The five founding members of the Association of Southeast Asian Nations, also known as the ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore, Thailand), have been among the strongest emerging markets over the past 20 years. This small group has transformed their policy frameworks since the Asian financial crisis to bring about economic stability during a period of global financial turmoil and transformation in the region. The success of the ASEAN-5 also provides lessons for other emerging market and developing economies. They have built buffers and adapted their policies to respond to global spillovers. However, a variety of global risks will continue to test the group and their economic resiliency.

The chapters presented in this book:

Look at the evolution of monetary policy and economic frameworks in the region
Study the transmission of global spillovers and the policy responses by the ASEAN-5
Outline future economic challenges to consider
Make suggestions for adapting to the changing global dynamics and further strengthening policy frameworks to promote financial stability.