It is imperative for policymakers to strike a judicious balance between economic growth and social wellbeing. Simple as it may sound, it is a difficult goal to achieve. Contemporary market mechanisms have recently developed anomalies, evident at times of financial and economic crises. At the same time, social policies have not been able to ameliorate economic inequality, poverty and inadequate availability of basic services. In such circumstances, market driven solutions or social policies alone may have limited impact. But what could happen if these two approaches form linkages and collaborate? In this context, the authors of this book have proposed a novel concept of “hybrid domain”. Going beyond the distinct categorization between the state and markets, the concept of hybrid domain refers to a middle area between the two, “a newly emerging domain that overlaps public and private interests” (p. 2). The authors refer to the agents in this model as “stakeholders” rather than “shareholders” — a swelling “middle” between the public and the private domains. In doing so, they challenge the dual understanding of economic governance in terms of the state versus the market. It is argued that a unified conceptual framework rather than singular state, market or grassroots-approach will help to understand the complex interactions between the hybrid entities and generate social innovations. These social innovations often fill a certain delivery gap and may have far-reaching impact on the lives of the poor (this model is nicely captured in a figure provided on p. 5). Since India is a hotbed for such social innovations, the authors turn their gaze towards the country to test this model. The concept of hybrid domain is corroborated through a number of case studies related to: health; agriculture; rural development; livelihoods in the informal sector; and renewable energy. One such innovation can be seen in the case of a social experiment that provides health services to remote areas through effective use of Information and Communication Technology (ICT) and entrenched medical networks in India. Known as the “Telemedicine Programme”, it provides for local franchisees who act as intermediaries between patients (usually in remote areas) and centrally located doctors based in urban centres. With the help of Internet-based tools, a doctor located in the central facility can carry out remote diagnosis elsewhere. Furthermore, the local franchise buys remote diagnostics kits from a nongovernment organizaiton (NGO). The programme is subsidized by the state or by international donors such as the Gates Foundation. Started as a pilot in the Indian state of Uttar Pradesh, the programme has now expanded to other poor states, too. By 2011, it had reached 2 million patients. Another example of the hybrid domain is an enterprise that works in close collaboration with silk weavers from Kanchipuram city, which has developed a silk-based “smart” chip diagnostic tool. The enterpri
{"title":"The Rise of the Hybrid Domain: Collaborative Governance for Social Innovation by Yuko Aoyama and Balaji Parthasarathy (review)","authors":"Himanshu Jha","doi":"10.1355/AE36-1L","DOIUrl":"https://doi.org/10.1355/AE36-1L","url":null,"abstract":"It is imperative for policymakers to strike a judicious balance between economic growth and social wellbeing. Simple as it may sound, it is a difficult goal to achieve. Contemporary market mechanisms have recently developed anomalies, evident at times of financial and economic crises. At the same time, social policies have not been able to ameliorate economic inequality, poverty and inadequate availability of basic services. In such circumstances, market driven solutions or social policies alone may have limited impact. But what could happen if these two approaches form linkages and collaborate? In this context, the authors of this book have proposed a novel concept of “hybrid domain”. Going beyond the distinct categorization between the state and markets, the concept of hybrid domain refers to a middle area between the two, “a newly emerging domain that overlaps public and private interests” (p. 2). The authors refer to the agents in this model as “stakeholders” rather than “shareholders” — a swelling “middle” between the public and the private domains. In doing so, they challenge the dual understanding of economic governance in terms of the state versus the market. It is argued that a unified conceptual framework rather than singular state, market or grassroots-approach will help to understand the complex interactions between the hybrid entities and generate social innovations. These social innovations often fill a certain delivery gap and may have far-reaching impact on the