One decade since the Asian Financial Crisis: What did ASEAN economies learn from their past?
Keywords:
Southeast Asia, Asian Financial Crisis, Neo-liberalist policy, Keynesian economics, Capital controlAbstract
This paper is an effort to take the crisis into a renewed scrutiny to clarify economic challenges of ASEAN economies in post crisis era. Its study found that ASEAN economies turned to adopt a more prudent liberalist approach in favor of the Asian regionalism. Regional countries strived to strengthen their domestic economies with Keynesian macro-economic policy while gradually resembling new Asian economic architecture. The paper also sheds lights on the interrelation between domestic and international factors in the recovery process of ASEAN and likely directions of new economic structure in Asia.
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