerging Asian Economies," Working Papers PB-2016-02, Economic Research Institute for ASEAN and East Asia (ERIA).

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