lives of the poor (this model is nicely captured in a figure provided on p. 5). Since India is a hotbed for such social innovations, the authors turn their gaze towards the country to test this model. The concept of hybrid domain is corroborated through a number of case studies related to: health; agriculture; rural development; livelihoods in the informal sector; and renewable energy. One such innovation can be seen in the case of a social experiment that provides health services to remote areas through effective use of Information and Communication Technology (ICT) and entrenched medical networks in India. Known as the “Telemedicine Programme”, it provides for local franchisees who act as intermediaries between patients (usually in remote areas) and centrally located doctors based in urban centres. With the help of Internet-based tools, a doctor located in the central facility can carry out remote diagnosis elsewhere. Furthermore, the local franchise buys remote diagnostics kits from a nongovernment organizaiton (NGO). The programme is subsidized by the state or by international donors such as the Gates Foundation. Started as a pilot in the Indian state of Uttar Pradesh, the programme has now expanded to other poor states, too. By 2011, it had reached 2 million patients. Another example of the hybrid domain is an enterprise that works in close collaboration with silk weavers from Kanchipuram city, which has developed a silk-based “smart” chip diagnostic tool. The enterpri","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"135 - 136"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42860817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This paper examines the effects of the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC) on economic growth in the ASEAN-5 countries. Indonesia, Malaysia and Thailand were found to be most affected by the AFC but not the GFC. Additionally, for Malaysia and Thailand, real output responded positively and significantly to shocks in the stock market. These findings are consistent with the results that show that the shock in the Kuala Lumpur Stock Exchange has a larger effect on real output than other variables for twenty periods. However, a shock in the Bangkok stock exchange has a higher effect on real output and the effect remained strong until the tenth period. This suggests that the stock market is an important economic growth driver in Malaysia and Thailand.
{"title":"Financial Crisis, Stock Market and Economic Growth: Evidence from ASEAN-5","authors":"Siti Muliana Samsi, C. K. Cheok, Z. Yusof","doi":"10.1355/AE36-1E","DOIUrl":"https://doi.org/10.1355/AE36-1E","url":null,"abstract":"Abstract:This paper examines the effects of the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC) on economic growth in the ASEAN-5 countries. Indonesia, Malaysia and Thailand were found to be most affected by the AFC but not the GFC. Additionally, for Malaysia and Thailand, real output responded positively and significantly to shocks in the stock market. These findings are consistent with the results that show that the shock in the Kuala Lumpur Stock Exchange has a larger effect on real output than other variables for twenty periods. However, a shock in the Bangkok stock exchange has a higher effect on real output and the effect remained strong until the tenth period. This suggests that the stock market is an important economic growth driver in Malaysia and Thailand.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"37 - 56"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48214694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Understanding China: Chinese Global Production Networks in ASEAN ed. by Young-Chan Kim (review)","authors":"V. Govindaraju","doi":"10.1355/ae36-1k","DOIUrl":"https://doi.org/10.1355/ae36-1k","url":null,"abstract":"","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"132 - 134"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45909921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:This study provides new evidence on the nexus between fiscal deficits and economic growth among ASEAN countries in the pre- and post-Global Financial Crisis (GFC) periods. Using annual data from 2001 to 2015, three results stand out. First, fiscal deficits are found to be growth-deteriorating in the pre-Crisis period and growth-enhancing in the post-Crisis period. Second, the impact of fiscal deficits on growth in pre- and post-GFC are robust to different measures of economic growth. Third, among control variables, inflation is important in influencing economic growth in the pre-Crisis period while exchange rate and inflow of foreign direct investment have a positive impact on growth in the post-Crisis period.
