Abstract
What began as credit turmoil in the United States has intensified into a global financial crisis, leading to protracted slowdown and severe financial deleveraging in many countries. Like other regions in the world, ASEAN is not immune from this downturn. Since the crisis further deepened in September 2008, the region has been confronted with many challenges arising from slowing growth, tighter external financing conditions, volatile capital flows, and increased vulnerabilities. In response to the deepening crisis, many countries in the region have put in place various policy measures to recapitalize and inject liquidity into financial institutions, in addition to huge stimulus packages being implemented in some economies to firm up domestic demand.
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