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

Jayant Menon

Departmental Working Papers from The Australian National University, Arndt-Corden Department of Economics

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.

Keywords: Asian Financial Crisis; Global Financial Crisis; ASEAN; Brunei Darussalam; Cambodia; Lao PDR; Myanmar; Vietnam. (search for similar items in EconPapers)
JEL-codes: F15 F32 F33 F34 G01 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2021
New Economics Papers: this item is included in nep-fdg and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:pas:papers:2021-27

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