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The Spread of International Financial Shocks to ASEAN Countries

GATE Working Paper No. 09-28

37 Pages Posted: 17 Feb 2010 Last revised: 6 Apr 2011

Céline Gimet

University of Lyon 2 - Groupe d'Analyse et de Théorie Economique (GATE)

Date Written: December 1, 2009

Abstract

This article focuses on the reaction of Asean economies to international financial shocks. The crises in emerging markets at the end of the last century underlined the vulnerability of emerging Asean economies to international financial fluctuations and a lack of sustainability in their exchange rate regime. A Structural VAR model is used to analyze the efficiency of the measures adopted by these countries, after this crisis episode, to protect their economies against speculative attacks. The results reveal that the impact of the current subprime crisis on emerging Asean countries is less significant than that observed in industrialized ones.

Keywords: Asean countries, international financial fluctuations, macroeconomic impact, regional integration, SVAR Model

JEL Classification: C32, F41, G15

Suggested Citation

Gimet, Céline, The Spread of International Financial Shocks to ASEAN Countries (December 1, 2009). GATE Working Paper No. 09-28 . Available at SSRN: https://ssrn.com/abstract=1553725 or http://dx.doi.org/10.2139/ssrn.1553725

Céline Gimet (Contact Author)

University of Lyon 2 - Groupe d'Analyse et de Théorie Economique (GATE) ( email )

93, chemin des Mouilles
Ecully, 69130
France

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