Overview

The five founding members of the Association of Southeast Asian Nations, also known as the ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore, Thailand), have been among the strongest emerging markets over the past 20 years. This small group has transformed their policy frameworks since the Asian financial crisis to bring about economic stability during a period of global financial turmoil and transformation in the region. The success of the ASEAN-5 also provides lessons for other emerging market and developing economies. They have built buffers and adapted their policies to respond to global spillovers. However, a variety of global risks will continue to test the group and their economic resiliency. The chapters presented in this book: (i) Look at the evolution of monetary policy and economic frameworks in the region; (ii) Study the transmission of global spillovers and the policy responses by the ASEAN-5; (iii) Outline future economic challenges to consider; (iv) Make suggestions for adapting to the changing global dynamics and further strengthening policy frameworks to promote financial stability.

Full Product Details

Author:   International Monetary Fund ,  Ana Corbacho ,  Shanaka J. Peiris ,  Shanaka J. Peiris
Publisher:   International Monetary Fund (IMF)
Imprint:   International Monetary Fund (IMF)
ISBN:  

9781513558905

ISBN 10:   1513558900
Pages:   308
Publication Date:   30 October 2018
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Not yet available  
This item is yet to be released. You can pre-order this item and we will dispatch it to you upon its release.

Table of Contents

1. Overview Ana Corbacho and Shanaka J. Peiris Part I: From the Asian Financial Crisis to the Present 2. Evolution of Monetary Policy Frameworks Hoe Ee Khor, Jaime Guajardo, and Shanaka J. Peiris 3. Toward a Resilient Financial Sector Pablo Lopez Murphy Part II: Policy Responses to Global Spillovers 4. Global Spillovers Shanaka J. Peiris, Minsuk Kim, and Sherillyn Raga 5. Monetary and Exchange Rate Policy Responses Shanaka J. Peiris, Mia Agcaoili, Ding Ding, Jaime Guajardo, and Rui Mano 6. Macroprudential Policies Sohrab Rafiq Part III: Challenges Ahead 7. Monetary Policy in the New Normal Juan Angel Garcia Morales, Ana Corbacho, Geraldine Dany-Knedlik, Aubrey Poon, and Umang Rawat 8. Systemic Risks and Financial Stability Frameworks Pablo Lopez Murphy, Julian Chow, Ana Corbacho, David Grigorian, and Sohrab Rafiq 9. Macroeconomic Policy Synergies for Sustained Growth Manrique Saenz, Ana Corbacho, Ichiro Fukunaga, Dirk Muir, Shanaka J. Peiris, and Sohrab Rafiq 10. The Future of ASEAN-5 Financial Integration Yiqun Wu, Ana Corbacho, Khristine L. Racoma, and Xiaohui Sharon Wu

Reviews

The book provides a comprehensive account of how ASEAN, its individual members and as a group, rose above its worst regional financial crisis 20 years ago, to become one of the most resilient in the face of the worst global financial crisis just a decade later. The challenges faced and the policy responses taken, chronicled and analyzed in this study, can hopefully provide further lessons as we face a new global policy paradigm. It is a must-read for academics, the financial community, and policymakers alike. - Amando Tetangco, Jr., Former Governor, Bangko Sentral ng Pilipinas Global financial cycles never go out of style. They are always timely due to their repetitive nature. How do the ASEAN-5 economies cope with that? This excellent book will help you to walk through this question. - Muhamad Chatib Basri, Former Minister of Finance, Indonesia The extensive economic and financial reforms of the ASEAN-5, with a focus on stability in addition to growth, have brought resilience long after the Asian crisis, including rising from the worst global crisis relatively unscathed. This book gives an excellent account and analysis of the `ASEAN Way,' which offers valuable lessons for macro-financial economists and policymakers well beyond ASEAN. - Tarisa Watanagase, Former Governor, Bank of Thailand

The book provides a comprehensive account of how ASEAN, its individual members and as a group, rose above its worst regional financial crisis 20 years ago, to become one of the most resilient in the face of the worst global financial crisis just a decade later. The challenges faced and the policy responses taken, chronicled and analyzed in this study, can hopefully provide further lessons as we face a new global policy paradigm. It is a must-read for academics, the financial community, and policymakers alike. - Amando Tetangco, Jr., Former Governor, Bangko Sentral ng Pilipinas Global financial cycles never go out of style. They are always timely due to their repetitive nature. How do the ASEAN-5 economies cope with that? This excellent book will help you to walk through this question. - Muhamad Chatib Basri, Former Minister of Finance, Indonesia The extensive economic and financial reforms of the ASEAN-5, with a focus on stability in addition to growth, have brought resilience long after the Asian crisis, including rising from the worst global crisis relatively unscathed. This book gives an excellent account and analysis of the 'ASEAN Way,' which offers valuable lessons for macro-financial economists and policymakers well beyond ASEAN. - Tarisa Watanagase, Former Governor, Bank of Thailand

Author Information

The International Monetary Fund (IMF) is an international organization of 185 Member Countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries in order to help ease balance of payments adjustments.

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