The impact and trauma of global financial crisis overshadowed the post-crisis economic recovery in the last two decades. Monetary and macroprudential policies are the two most popular and general policies to maintain macroeconomic stability. Covid-19 has become a storm in the economy, paralyzing the economic conjuncture and not promising positive economic growth. Two steps of economic recovery can be used as an alternative interpretation of economic recovery due to the financial crisis, namely point of view of Smets and New Triffin Dilemma. The estimation of Panel Ordinary Least Square (POLS) in 5 ASEAN countries shows that monetary policy plays a more dominant role in shaping macroeconomic stability. The variables of trade and foreign capital flows which are part of the New Triffin Dilemma, namely FDI, have no significant effect on macroeconomic stability. Meanwhile, the exchange rate and inflation rate have a significant impact on the formation of macroeconomic stability. The overall results of this study conclude that the Smets point of view that separates the roles of monetary and macroprudential policy on macroeconomic stability is considered better in supporting the realization of macroeconomic stability. At the same time, the New Triffin Dilemma can be role as a supporting policy.
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