Fiscal sustainability in selected developing ASEAN economies

Ramkishen Rajan, Khee Giap Tan and Kong Yam Tan

International Journal of Public Policy, 2015, vol. 11, issue 4/5/6, 186-203

Abstract: This paper undertakes an examination of the fiscal sustainability challenges confronting four developing ASEAN economies since the Asian financial crisis (AFC), namely Malaysia, Thailand, the Philippines and Vietnam. The recovery of these economies since the AFC was marked by impressive fiscal consolidation along with robust growth rates till the global financial crisis struck in 2007. In addition to a case study analysis, the paper provides computations of fiscal sustainability to assess the degree of fiscal space of the four selected developing ASEAN economies. Despite the fact that our fiscal sustainability computations reveal that the developing ASEAN economies have fiscal space, it is important to keep in mind the potential dangers of contingent liabilities that appear to be building up in these economies.

Keywords: emerging economies; ASEAN economies; fiscal sustainability; fiscal space; contingent liabilities; sustainable development; Asian financial crisis; Malaysia; Thailand; Philippines; Vietnam; economic recovery; fiscal consolidation; global financial crisis. (search for similar items in EconPapers)
Date: 2015
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