{"title":"The Nexus between Fiscal Deficits and Economic Growth in ASEAN","authors":"Wee‐Yeap Lau, Tien-Ming Yip","doi":"10.1355/AE36-1D","DOIUrl":"https://doi.org/10.1355/AE36-1D","url":null,"abstract":"Abstract:This study provides new evidence on the nexus between fiscal deficits and economic growth among ASEAN countries in the pre- and post-Global Financial Crisis (GFC) periods. Using annual data from 2001 to 2015, three results stand out. First, fiscal deficits are found to be growth-deteriorating in the pre-Crisis period and growth-enhancing in the post-Crisis period. Second, the impact of fiscal deficits on growth in pre- and post-GFC are robust to different measures of economic growth. Third, among control variables, inflation is important in influencing economic growth in the pre-Crisis period while exchange rate and inflow of foreign direct investment have a positive impact on growth in the post-Crisis period.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"25 - 36"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43260127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:When ASEAN celebrated its fiftieth anniversary, it was asked if an organization founded on principles appropriate for the 1960s remains relevant today. Its critics point to the organization’s recent failures to indicate that continued reliance on the “ASEAN Way” puts it on the road to irrelevance. Its defenders argue that the peace and stability that ensued since the Association’s formation are testimony that the ASEAN formula works. Both conclusions are based on what commentators on either side of the debate believe ASEAN’s role should be. This paper argues that an assessment should, instead, be based on what its members want it to do, expressed through policy announcements and documents like the ASEAN Charter. It should also consider the totality of its mandate from diplomacy to economics. Viewed in this way, the grouping has accomplishments to be proud of, but also some failures to regret. The “ASEAN Way”, upheld steadfastly by its member countries’ leadership, has been instrumental to both its successes and failures. Overall, while ASEAN may not live up to the expectations of its critics, its achievements in some areas do suggest its continued relevance even under vastly changed circumstances, both domestic and external.
{"title":"Assessing ASEAN’S Relevance: Have the Right Questions Been Asked?","authors":"C. K. Cheok, Yongxi Chen","doi":"10.1355/AE36-1C","DOIUrl":"https://doi.org/10.1355/AE36-1C","url":null,"abstract":"Abstract:When ASEAN celebrated its fiftieth anniversary, it was asked if an organization founded on principles appropriate for the 1960s remains relevant today. Its critics point to the organization’s recent failures to indicate that continued reliance on the “ASEAN Way” puts it on the road to irrelevance. Its defenders argue that the peace and stability that ensued since the Association’s formation are testimony that the ASEAN formula works. Both conclusions are based on what commentators on either side of the debate believe ASEAN’s role should be. This paper argues that an assessment should, instead, be based on what its members want it to do, expressed through policy announcements and documents like the ASEAN Charter. It should also consider the totality of its mandate from diplomacy to economics. Viewed in this way, the grouping has accomplishments to be proud of, but also some failures to regret. The “ASEAN Way”, upheld steadfastly by its member countries’ leadership, has been instrumental to both its successes and failures. Overall, while ASEAN may not live up to the expectations of its critics, its achievements in some areas do suggest its continued relevance even under vastly changed circumstances, both domestic and external.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"11 - 24"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43882066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dictators, Democrats and Development in Southeast Asia: Implications for the Rest by Michael T. Rock (review)","authors":"L. Salazar","doi":"10.1355/ae36-1j","DOIUrl":"https://doi.org/10.1355/ae36-1j","url":null,"abstract":"","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"130 - 132"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44135625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. Rasiah, L. M. Cheong, C. K. Cheok, Norman V. Loayza
The Association of Southeast Asian Nations (ASEAN) was founded in Bangkok on 8 August 1967. It was originally designed as a political entity to establish cooperation among the free market economies of Indonesia, Malaysia, the Philippines, Singapore and Thailand to peacefully resolve several areas of tension among these countries at that time and to combat the communist threat that was looming from Indo-China. North Vietnam had already fallen to communism, while the communist struggle for control of Cambodia, Laos and South Vietnam was ongoing. Although there were hints of communist revolutions in the original ASEAN countries, the fall of Cambodia, Laos and South Vietnam did not carry through to them, disproving the then famous “domino theory” that the communist contagion would absorb the other countries in Southeast Asia. Economic reforms in Communist China following the political ascent of Deng Xiaoping in 1978 was the surprise development that largely ended the threat of spreading communism in the region. Hence, apart from attempting to play a foreign policy role through cooperation among members, ASEAN efforts to strengthen cooperation to ward off political threats began to decline since the late 1970s. In fact, the communist economies reverted to introducing reforms to integrate with the global economy since the 1980s. Thus, Vietnam joined ASEAN on 28 July 1995; Lao PDR and Myanmar joined on 23 July 1997; and Cambodia joined on 30 April 1999. The key agreement that defines the conduct of ASEAN members is contained in the Treaty of Amity and Cooperation in Southeast Asia (TAC) of 1976 (ASEAN 2018). Its key tenets include:
