SOUTHEAST ASIAN MACROECONOMIC MANAGEMENT: PRAGMATIC ORTHODOXY?

Hal Hil

Abstract

This article provides an introductory analytical survey of macroeconomic policies and
outcomes in seven Southeast Asian economies, Cambodia, Indonesia, Malaysia, The
Philippines, Singapore, Thailand and Vietnam. It draws on the framework proposed by
Corden (1996) to explain the generally good macroeconomic outcomes in the earlier
World Bank study of the East Asian miracle economies. The main conclusion is that,
notwithstanding the institutional and economic diversity of the seven, macroeconomic
outcomes have generally been good. However, there are some notable exceptions to
this generalization, and the unfinished reform agenda is substantial in some countries
Keywords: Macroeconomic, Pragmatic, Asian economies

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