Impact of International Financial Shocks on Small Open Economies: The Case of Four ASEAN Countries
Ramayandi, Arief | March 2011
This paper simulates the impact of a short-term shock originating from the global financial system on small open economies in the Association of Southeast Asian Nations (ASEAN). The simulation uses empirically estimated general equilibrium models for Indonesia, Malaysia, the Philippines, and Thailand. The study finds that the impact of a pure international financial shock on aggregate domestic price inflation and on output gap for each of the four ASEAN countries tends to be relatively small but long-lasting, placing challenges in the medium- to long-term management of economic volatility.
CitationRamayandi, Arief. 2011. Impact of International Financial Shocks on Small Open Economies: The Case of Four ASEAN Countries. © Asian Development Bank. http://hdl.handle.net/11540/2034. License: CC BY 3.0 IGO.
Regional Economic Development
Financial Sector Regulation
Economies in transition
Social responsibility of business
Cost and standard of living
Banks and bankingShow allCollapse