Approaches in Overcoming Economic Uncertainty in the Southeast Asian Region: Critical Review
Downloads
This study analyzes the use of economic and financial theory to address economic uncertainty in Southeast Asia. The findings show a uniform approach between countries in economic stability policies, including financial stimulus for the MSMEs sector. This research also reveals a similar pattern in financial stimulus policies in six important sectors. Other efforts include creative industry incentives, road maps, training, and partnerships with investors. This research makes an important contribution in understanding the application of economic and financial theory in dealing with economic uncertainty in Southeast Asia. The findings can be a reference for other countries facing similar challenges
Abdul Latif, R., & Manaf, A. R. (2020). The economic policy response to COVID-19 in ASEAN countries: A systematic review. Journal of Southeast Asian Economies, 37(2), 246-262. https://doi.org/10.1355/ae37-2a.
Acemoglu, D., & Shimer, R. (2000). Productivity gains from unemployment insurance. European Economic Review, 44(7), 1195-1224. https://doi.org/10.1016/S0014-2921(99)00059-4.
Aizenman, J., Chinn, M. D., & Ito, H. (2020). Financial spillovers and macroprudential policies. Open Economies Review, 31, 529-563. https://link.springer.com/article/10.1007/s11079-020-09580-9
Akerlof, G. A. (1970). The Market for "Lemons”: Quality Uncertainty and the Market Mechanism. Quarterly Journal of Economics, 84(3), 488-500. https://doi.org/10.2307/1879431.
Akhtar, M. A., & Shafique, S. (2019). A comparative analysis of economic policies in South Asian countries. Journal of International Studies, 12(3), 154-169. https://doi.org/10.14254/2071-8330.2019/12-3/11.
Aloui, R. (2013). Deep habits and the macroeconomic effects of government debt. Macroeconomic dynamics, 17(8), 1659-1686.
Angelopoulos, K., Jiang, W., & Malley, J. R. (2017). Targeted fiscal policy to increase employment and wages of unskilled worker. School of Economics Discussion Papers, University of Kent.
Asker, J., Farre-Mensa, J., & Ljungqvist, A. (2015). Corporate investment and stock market listing: A puzzle?. The Review of Financial Studies, 28(2), 342-390.
Ayyagari, M., Beck, T., & Demirguc-Kunt, A. (2007). Small and Medium Enterprises across the Globe. Small Business Economics, 29(4), 415–434. http://www.jstor.org/stable/40229581
Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The quarterly journal of economics, 131(4), 1593-1636. https://doi.org/10.1093/qje/qjw024
Blanchard, O., & Summers, L. H. (1986). Hysteresis and the European unemployment problem. The NBER Macroeconomics Annual, 1, 15-78. https://doi.org/10.2307/3585101.
Bloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I., & Terry, S. J. (2018). Really Uncertain Business Cycles. Econometrica, 86(3), 1031-1065. https://doi.org/10.3982/ECTA12257.
Born, B., Müller, G. J., & Pfeifer, J. (2018). Does uncertainty affect economic activity? Evidence from a cross-country analysis. Economics Letters, 167, 143-146. https://doi.org/10.1016/j.econlet.2018.02.019.
Brixiová, Z., Kangoye, T., & Meng, Q. (2020). Access to Finance and Firm Growth: The Case of African Small and Medium Enterprises. Journal of African Economies, 29(2), 207-228. https://doi.org/10.1093/jae/ejz016.
Carrière"Swallow, Y., & Labbé, F. (2013). Nowcasting with Google Trends in an emerging market. Journal of Forecasting, 32(4), 289-298.
Comunale, M., & Schumacher, C. (2019). Uncertainty and the Great Recession. Journal of Applied Econometrics, 34(2), 281-291. https://doi.org/10.1002/jae.2643.
De Mel, S., McKenzie, D., & Woodruff, C. (2013). The demand for, and consequences of, formalization among informal firms in Sri Lanka. American Economic Journal: Applied Economics, 5(2), 122-150. https://www.aeaweb.org/articles?id=10.1257/app.5.2.122
Dovern, J., Fritsche, U., & Slacalek, J. (2012). Disagreement among forecasters in G7 countries. Review of Economics and Statistics, 94(4), 1081-1096. https://doi.org/10.1162/REST_a_00207.
Friedman, M. (1953). The Methodology of Positive Economics. In Essays in Positive Economics (pp. 3-43). Chicago: University of Chicago Press.
Furceri, D., & Zdzienicka, A. (2019). The real effects of financial stress in the euro area: Beyond the usual suspects. Journal of Macroeconomics, 60, 243-262. https://doi.org/10.1016/j.jmacro.2019.02.004.
Gallegati, M., Ramsey, J. B., & Semmler, W. (2018). Wage- and profit-led growth: An application to the US economy. Journal of Economic Behavior & Organization, 150, 182-201. https://doi.org/10.1016/j.jebo.2018.02.002.
