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Southeast Asia

In: Fiscal Sustainability and Competitiveness in Europe and Asia

Author

Listed:
  • Ramkishen S. Rajan

    (Asia Competitiveness Institute (ACI)
    National University of Singapore
    George Mason University)

  • Tan Khee Giap

    (Asia Competitiveness Institute (ACI)
    National University of Singapore)

  • Tan Kong Yam

    (Asia Competitiveness Institute (ACI)
    Nanyang Technological University)

Abstract

The recovery phase from the Asian financial crisis for Southeast Asia as a whole was marked by impressive fiscal consolidation combined with robust growth rates up until the global financial crisis in 2007. While all the regional ASEAN1 economies experienced a generalised slowdown in their economic growth in the aftermath of the crisis, in view of their high degree of dependence on international trade, they generally showed remarkable resilience to the shock in part thanks to their fiscal stimulus packages. The resultant deterioration of fiscal balances has been somewhat acute for some countries, such as Malaysia, which entered the crisis without sufficient fiscal buffers. Though the ASEAN economies generally do not seem to be faced with immediate concerns regarding fiscal stress, there is nevertheless a need for them to rebuild their fiscal buffers and ensure sufficient fiscal space to tackle future contingencies — both structural as well as cyclical shocks. This is especially important considering the larger nagging concern of worsening demographics, which happens to be a more serious and urgent problem for some ASEAN countries, such as Singapore.

Suggested Citation

  • Ramkishen S. Rajan & Tan Khee Giap & Tan Kong Yam, 2014. "Southeast Asia," Palgrave Macmillan Books, in: Fiscal Sustainability and Competitiveness in Europe and Asia, chapter 6, pages 147-177, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-40697-2_6
    DOI: 10.1057/9781137406972_6
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    Citations

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    Cited by:

    1. Puah, Chin-Hong & Kueh, Jerome Swee-Hui & Lau, Evan, 2007. "The Implications Of Emergence Of China Towards Asean-5: Fdi-Gdp Perspective," MPRA Paper 4550, University Library of Munich, Germany.
    2. Paul Vandoren, 2005. "Regional economic integration in South East Asia," Asia Europe Journal, Springer, vol. 3(4), pages 517-535, December.
    3. Corrado, L. & Marcus Miller & Lei Zhang, 2002. "Exchange Rate Monitoring Bands: Theory and Policy," Cambridge Working Papers in Economics 0209, Faculty of Economics, University of Cambridge.
    4. Siregar, Reza & Rajan, Ramkishen S., 2004. "Impact of exchange rate volatility on Indonesia's trade performance in the 1990s," Journal of the Japanese and International Economies, Elsevier, vol. 18(2), pages 218-240, June.
    5. Benno Feldmann & Wipu Laosirirat, 2015. "Economics Integration in ASEAN: Corporate Valuation in Emerging Markets, Regionalization and Globalization," Journal of Business & Management (COES&RJ-JBM), , vol. 3(1), pages 335-347, January.
    6. Rahul Sen & Sadhana Srivastava, 2012. "Asia' s international production networks: Will India be the next assembly centre?," Working Papers 11812, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
    7. Takashi Terada, 2006. "The Making of Asia's First Bilateral FTA: Origins and Regional Implications of the Japan-Singapore Economic Partnership Agreement," Asia Pacific Economic Papers 354, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    8. Luisa Corrado & Marcus H. Miller & Lei Zhang, 2003. "Exchange Monitoring Bands: Theory and Policy," CEIS Research Paper 8, Tor Vergata University, CEIS.
    9. Tongzon, Jose L., 2002. "The Devastating Crisis, Singapore’S Extra-Asean Free Trade Agreements And Their Implications For Asean," EIJS Working Paper Series 153, Stockholm School of Economics, The European Institute of Japanese Studies.
    10. Takashi Terada, 2006. "The Making of Asia’s First Bilateral FTA : Origins and Regional Implications of the Japan–Singapore Economic Partnership Agreement," Trade Working Papers 21838, East Asian Bureau of Economic Research.
    11. Graham Bird & Ramkishen S. Rajan, 2004. "Coping with, and Cashing in on, International Capital Volatility," Palgrave Macmillan Books, in: International Finance and the Developing Economies, chapter 11, pages 181-203, Palgrave Macmillan.
    12. Víctor Mauricio Castaneda Rodríguez, 2016. "La globalización y sus relaciones con la tributación, una constatación para América Latina y la OCDE," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(68), pages 379-406, January.
    13. Hank Lim & Aaron Choo, . "The Use of Free Trade Agreements by Manufacturing and Services Firms in Singapore," Chapters,, Economic Research Institute for ASEAN and East Asia (ERIA).
    14. Guanyi Leu, 2011. "ASEAN’s Preferential Trade Agreements (PTA) Strategy," Journal of Current Southeast Asian Affairs, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 30(2), pages 31-64.
    15. Graham Bird & Ramkishen Rajan, 2002. "Optimal currency baskets and the third currency phenomenon: exchange rate policy in Southeast Asia," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(8), pages 1053-1073.
    16. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 14(4), pages 453-481.
    17. Tahiri, Noor Rahman, 2017. "Afghanistan and China Trade Relationship," MPRA Paper 82098, University Library of Munich, Germany, revised 15 Sep 2017.
    18. Stevan Luković, 2015. "The Impact Of Globalization On The Characteristics Of Tax Systems Of The European Countries," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 60(206), pages 117-140, July - Se.
    19. Bernardi, Luigi & Gandullia, Luca & Fumagalli, Laura, 2005. "Tax Systems and Tax Reforms in South and East Asia: Overview of Tax Systems and main policy issues," MPRA Paper 1869, University Library of Munich, Germany.
    20. Oktaviani, Rina & Sugema, Iman & Ratnawaty, Anny, 2003. "Bank Restructuring and its Implication on Indonesian Macro Economy and Agricultural Sector," 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia 58194, Australian Agricultural and Resource Economics Society.
    21. Hank Giokhay Lim & Kester TAY Yi-Xun, 2008. "Regional Integration and Inclusive Development: Lessons from ASEAN Experience," Working Papers 5908, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..

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