Back to Basics-Post–Crisis Macroeconomic Rebalancing in ASEAN

Lesher, Molly; Plummer, Michael G.

doi:10.1355/ae28-2d

Cited by 6 publications

(3 citation statements)

References 6 publications

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“…Although the ASEAN economies have experienced a relatively moderate growth path, there are a number of challenges that the region faces (ASEAN Secretariat, 2018). In addition to a slowdown in economic growth, the region also faces the issue of weak workforce productivity, an overdependence on external trade and a lack of investments in infrastructure leading to voids in infrastructure development in communication, energy and transport (Lesher & Plummer, 2011). Furthermore, these issues are intensified by other neighbouring economies such as China and India.…”

Section: The Evolution Of the Asean Economiesmentioning

confidence: 99%

Examining the productivity of the ASEAN economies in the presence of transient and persistent efficiency

Haini

2020

Cogent Economics & Finance

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In recent decades, the ASEAN economies have implemented a number of regional integration policies. Using a panel dataset of 10 ASEAN countries from 1980 to 2017, this study examines the productivity and efficiency of the ASEAN economies using a stochastic production frontier model. Furthermore, the parametric model is decomposed using a generalised Malmquist productivity index to provide estimates of gross technical efficiency, technical progress and returns to scale change, while taking into account of transient and persistent efficiency. The results show that there is room for efficiency gains, as the ASEAN economies can increase GDP by 7.7 per cent if persistent efficiency is increased. Furthermore, the results show that technical progress is increasing over time and exhibits increasing returns to scale. However, technical change is slow, as it averages at one per cent over the sample period. Policy implications for future growth are discussed.

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Section: The Evolution Of the Asean Economiesmentioning

confidence: 99%

Examining the productivity of the ASEAN economies in the presence of transient and persistent efficiency

Haini

2020

Cogent Economics & Finance

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“…ASEAN countries were affected by both the food price hike of 2007-2008(Wailes et al 2012 and the global financial crisis, although the latter had a lesser impact than the 1997 Asian crisis (Lesher and Plummer 2011). The effects of both crises on food production and food security in ASEAN countries remain unclear.…”

Section: Introductionmentioning

confidence: 99%

Global Financial and Food Price Crisis: A Double Shock on ASEAN Food Security

Wana¹,

Andréosso-O’Callaghan²

2017

AJAD

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The food price crisis that occurred in the mid-2000s and the global financial crisis that transpired in 2008 had an enduring impact on developing and emerging countries where investment growth rates have declined sharply. Food insecurity has also become an important concern. Using a food security assessment model, an analysis of the medium- to long-term repercussions of the food price and global financial crises on ASEAN food security revealed that the effects of the food price crisis are expected to be more negative than those of the global financial crisis. When a financial crisis occurs in the USA and Europe, investment flows to emerging markets, suggesting that countries like Lao PDR, Singapore, Thailand, and Vietnam benefit from it. However, when a global financial crisis occurs, other ASEAN countries like Cambodia, Indonesia, Malaysia, and the Philippines are negatively affected.

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“…,Koh et al (2009),Severino et al (2010), Institute of South Asian Studies (2010),Lesher and Plummer (2011), Hamilton-Hart (2011) andWong et al (2011).Deepening of cooperation through the creation of the ASEAN CommunityEconomic cooperation in ASEAN stepped up considerably after the financial crisis. The logic behind closer economic integration of the ASEAN countries was the desire to be resilient to future external shocks and to enhance growth prospects in the face of stiff challenges.…”

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confidence: 99%

Two crises, two responses: adjustment of economic governance in ASEAN and the European Union

Blizkovsky

2012

Asia Eur J

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The financial crisis of 1997/1998 in Southeast Asia triggered institutional developments inside the Association of Southeast Asian Nations (ASEAN) and beyond. They deepened intra-regional cooperation in the economic area and laid down the foundations for the ambition of creating an ASEAN Economic Community that would allow easier exchanges of productive factors. Concurrently, ASEAN also widened its response in the financial domain by initiating various "ASEAN plus" arrangements to pool risks and address volatility in financial markets. The European Union (EU) was hit by the global financial crisis in 2008 and subsequently by the sovereign debt crisis. The EU response to this has been a deepening of legally binding macroeconomic cooperation and the strengthening of the regulatory framework. On top of this, and contrary to the ASEAN case, the EU 27-Minus initiatives go further towards closer political coordination. In parallel, the legally binding scheme has been adopted to strengthen the stability of the Euro Area. This paper analyses the policy responses in both regions to their respective crises. It aims at understanding the driving forces behind the different policy responses, looking at both the regionspecific and the more generic institutional and regulatory responses to the crises.

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Back to Basics-Post–Crisis Macroeconomic Rebalancing in ASEAN

Cited by 6 publications

References 6 publications

Examining the productivity of the ASEAN economies in the presence of transient and persistent efficiency

Examining the productivity of the ASEAN economies in the presence of transient and persistent efficiency

Global Financial and Food Price Crisis: A Double Shock on ASEAN Food Security

Two crises, two responses: adjustment of economic governance in ASEAN and the European Union

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