Examining Interest Rate Linkages Among ASEAN-5, China and India (Report‪)‬

I. Introduction This study examines five senior members of the Association of Southeast Asian Nations (ASEAN-5 hereafter): namely, Malaysia, Singapore, Thailand, Indonesia, and the Philippines. The economic performance of these countries, better known as "Asian miracle" before and after the 1997 Asian financial crisis, is the focal point of many research studies. The ASEAN region's tremendous economic success has been due to their high savings and investment rates compared with the rest of the world. However, in recent years, liberalization of domestic financial markets and globalization of international financial markets have forced the ASEAN countries to face many new ordeals.