SOUTHEAST ASIAN MACROECONOMIC MANAGEMENT: PRAGMATIC ORTHODOXY?

Hal Hil

Masyarakat Indonesia
Vol 39, No 2 (2013): Majalah Ilmu-Ilmu Sosial Indonesia

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