{"title":"Introduction: ASEAN — Towards Economic Convergence","authors":"R. Rasiah, L. M. Cheong, C. K. Cheok, Norman V. Loayza","doi":"10.1355/AE36-1B","DOIUrl":"https://doi.org/10.1355/AE36-1B","url":null,"abstract":"The Association of Southeast Asian Nations (ASEAN) was founded in Bangkok on 8 August 1967. It was originally designed as a political entity to establish cooperation among the free market economies of Indonesia, Malaysia, the Philippines, Singapore and Thailand to peacefully resolve several areas of tension among these countries at that time and to combat the communist threat that was looming from Indo-China. North Vietnam had already fallen to communism, while the communist struggle for control of Cambodia, Laos and South Vietnam was ongoing. Although there were hints of communist revolutions in the original ASEAN countries, the fall of Cambodia, Laos and South Vietnam did not carry through to them, disproving the then famous “domino theory” that the communist contagion would absorb the other countries in Southeast Asia. Economic reforms in Communist China following the political ascent of Deng Xiaoping in 1978 was the surprise development that largely ended the threat of spreading communism in the region. Hence, apart from attempting to play a foreign policy role through cooperation among members, ASEAN efforts to strengthen cooperation to ward off political threats began to decline since the late 1970s. In fact, the communist economies reverted to introducing reforms to integrate with the global economy since the 1980s. Thus, Vietnam joined ASEAN on 28 July 1995; Lao PDR and Myanmar joined on 23 July 1997; and Cambodia joined on 30 April 1999. The key agreement that defines the conduct of ASEAN members is contained in the Treaty of Amity and Cooperation in Southeast Asia (TAC) of 1976 (ASEAN 2018). Its key tenets include:","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"10 - 3"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45727814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:Using a panel cointegration approach, this study examines the relationship between aggregate consumption and GDP in colonial Malaya (1900–39) and post-independence Malaysia (1970–2009). The findings suggest that private consumption and GDP are cointegrated across the two forty-year periods, indicating a stable relationship in the long run. This is significant as the two periods are completely bipolar in terms of economic structure, stage of development and economic management. The vector error-correction models reveal that adjustment to long-run equilibrium is achieved through changes in both consumption and GDP, though the response of GDP to disequilibrium is stronger. Cointegration regressions of DOLS and FMOLS are used to estimate the marginal propensity to consume (MPC) between the two periods.
{"title":"The Dynamic Relationship between Private Final Consumption Expenditure and Gross Domestic Product: Evidence from Colonial Malaya and Post-independence Malaysia","authors":"J. Tan, Vincent Lim Choon Seng","doi":"10.1355/AE36-1I","DOIUrl":"https://doi.org/10.1355/AE36-1I","url":null,"abstract":"Abstract:Using a panel cointegration approach, this study examines the relationship between aggregate consumption and GDP in colonial Malaya (1900–39) and post-independence Malaysia (1970–2009). The findings suggest that private consumption and GDP are cointegrated across the two forty-year periods, indicating a stable relationship in the long run. This is significant as the two periods are completely bipolar in terms of economic structure, stage of development and economic management. The vector error-correction models reveal that adjustment to long-run equilibrium is achieved through changes in both consumption and GDP, though the response of GDP to disequilibrium is stronger. Cointegration regressions of DOLS and FMOLS are used to estimate the marginal propensity to consume (MPC) between the two periods.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"112 - 129"},"PeriodicalIF":0.5,"publicationDate":"2019-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41848085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:Since its formation in 1967, the Association of Southeast Asian Nations (ASEAN) has progressed to become an economic powerhouse. From a loosely formed grouping in the 1960s, its members have since undergone massive integration. A key motive of the Association is to transfer government and public services onto a technology platform, termed e-government. An important concern is whether e-governance can reduce corruption and stimulate sustainable development. Using traditional governance measures and e-governance indices, this paper analyses the state of governance and corruption in ASEAN. While the deepening of e-governance — via government and public participation — has raised the potential for improving good governance practices, that in itself can be counterproductive as socioeconomic agents could broaden corrupt practices by appropriating its public-good-like characteristics. Hence, ASEAN governments have to implement changes in their communications strategies and feedback mechanisms, remove barriers blocking the spread and use of information technology, and promote a collaborative environment with civil society organizations, while considering the use of the “carrot and stick” approach to improve good governance.
