Asian wheel Macroeconomic Issues 
Facing ASEAN Countries

1997 International Monetary Fund
 John Hicklin, David Robinson, and Anoop Singh
I.Overall Agenda
2Opening Remarks
Mar'ie Muhammad
3Sustaining Macroeconomic Performance in the ASEAN Countries
Michel Camdessus
II.Savings, Investment, and the Current Account
4 Are Current Account Imbalances in ASEAN Countries a Problem?
Jonathan D. Ostry
5 Indonesia's Fiscal Position: Sustainability Issues
Geoffrey Bascand and Assaf Razin
6 Philippine Fiscal Policy: Sustainability, Growth, and Savings
Philip Gerson and David Nellor
7Saving in Southeast Asia and Latin America Compared: Searching for Policy Lessons
Anuradha Dayal-Gulati and Christian Thimann
III.Monetary Policy, Financial Liberalization, and Capital Market Development
8Financial Liberalization and Money Demand in ASEAN Countries: Implications for Monetary Policy
Robert Dekle and Mahmood Pradhan
9Capital Market Development and the Monetary
Transmission Mechanism in Malaysia and Thailand
Tim Callen and Patricia Reynolds
10Indonesian Financial System: Its Contribution to Economic Performance and Key Policy Issues
John Montgomery
11 Exchange Rate Policy and Macroeconomic Management in ASEAN Countries
Peter J. Montiel
IV.Medium-Term Outlook
12 ASEAN in the World Economy
Flemming Larsen and Jahangir Aziz
13 ASEAN in a Regional Perspective
Jeffrey A. Frankel and Shang-Jin Wei
14 Growth and Productivity in ASEAN Countries
Michael Sarel
Conference Program
The following symbols have been used in this book:  

   . . . to indicate that data are not available;  

   -between years or months (e.g., 1995-96 or January-June) to indicate the years or months covered, including the beginning and ending years or months; and 

   / between years (e.g., 1996/7) to indicate a fiscal (financial) year. 

"Billion" means a thousand million. 

Minor discrepancies between constituent figures and totals are due to rounding. 

The term "country," as used in this volume, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

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