Ghosh, D., & Mukherjee, S. (2019). Comparative analysis of fiscal stimulus packages during the global financial crisis. International Journal of Economics, Commerce and Management, 7(10), 23-37. https://doi.org/10.32479/ijecm.7389.
Gilchrist, S., & Zakrajšek, E. (2014). Uncertainty, financial frictions, and investment dynamics. Review of Economic Studies, 85(1), 530-574. https://doi.org/10.1093/restud/rdx023.
Gunawan, R., & Fitriani, E. (2018). Dukungan pemerintah terhadap sektor UMKM: Studi komparatif di Asia Tenggara [Government support for the MSMEs sector: A comparative study in Southeast Asia]. Jurnal Ilmiah Manajemen, 12(1), 75-89.
Islam, N., & Wodon, Q. (2018). Small and medium enterprises in Myanmar: What constrains their growth? World Development, 105, 88-104. https://doi.org/10.1016/j.worlddev.2017.12.010.
Jain, R., & Sethi, D. (2020). Comparative analysis of economic policy approaches in ASEAN countries. Asia Pacific Journal of Management and Entrepreneurship Research, 9(2), 99-110. https://doi.org/10.1177/2277975920914482.
Jurado, K., Ludvigson, S. C., & Ng, S. (2015). Measuring uncertainty. American Economic Review, 108(10), 2993-3036. https://doi.org/10.1257/aer.20151492.
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. New York: Harcourt Brace Jovanovich.
Kim, S., & Park, K. (2020). Financial support for SMEs and its effectiveness: Evidence from Korea. Journal of Asian Finance, Economics and Business, 7(5), 351-362. https://doi.org/10.13106/jafeb.2020.vol7.no5.35113.
Klapper, L., Laeven, L., & Rajan, R. (2012). Trade credit contracts. The Review of Financial Studies, 25(3), 838-867. https://doi.org/10.1093/rfs/hhr084.
Klump, R., & Wörsdörfer, M. (2017). The role of macroeconomic uncertainty in German firms' investment decisions. Journal of Macroeconomics, 54(Part A), 42-59. https://doi.org/10.1016/j.jmacro.2017.07.006.
Knight, F. H. (1921). Risk, Uncertainty, and Profit. Boston: Houghton Mifflin.
Lee, H., & Park, S. (2018). Comparative study of economic policy approaches in East Asian countries. Journal of Asian Economic Integration, 1(2), 123-137. https://doi.org/10.1177/2379298118807642.
Lin, J. Y., & Monga, C. (2017). Lessons from the East Asian development experience: The role of government in economic development. Journal of Economic Perspectives, 31(3), 21-46. https://doi.org/10.1257/jep.31.3.21.
Muazu, I., & Abdul Manaf, K. (2019). Access to finance and SMEs' performance: A review of literature. Journal of Small Business and Entrepreneurship Development, 7(1), 15-29. https://doi.org/10.1108/JSBED-10-2018-0304.
Olujobi, O. J., & Salami, O. K. (2019). The impact of government support on the performance of SMEs in Nigeria. Journal of Management and Sustainability, 9(2), 114-126. https://doi.org/10.5539/jms.v9n2p114.
Plummer, M. G. (2017). Trade policy in Southeast Asia in the context of emerging mega-regionals. The World Economy, 40(9), 1821-1843. https://doi.org/10.1111/twec.12420.
Romer, D. (2018). Advanced macroeconomics. McGraw-Hill Education.
Sufian, F., & Habibullah, M. S. (2018). The impact of government financial assistance on SME performance: Evidence from a developing country. Journal of Small Business and Enterprise Development, 25(6), 1051-1070. https://doi.org/10.1108/JSBED-10-2017-0345.
Szczerbowicz, U., & Wälti, S. (2018). Fiscal policy in an estimated DSGE model with heterogeneous households. Journal of Economic Dynamics and Control, 95, 40-69. https://doi.org/10.1016/j.jedc.2018.07.008.
Tsegba, M. C., & Eleanya, G. O. (2018). The impact of government funding on the performance of small and medium scale enterprises in Nigeria. International Journal of Advanced Academic Research, 4(4), 12-23. https://doi.org/10.21474/IJAR01/7829.
Copyright (c) 2023 Achmad Yanu Alif Fianto
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
JIET (Jurnal Ilmu Ekonomi Terapan) (p-ISSN: 2541-1470; e-ISSN: 2528-1879) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License
Authors who publish with JIET (Jurnal Ilmu Ekonomi Terapan) agree to the following terms:
- The journal allows the author to hold the copyright of the article without restrictions.
- The journal allows the author(s) to retain publishing rights without restrictions
- The legal formal aspect of journal publication accessibility refers to Creative Commons Attribution ShareAlike 4.0 International License (CC BY-SA).