{"title":"Corruption and Good Governance: An Analysis of ASEAN’s E-Governance Experience","authors":"Geetha A. Rubasundram, R. Rasiah","doi":"10.1355/AE36-1F","DOIUrl":"https://doi.org/10.1355/AE36-1F","url":null,"abstract":"Abstract:Since its formation in 1967, the Association of Southeast Asian Nations (ASEAN) has progressed to become an economic powerhouse. From a loosely formed grouping in the 1960s, its members have since undergone massive integration. A key motive of the Association is to transfer government and public services onto a technology platform, termed e-government. An important concern is whether e-governance can reduce corruption and stimulate sustainable development. Using traditional governance measures and e-governance indices, this paper analyses the state of governance and corruption in ASEAN. While the deepening of e-governance — via government and public participation — has raised the potential for improving good governance practices, that in itself can be counterproductive as socioeconomic agents could broaden corrupt practices by appropriating its public-good-like characteristics. Hence, ASEAN governments have to implement changes in their communications strategies and feedback mechanisms, remove barriers blocking the spread and use of information technology, and promote a collaborative environment with civil society organizations, while considering the use of the “carrot and stick” approach to improve good governance.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"57 - 70"},"PeriodicalIF":0.5,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44778018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract:The reaction within Southeast Asia from business and policy leaders to the United Kingdom’s decision to exit the European Union has thus far been one of disappointment rather than panic. How Brexit will affect a possible EU–ASEAN free trade agreement, bilateral trade deals in the region, foreign direct investment flows between ASEAN and the U.K. and the EU, and the U.K.’s future trade arrangements remains uncertain. This article examines how the U.K.’s departure from the Union will affect ASEAN and its member states in terms of European trade, and its impact on the U.K.’s and the EU’s trade relations with Southeast Asia. It is argued that ASEAN is far from being immune to the effects of Brexit on financial markets and trade configurations. However, given the diversity of trade and investment among the ASEAN member states, aggregated regional effects and member-state effects will differ. The findings also suggest that there will be political and security considerations for ASEAN and its member states whilst the U.K. tries to establish itself as an independent trade actor post Brexit.
{"title":"ASEAN’s European Trade Relations in the Wake of Brexit","authors":"Laura Allison-Reumann","doi":"10.1355/ae36-1h","DOIUrl":"https://doi.org/10.1355/ae36-1h","url":null,"abstract":"Abstract:The reaction within Southeast Asia from business and policy leaders to the United Kingdom’s decision to exit the European Union has thus far been one of disappointment rather than panic. How Brexit will affect a possible EU–ASEAN free trade agreement, bilateral trade deals in the region, foreign direct investment flows between ASEAN and the U.K. and the EU, and the U.K.’s future trade arrangements remains uncertain. This article examines how the U.K.’s departure from the Union will affect ASEAN and its member states in terms of European trade, and its impact on the U.K.’s and the EU’s trade relations with Southeast Asia. It is argued that ASEAN is far from being immune to the effects of Brexit on financial markets and trade configurations. However, given the diversity of trade and investment among the ASEAN member states, aggregated regional effects and member-state effects will differ. The findings also suggest that there will be political and security considerations for ASEAN and its member states whilst the U.K. tries to establish itself as an independent trade actor post Brexit.","PeriodicalId":43712,"journal":{"name":"Journal of Southeast Asian Economies","volume":"36 1","pages":"111 - 91"},"PeriodicalIF":0.5,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42782029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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