Asean 3

This book explores how regional financial cooperation could support greater financial resilience in ASEAN+3 amid rapid economic and financial development and technological change. Globalization and digitalization have transformed the financial landscape of ASEAN+3-the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China, Japan, and the Republic of Korea. Despite impressive reforms, the region faces continued challenges. These include deepening corporate bond markets, coping with cross-border bank concentration risk, reducing dependence on the United States dollar, achieving sustainable infrastructure investments, addressing pension issues, and supporting fintech development. This edited volume highlights the potential for stronger regional financial cooperation to help address such challenges. It discusses lessons learned through financial cooperation since the Asian financial crisis and sets out policy considerations to help promote a more resilient financial future.

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis.

On 28 July 2008, the ASEAN Studies Centre and the Regional Economic Studies Programme, both of the Institute of Southeast Asian Studies, and the Konrad Adenauer Stiftung organized a roundtable on The ASEAN Economic Community Blueprint. The brainstorming session gathered Southeast Asian experts from the region to discuss the AEC Blueprint, which ASEANs leaders had adopted at their summit meeting in November 2007, and the prospects of any obstacles to its implementation by the target year, 2015. The roundtable started with a progress report on the AEC Blueprint given by S. Pushpanathan, Principal Director of Economic Integration and Finance, ASEAN Secretariat, Jakarta. Thereafter, the sessions examined the various aspects of the Blueprint tackling the non-tariff barriers, designing a comprehensive ASEAN Investment Agreement, a regional framework for competition policy, the role of infrastructure development in economic integration, the importance of international production networks in economic integration, etc.

This report, consisting of three parts, is the result of Phase 2 studies of the ASEAN+3 Bond Market Forum Sub-Forum 2 and enhances the findings of Phase 1. Part 1 provides an overview of ASEAN+3 bond markets and their infrastructure. Part 2 reports on the bond market-related issues of economies in the region. Part 3 contains diagrams of ASEAN+3 bond market infrastructures, domestic bond transaction flows, and cross-border bond transaction flows.

Over the past two decades, ISEAS has compiled abridged articles that analyse key aspects of Southeast Asia’s development and the ASEAN process. The ASEAN Reader was published in 1992 just as the Cold War ended, while The Second ASEAN Reader came in 2003 in the wake of the 1997 Asian crisis and the September 11 attacks in 2001. The past decade has not been spared its share of intense changes, with the rise of China and India bringing new challenges to the region’s power equation, and the impact of the 2008 global financial crisis. Despite this, the momentum towards an integrated ASEAN community has been maintained. The articles in The Third ASEAN Reader study the trends and events of recent years, and discuss the immediate future of Southeast Asia.

Over the past two decades, ISEAS has compiled abridged articles that analyse key aspects of Southeast Asia's development and the ASEAN process. The ASEAN Reader was published in 1992 just as the Cold War ended, while The Second ASEAN Reader came in 2003 in the wake of the 1997 Asian crisis and the September 11 attacks in 2001. The past decade has not been spared its share of intense changes, with the rise of China and India bringing new challenges to the region's power equation, and the impact of the 2008 global financial crisis. Despite this, the momentum towards an integrated ASEAN community has been maintained. The articles in The Third ASEAN Reader study the trends and events of recent years, and discuss the immediate future of Southeast Asia.