{
  "title": "ASEAN-5: Further Harnessing the Benefits of Regional Integration amid Fragmentation Risks",
  "publication": "IMF Working Papers, September 15, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2023/09/14/asean-5-further-harnessing-the-benefits-of-regional-integration-amid-fragmentation-risks-539177",
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  "summary": "The ASEAN-5 region, which comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand, has benefited substantially from its integration to the world economy, particularly through trade.",
  "sections": [
    {
      "heading": "Authors and publication",
      "content": "- By Nuri Baek, Kaustubh Chahande, Kodjovi M. Eklou, Tidiane Kinda, Vatsal Nahata, Umang Rawat, Ara Stepanyan\n- September 15, 2023\n- IMF Working Papers, Working Paper No. 2023/191\n- Pages: 46\n- Volume: 2023\n- Issue: 191\n- DOI: https://doi.org/10.5089/9798400253706.001\n- Stock No: WPIEA2023191\n- ISBN: 9798400253706\n- ISSN: 1018-5941"
    },
    {
      "heading": "Summary overview",
      "content": "- The ASEAN-5 region comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand.\n- The region has benefited substantially from integration with the world economy, particularly through trade.\n- Rising risks of geoeconomic fragmentation could reverse some gains reaped from globalization over past decades.\n- Advancing regional integration among ASEAN-5 members can enhance the region’s resilience against external headwinds."
    },
    {
      "heading": "Major empirical findings",
      "content": "- Despite sizeable progress, particularly in regional trade integration, financial integration lags behind trade integration in ASEAN-5.\n- A higher degree of regional financial integration could generate sizeable output gains for the region.\n- Firm-level evidence shows digitalization supports regional integration by helping firms better integrate into global value chains.\n- The benefits of digitalization for integration are stronger for small and medium sized enterprises.\n- Digitalization can help firms move up the value chain through the production of more sophisticated products (higher export sophistication)."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Digitalization, Economic integration, Exports, Financial integration, Financial markets, Financial sector development, International trade, Technology, Trade integration\n- Keywords: Asia and Pacific, digitalization, Exports, external finance dependence, financial integration, Financial sector development, firm growth, firm Growth, firm level result, fragmentation risks, Global, goods export sophistication, Trade integration"
    },
    {
      "heading": "Policy implications and priorities (implied from findings)",
      "content": "- Strengthen regional financial integration in ASEAN-5 to capture potential sizeable output gains.\n- Promote digitalization policies that enable firms—especially small and medium sized enterprises—to integrate into global value chains and increase export sophistication.\n- Pursue complementary measures to deepen trade integration while addressing fragmentation risks to preserve gains from globalization.\n\nIMF Working Paper No. 2023/191 (September 15, 2023).\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/09/14/asean-5-further-harnessing-the-benefits-of-regional-integration-amid-fragmentation-risks-539177"
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    "Authors: Nuri Baek, Kaustubh Chahande, Kodjovi M. Eklou, Tidiane Kinda, Vatsal Nahata, Umang Rawat, Ara Stepanyan",
    "Published: September 15, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400253706.001",
    "By Nuri Baek, Kaustubh Chahande, Kodjovi M. Eklou, Tidiane Kinda, Vatsal Nahata, Umang Rawat, Ara Stepanyan",
    "September 15, 2023",
    "IMF Working Papers, Working Paper No. 2023/191",
    "Pages: 46",
    "Volume: 2023",
    "Issue: 191",
    "DOI: https://doi.org/10.5089/9798400253706.001",
    "Stock No: WPIEA2023191",
    "ISBN: 9798400253706",
    "ISSN: 1018-5941",
    "The ASEAN-5 region comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand.",
    "The region has benefited substantially from integration with the world economy, particularly through trade.",
    "Rising risks of geoeconomic fragmentation could reverse some gains reaped from globalization over past decades.",
    "Advancing regional integration among ASEAN-5 members can enhance the region’s resilience against external headwinds.",
    "Despite sizeable progress, particularly in regional trade integration, financial integration lags behind trade integration in ASEAN-5.",
    "A higher degree of regional financial integration could generate sizeable output gains for the region.",
    "Firm-level evidence shows digitalization supports regional integration by helping firms better integrate into global value chains.",
    "The benefits of digitalization for integration are stronger for small and medium sized enterprises.",
    "Digitalization can help firms move up the value chain through the production of more sophisticated products (higher export sophistication).",
    "Subject: Digitalization, Economic integration, Exports, Financial integration, Financial markets, Financial sector development, International trade, Technology, Trade integration",
    "Keywords: Asia and Pacific, digitalization, Exports, external finance dependence, financial integration, Financial sector development, firm growth, firm Growth, firm level result, fragmentation risks, Global, goods export sophistication, Trade integration",
    "Strengthen regional financial integration in ASEAN-5 to capture potential sizeable output gains.",
    "Promote digitalization policies that enable firms—especially small and medium sized enterprises—to integrate into global value chains and increase export sophistication.",
    "Pursue complementary measures to deepen trade integration while addressing fragmentation risks to preserve gains from globalization.",
    "**Working Paper**"
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