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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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    3. Edwards, Sebastián, 2007. "Crises and growth : a Latin American perspective," IFCS - Working Papers in Economic History.WH wp07-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    4. 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).
    5. Edwards, Sebastian, 2007. "Crises and Growth: A Latin American Perspective," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 25(1), pages 19-51, January.
    6. Menon, Jayant, 2009. "Managing Success in Viet Nam: Macroeconomic Consequences of Large Capital Inflows with Limited Policy Tools," Working Papers on Regional Economic Integration 27, Asian Development Bank.
    7. Takagi, Shinji, 2009. "The Global Financial Crisis and Macroeconomic Policy Issues in Asia," ADBI Policy Briefs 32, Asian Development Bank Institute.
    8. Jayant Menon, 2008. "Dealing with multiple currencies: what options for the transitional economies of Southeast Asia?," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 13(2), pages 131-146.
    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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